This is a new scheme established by the Government of India for the development of micro-enterprises. It was launched in the financial year 2015-2016. Everyone is interested in starting a business, but only a few can implement it. In this situation we can say that this Mudra loan has made the dream of many come true.
The Mudra Yojana scheme provides loans to entrepreneurs in three categories to enhance and expand their business. It is offered in Sisu, Kishore and Tarun modes.
Mudra Bank Scheme:
SHISHU Mudra Bank Scheme:
Loans up to Rs.50,000 can be availed through this scheme.
KISHOR Mudra Bank Scheme:
Loans ranging from Rs.50,000 to Rs 5 lakh can be availed through this scheme.
Tarun (TARUN) Mudra Bank Scheme:
Five lakh to ten lakh loans can be obtained through this scheme.
Mudra Loan – Qualifications:
The loans are provided by the State Co-operative Banks to the non-farm manufacturing companies, commercial and service companies which require less than Rs.
Who can avail Mudra loan scheme:
Everyone involved in all types of manufacturing, service and business can benefit from this program. For example buying a cargo vehicle, upgrading a barber shop, upgrading a beauty parlor, expanding a motorcycle repair shop, snack shops, trolley vegetable and fruit shops, clothing stores, poultry, cattle raising, fish farm, beekeeping, dairy, silk All new and existing companies such as industry, bakery shop expansion, agency keeping, driving, craftsman, setting up manufacturing factory can avail the loan.
Lending banks do not lend themselves to businesses that are already investing and running. The loan is likely to be available only to expand the business or to purchase the goods needed for the business.
The loan is not available in cash. Quotation from the seller for everything such as goods, machinery, equipment and freight. Get credit on its basis.
The bank manager will make the final decision to grant the loan if you prove your right business credit need.
Loans are not available under this scheme for personal expenses, housing expenses, wedding expenses etc.
What to do to avail Mudra loan scheme:
You can go to your nearest bank branch and get the application form to get a loan. You can also download the application form for your banks through the internet as PMMY APPLICATION FORM.
• Age limit Must be over 18 years of age.
The loan can be availed in three tranches under this scheme. Qualification will be decided by the bank manager with your business.
There is no government subsidy under this scheme. This is a business loan scheme as a whole.
Up to 12% interest will be charged on this type of loan.
You can repay the loan up to 5 years. The loan will be calculated and declared by the bank through EMI.
If you repay the loan properly, the banks will continue to provide loans to further develop the business or get working capital when the business is doing well.
There is already a loan scheme for running a business. But they should not have any bank loan or check return account on them.
No property network (SECURITY) and personal guarantee is required to avail this Muthra loan. The loan can be up to ten lakhs.
A bank branch should provide loans under the Mudra loan scheme to at least 25 persons per annum. Can be given to as many people as you want.
If your business is doing well the bank is likely to lend you more.
You can get loans from all banks. Try the bank with which you have an account.
You can get a loan to buy machinery and equipment with a price list.
There is no time limit for this Mudra loan scheme and banks will provide loans throughout the year.
• Public Sector Banks
• Private Sector Banks
• Regional Rural Banks (RRBs)
Micro Finance Institutions (MFIs)
• Non Banking Financial Companies
SBI Bank: https://www.sbi.co.in/ Mudra Loan
HDFC Bank: https://www.hdfcbank.com/ Mudra Credit
ICICI Bank: https://www.icicibank.com/ Mudra Credit
Bajaj Finserv: https://www.bajajfinserv.in/ Mudra Credit
Documents required for Mudra loan:
• Proof of identity
Proof of Location (Latest
Telephone receipt, electricity bill receipt, housing tax receipt).
Mud Receipt for purchase of machinery and other equipment (mudra loan documents).
Factory location and license.
Mudra Credit Card:
Upon receipt of the Mudra loan, the beneficiary will be issued a Mudra card. This card can be used as a credit card when purchasing raw materials. With this card you can use up to 10% of the loan amount up to a maximum of Rs.10,000.