PM Mudra Loan
PM Mudra Loan is a business loan scheme under the Pradhan Mantri Mudra Yojana (PMMY). To help the small and micro businesses the Indian government started this Mudra Loan scheme. It is one of the flagship schemes of the Union government. It encourage self-employment by offering three types of loans to the non-farm income generating small and micro Enterpreneurs. Under PM Mudra Loan, collateral-free institutional credit up to ₹10 lakh is provided by Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).
Eligibility Criteria for PM Mudra Loan
- The applicant must be a citizen of India.
- The entrepreneur should belong to the age group of 18 to 65 years.
- Any individual who has non-farm income generating small and micro Enterprises can avail loan under the Scheme.
- Individuals, Startups, Business Owners, Entrepreneurs, and MSMEs.
- Women Entrepreneurs, as well as individual those who belongs to SC/ST/OBC category.
- Business of applicant’s must be minimum 3 years old.
- The applicant should not have a history of loan default to any bank or the financial institutions.
Documents Required
- Recent passport-sized photographs
- KYC documents such as Passport, Voter’s ID card, Driving License, Aadhar Card, Utility Bills (Water or Electricity), PAN card
- Documents in case applicant belong to SC/ ST/ or any other special category
- Business address proof
- Business establishment certificate (For existing enterprises)
- Last 12 months’ bank statement
- Any other document required by the bank
Benefits of PM Mudra Loan
In Pradhan Mantri Mudra Loan scheme, government offers three types of loans to the applicants.
- Shishu – Get loans up to ₹50,000
- Kishore – Get loans from ₹50,000 up to ₹5 lakh
- Tarun – Get loans above Rs. 5 lakhs up to Rs. 10 lakh
Existing small businesses can also get the loan credit facilities at reasonable interest rates to expand their operations.
How to Apply for PM Mudra Loan (Online)?
- Applicants can apply for Mudra loans online by visiting the official website of the eligible bank/NBFC that offers Mudra loans, as directed by the RBI
- First you have to download the loan application form, from the bank’s official website.
- Fill the application form with the required details and attach relevant documents.
- Then, submit the application form online at the official bank’s website to get a reference ID or number.
- After that bank’s representative will contact with you to proceed with the loan formalities. So for that you have to keep the reference ID number with you.
- Then, the loan application form and attached documents will be processed and verified.
- After successful verification, the loan amount will be credited to your account.
How to Apply for PM Mudra Loan (Offline)?
- If you want apply for Mudra loan offline, then you have to visit your nearest Bank branch that is eligible, as directed by RBI to offer MUDRA loan under PMMY.
- Fill the loan application form and submit it with all the required documents at the bank.
- Complete all the loan formalities and procedures with the Bank.
- After that all your documents are checked and verified by the bank.
- After your loan application get approved, the desired amount will be credited to your bank account.
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