How To Get Personal Loan Under COVID 19 Scheme

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The Lock-down, across the country to contain the spread of Novel Corona Virus, has led to a crunch of money for many of us. Closed shops, businesses and offices have badly affected the flow of money in the economy which has resulted in very limited money in our pockets. In such a situation, where this could be a common challenge for the most of us, Banks have come out with special personal loan schemes. We may find these helpful in solving our liquidity problem to some extent. Though, there are a number of Banks, which have come out with special personal loan schemes for their customers, here I will be providing details of the schemes of some major Banks. 1. Bank of Baroda's - Baroda Personal Loan Covid 19 Bank of Baroda is one of the  largest Public Sector Banks in India. It has launched Baroda Personal Loan Covid 19 scheme for its customers who need a personal loan to  meet their liquidity mismatch because of the lock-down   .  Who Can Apply   You can app...
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What Are The Businesses For Which Mudra Loan Is Available

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You can avail Mudra loans for Manufacturing activities, Service Sector Activities, Business loans for Vendors, Traders, Shopkeepers and also for Agriculture Allied Activities. 

This is an illustrative list of the activities for which you can get a MUDRA loan:

1) Business loans for Traders and Shopkeepers

You can get finance for running your shops, or trading & business activities, retail shop or wholesale shop, service enterprises for setting offices, and other non-farm activities which are for the generation of income.

2) Purchase of Vehicle for Commercial Purpose

You can purchase transport vehicles, for the transportation of goods or passengers such as auto-rickshaws, small goods transport vehicles, taxis, etc. You can also get finance for purchasing tractors, trolleys, power tillers which are to be used for commercial purposes. Two Wheelers used for commercial purposes are also eligible for coverage under this scheme.

3) Professional Service Activities

For salons, beauty parlors, gymnasium, boutiques, tour and travel operating, tailoring shops, dry cleaning, cycle and motorcycle repair shops, Photocopying Facilities, etc.

4) Food Products Sector

For setting up a tea stall, restaurant, food trucks, ice cream parlours, for activities such as papad making, achaar making, jam/jelly making, sweets shops, small service food stalls and day to day catering , canteen services, cold chain vehicles, cold storages, ice-making units, ice cream making units, biscuit, bread and bun making, etc.

5) Textile Products Sector / Activity

Finance for handloom, power loom, khadi cloth, embroidery and handwork, traditional dyeing and printing, apparel design, knitting, cotton ginning, computerized embroidery, stitching and other textile products such as bags, vehicle accessories, furnishing accessories, etc.

6) Equipment Finance Scheme for Micro Units

Setting up micro-enterprises by purchasing necessary machinery/equipment, like small digital printing press unit, studio, units for professional videography, etc.

7) Activities allied to agriculture

'Activities allied to agriculture', e.g. pisciculture, beekeeping, poultry, livestock-rearing, grading, sorting, aggregation agro industries, dairy, fishery, agri-clinics and agribusiness centers, food & agro-processing and services supporting these, which promote livelihood or are income-generating shall be eligible for coverage under PMMY.

These are illustrations only, there may be other purposes also which may be eligible for financing under this scheme. You should keep in mind that Mudra loans are given for business activities, the activities that can generate income, employment. These loans are not given for consumption purposes. Suppose you want to buy a car for personal use, then you will not get finance for this under the Mudra scheme, as this will not be income or employment generation activity.

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