Want to start your own business at under Rs 3 lakh? Choose from these 5 biz under Mudra scheme

New Delhi: If you are looking to start your own business, this the Modi government’s Mudra loan scheme could be your ‘go to’ option.

Mudra loan is extended for a variety of purposes which result in income generation and employment creation like loan for vendors, traders, shopkeepers and other service sector activities

Under the Pradhan Mantri Mudra Yojana (PMMY), Scheme by banks and Micro Finance Institutions (MFIs) Loans are extended in three categories:

Shishu (loans upto Rs. 50,000);

Kishore (loans from Rs. 50002 to Rs. 5 lakh);

Tarun (loans from Rs.5 lakh to Rs. 10 lakh)

Here are 5 small businesses you can start and get your funding under Pradhan Mantri Mudra Yojana (PMMY), Scheme

Papad manufacturing unit

How much investment required: You can start this business at Rs 2.05 lakh.

How much loan will be available: For Papad unit you can avail a loan of Rs 8.18 lakh.

Subsidy: Under government’s entrepreneur scheme you will get a subsidy of Rs 1.91 lakh for starting papad unit.

2. Light Engineering Unit

Under the Mudra scheme, you can start light engineering unit viz manufacturing of nut, bolt, washer, rivets, etc.

How much investment required: You can start this business at Rs 1.88 lakh.

How much loan will be available: For Light Engineering Unit you can avail a loan of Rs 2.21 lakh as term loan and Rs 2.30 as working capital.

3. Curry and rice powder business

How much investment required: You can start this business at your own capital of Rs 1.66 lakh.

How much loan will be available: You will get a term loan from bank of Rs 3.32 lakh and a working capital loan of Rs 1.66 lakh.

4. Wooden Furniture Manufacturing Unit

How much investment required: You can start this business at your own capital of Rs 1.85 lakh.

How much loan will be available: You will get a composite loan from of about Rs 7.48 lakh. You will also get a fixed capital of Rs 3.65 lakh ad 3 month’s working capital of Rs 5.

5. Computer Assembling

For starting the Computer Assembling business, you will have to manage 30 percent own fund, while the remaining 70 percent will be given by bank.

How much investment required: You can start this business at your own capital of Rs 2.69 lakh.

How much loan will be available: You will get a loan of Rs 6.29 lakh.