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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Who Can Apply Under Mudra Scheme

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Mudra loans are available for almost all type of firms, if the formation of the business is legally valid. At present almost all of the existing businesses are formed  under any of the following constitution types:
1. Individual                                          
2. Proprietary Concern                                            
3. Partnership Firm
4. Private Limited Companies
5. Public Limited Companies
All of the businesses formed under any of the above types are eligible to be financed under PMMY scheme. Moreover, if any business has any other constitution type which is a legally valid type, apart from these five, then also that business will be eligible to be financed under PMMY scheme.

Below is more details about who can apply under the scheme:

1. Individuals - It means you can apply in your name also. For a small business, which is being run by a person in his own name, or without any specific business name, the Mudra loan can be applied in the name of that individual who is running the business.
2. Proprietary concern - A proprietary concern is a business enterprise which is owned by one individual only. If you are running a business, or planning to set up a business under a trade name that is solely owned by you, or will be owned solely by you, then also you are eligible. You can apply in the name of your firm. But before applying, you must obtain your trade registration certificate under a trade establishment act which is valid in your area of operation.
3. Partnership Firm - If you are running a business, or planning to set up a business with some partners, then also you can apply for a PMMY loan. Your partnership should be registered and you should have a trade registration certificate under a trade establishment act valid in your area of operation.
4. Private Ltd. Company - A private limited company is a company which is owned by a small limited number of owners, or shareholders. A Private Limited Company can also apply for a loan under Mudra Yojna.
5. Public Ltd. Company - A public limited company has a large number of owners, and its shares are traded on stock exchanges. Anyone can purchase or sell the shares of a public limited company. Public Limited Companies are also eligible for financing under Mudra Yojna. However, Rs. 10.00 lakh which is the maximum amount that can be provided under Mudra scheme, could seem a very small amount for a Public Limited Company, but on this basis, a Public Limited Company has not been kept apart. If a public limited company needs a sum within Rs. 10.00 lakh for its some kind of business need, it can be financed under Mudra scheme. 
6. Others - Those firms which have other legal forms.

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