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 Is A Micro Business Unit

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 'Micro Business Unit' term is given to a business based on it's investment in business. Broadly, businesses are classified in to two types - Manufacturers and Service Providers. 

Manufacturers make or produce some kind of goods, then sell it, service providers don't make any goods, either they sell the ready made products, like - shopkeepers, traders, whole-sellers; or they provide some kind of services, like - a barber shop, laundries, banks, hospitals, etc.

The machine used by a manufacturing firm for production of goods are termed as 'plant and machinery', while the machine or tools used by a service providing firm are termed as 'equipment'. 

Now, we come to the point what a Micro Business Unit is. 

For manufacturing units - Those businesses which do manufacturing, with their actual investment in Plant and Machinery up to Rs. 25.00 lakh are classified as micro units. Here actual cost means the cost at which these Plant And Machinery were bought. It does not mean their present cost - which may be less or different compared to the cost at which it were actually bought.

On the other hand, for service providing units - those units which provide services, with investment in equipment up to Rs. 10.00 lakh, are classified as micro units. Here we mean the cost of only those equipment which are used for providing services, not other. 

Pradhan Mantri Mudra Yojna, PMMY, is the scheme focused to both of these types of Micro Business Units - whether it is a manufacturing unit, or a service providing unit.

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