PM Mudra Yojana: Social media can be both beneficial and problematic. It’s a platform where people can discuss various issues, but it also has its downsides, including fraud. Currently, a letter circulating on social media claims to offer loan approvals up to ₹3,00,000 under the PM Mudra Yojana scheme. Here’s the truth behind this claim!

The government supports citizens who want to start their own businesses by providing loans. However, there is a scam involving the Mudra Yojana loan scheme. Fraudsters are sending letters claiming you can get a ₹3,00,000 loan under this scheme by paying ₹36,500. If you receive such a letter, do not trust it.

An approval letter claims to grant a loan of ₹3,00,000 under the 𝐏𝐌 𝐌𝐮𝐝𝐫𝐚 𝐘𝐨𝐣𝐚𝐧𝐚 on payment of ₹36,500 as legal insurance charges #PIBFactCheck:

◾️This letter is #Fake

◾@FinMinIndia has not issued this letter

Read more: 🔗https://t.co/cQ5DW69qkT pic.twitter.com/8TLmQQ6htj

— PIB Fact Check (@PIBFactCheck) September 5, 2024

Government Responds To The Fake PM Mudra Yojana Letter

The government has responded to the fake letter by issuing a fact check and warning the public about the scam. The fact check, shared on the social media platform X, clarified that the letter claiming approval for a ₹3,00,000 loan under the Mudra Yojana in exchange for ₹36,500 for legal insurance is not legitimate. The government stated that this letter was not issued by them and is a fraud.

The PM Mudra Loan Yojana was created to support small business owners and shopkeepers who want to start their own businesses. Launched in April 2015, the scheme is managed by the Ministry of Micro, Small and Medium Enterprises. It allows small business owners to get loans up to ₹10 lakhs without needing any guarantee. Borrowers have up to 5 years to repay the loan.

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