MUDRA Yojana Application
If you are looking to apply a SBI e Mudra PM SVANidhi Loan or a Mudra loan from any bank, than you have come to the right place. Know how to apply a mudra loan in correct way and do not miss any vital information that may be crucial to approval of the loan. So, read on carefully, a step by step guide is provided below.
The Pradhan Mantri Mudra Yojana (PMMY) established the Micro Models Development and Refinance Agency (MUDRA) to provide enterprise loans to non-corporate and non-farm MSMEs.
Mudra Yojana is a type of finance that is divided into three lending programs or categories: Shishu, Kishor, and Tarun. The following are the loan amounts available under these three schemes:
• SHISHU Loan: Up to Rs. 50,000 in loans (For start-ups and new businesses).
• KISHOR Loan: Rs. 50,001 to Rs. 5,00,000 (for the purchase of equipment/machinery, raw materials, and the growth of existing businesses).
• TARUN Mortgage: Rs. 500,001 to Rs. 10,00,000 in loans (For established companies and enterprises).
Mudra Yojana offers collateral-free loans with a maximum loan amount of Rs. 10 lakh and a payback period of up to 5 years. There aren’t any processing charges or foreclosures charges for loans beneath the Mudra Yojana’s three programmes.
PM Mudra loan online application is also available from a number of commercial and public sector banks. MUDRA loans are available through qualifying lenders such as private sector banks, NBFCs, commercial and cooperative banks, small finance institutions, Regional Rural Banks (RRBs), and Micro Finance Institutions (MFIs).
Let’s go over some crucial factors that applicants should be aware of while applying for a Mudra loan both online and offline.
How to Apply for a Mudra Loan Through the Online platform?
Candidates can apply for a Mudra mortgage on-line by accessing the official web site of an accepted financial institution that provides MUDRA loans, as mandated by RBI, after which following the procedures listed beneath.
Step 1: Go to the bank’s official website and download the loan application form.
Step 2: Complete the application form with all of the essential information.
Step 3: Fill out the application and attach all relevant papers.
Step 4: A representative from the bank will contact you to complete the loan requirements.
Step 5: After the loan application form and related documentation have been reviewed and validated, the bank will authorize the loan and distribute it.
Borrowers can also apply for MUDRA loans online using the UdyamiMitra site (www.udyamimitra.in).
Offline MUDRA Loan Application Procedure
If candidates want to apply for a Mudra loan offline, they can do so by following the procedures below:
• Applicants must go to their local commercial or private bank to apply.
• Fill out and submit the loan application form that you have downloaded.
• Submit passport-sized pictures and any needed papers, including identification evidence, address proof, company’s address, and identity proof, as well as caste certificate, if applicable, together with the application form.
• Finish all remaining bank requirements and processes.
• The loan will be granted once all of the paperwork have been checked.
• Once the loan has been accepted, the funds will be sent to the designated bank account within the stipulated time frame.
Paperwork Wanted to Apply for a Mudra Mortgage
To apply for Mudra loans, applicants must acquire all of the following papers in addition to the application form:
• Completed application form with current passport-sized photos.
• The applicant’s KYC papers, such as a passport, voter identification card, driver’s license, Aadhar card, utility bills (water or electricity), and PAN card.
• Documents proving applicant’s status as a member of the SC/ ST/ or any other special category.
• Proof of business address
• Certificate of incorporation of a business (For existing enterprises).
• Bank statement from the earlier 12 months.
• Any additional paperwork requested by the bank.
Mudra Loans are offered by a number of banks and non-bank financial institutions (NBFCs) as of January 2022.
As of January 2022, a number of banks and non-bank financial institutions (NBFCs) are offering TABle- Mudra Loans.
|Mudra Loans are offered by a number of banks and non-bank financial institutions (NBFCs) 2022|
|Bank of Baroda|
|Bank of India|
|Bank of Maharashtra|
|Central Bank of India|
|IDFC First Bank|
|Kotak Mahindra Bank|
|Punjab National Bank|
|State Bank of India|
|Union Bank of India|
Download the complete list of Mudra Loan lending Banks Here
Often Asked questions on Mudra loan Application
Q1). Who are eligible for Mudra Loan scheme?
Mudra loans are available to any individual, including women, a sole proprietorship, a partnership firm, a private limited company, or any other organization with a loan demand of up to ten lakh rupees.
Q2). Is it possible to acquire a Mudra loan from a private bank?
You may do so, but only if it is on their loan list. All PSU banks, Regional Rural Banks (RRBs), Small Finance Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions, and Non-Banking Finance Companies will offer Pradhan Mantri Mudra Yojana (PMMY) loans.
Please see the list of banks above for further information.
Q3). What is the rate of interest levied by banks on a Mudra loan?
Mudra Loan interest rates start at roughly 7.30 percent per annum and go up from there.
Q4). Is there a requirement for collateral or guarantor with a Mudra loan?
MUDRA loans of up to ten lakh rupees have been rendered collateral-free, in accordance with RBI guidelines. A Credit Guarantee Product is extended by the introduction of a Fund named “Credit Guarantee Fund for Micro Units” [CGFMU] to minimize the issue of collateral and offer assurance to lending institutions.
Q5). Is it possible to apply for a Mudra loan online?
Yes, the borrower may go straight to any of the lending institutions or apply online using this portal www.udyamimitra.in.
Q6). Is it possible to acquire a Mudra loan for a new business?
Yes, Mudra Yojana is a credit plan established by the Government of India to provide loans up to Rs. 10 lakh to people and MSMEs who want to start a new business or expand an existing one without having to put up any collateral or security.
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