Fact Check: Get Rs 10 cr on paying Rs 4,500 processing fees under Mudra Yojana

New Delhi, May 22: A loan approval letter is doing rounds on social media sites claiming that Rs 10 crore is being sanctioned by the government under the PM Mudra Yojana on paying Rs 4,500 as verification and processing fees.

The message is intended to mislead the people through bogus claims.

As per the approval letter, the government of India had sanctioned Rs 10 crore with negligible annual interest. On receiving the mail or WhatsApp, people have to pay the aforementioned amount. Once the payment is done, the candidates will receive 50 per cent of the sanctioned amount.

The remaining amount will be paid once the candidate will be met by an officer to finish off the signing formalities. However, this is a bogus claim and fake approval letter. The Finance Ministry has not approved the letter.

Moreover, under the Pradhan Mantri MUDRA Yojana (PMMY), people can get a maximum loan of up to Rs 10 lakh. However, the scheme provides loans at low rates to micro-finance institutions and non-banking financial institutions which then provide credit to MSMEs.

It was launched by Prime Minister Narendra Modi on 8 April 2015.

Netizens should be extremely careful of such messages as fraudsters will try to steal your money by luring to make small payments to get big amount.