Pradhan Mantri Mudra Loan Scheme Eligibility, Loan Amount and Form Kit
Pradhan Mantri Mudra Loan Yojana was launched in the this year 2015. Under this scheme, a loan of up to Rs 10 lakh is being given to the people of the country to start their own small business. Under this, three types of loans are given for infants, adolescents and adolescents. No guarantee or pledge is required to be given to banks or lending institutions to avail Mudra loan scheme. Mudra loan repayment ranges from 3 years to 5 years with EMI options.
Mudra Loan Types
Shishu Loan: Loan up to Rs. 50,000 (for start-ups and new businesses)
Kishor Loans: Loans from Rs. 50,001 to Rs. 5,00,000 (for purchase of equipment/machinery, raw material, business expansion for existing enterprises)
Tarun Loans: Loans from Rs. 500,001 to Rs. 10,00,000 (for established businesses and enterprises)
Under this loan loans are given to this those people who are just starting their own business and are looking for financial help.
Under this, a maximum loan of Rs 50,000 is given. Its interest rate is 10 to 12 per cent per annum with a repayment tenure of 5 year
This loan is for those who have started a business but have not established one. The loan amount given under this is a between 50 thousand to 5 lakh rupees. Interest rates vary depending on the lending institution. The business plan as well as the credit record of the applicant plays an important role in determining the interest rate. The loan repayment period this is determined by the bank.
It is for those who have set up a business and need money to develop and buy assets. The loan amount is between Rs 5 lakh to Rs 10 lakh. The interest rate and repayment tenure depend on the plan and the credit record of the applicant.
Benefits of Mudra Loan
Mudra loans are mainly applicable to shopkeepers, traders, vendors and MSMEs in manufacturing, trading and service sector activities. Mudra Yojana comes under the this credit guarantee schemes of the Government of India. The loan amount can also will be used as term loan and overdraft facilities. All non-farm enterprises i.e. small businesses engaged in income generating activities can avail MUDRA loans. The benefit of this Mudra scheme can be availed through Mudra card.
Documents Required for Mudra Loan
️ business plan,
️ Application Form,
Passport size photograph of applicant and co-applicant,
KYC documents of applicant and co-applicants,
️ Proof of Identity (Aadhaar Card / Voter ID Card / Passport / Driving License),
Proof of Residence this (Aadhaar Card / Voter ID Card / Passport / Tele Bill / Bank Statement),
Income Proof (ITR, Sales Tax Return, License, Registration etc.),
Proof of SC, ST, OBC, Minority (if applicable), certain class of occupation.
Address and term proof, registration, license or certificate
Mudra card will be provided to the beneficiaries availing Mudra loan. The beneficiary can use this Mudra card just like a debit card. Through Mudra card, beneficiaries will be able to withdraw money from ATMs according to their need. This card can be used to this meet your business needs.
online application process
First of all your have to this visit the official website of Mudra Yojana. The home page of Pradhan Mantri Mudra Loan Yojana will open. On the home page, you will see the option of Shishu, Teenager and Teenager. After selecting it, a new page will open in front of you. Your have to download the application form from this page. Then you have to take a print out of this application form. Now your have to fill all the important information asked in the this application form. After this your have to a attach all the necessary documents. Now your have to submit this application form to your nearest bank. After verifying your application, you will be given the loan within a month.