To give importance to young and smart entrepreneurs of India, government India has launched Pradhan Mantri Mudra Yojana, which aims to give low interest rate business loan to new entrepreneur without bank grantee. If you too interested to apply for mudra bank yojana, here you will get all the details like mudra loan eligibility, documents required for applying mudra loan, How to apply for mudra bank loan online to SBI or any other bank, mudra bank loan procedure and many more mudra bank details (directly from www.mudra.org.in).
The Pradhan Mantri Mudra Yojana scheme was first launched on 2016 (in union budget 2016) where it is mentioned that government is bringing mudra bank scheme to provide small funds for non-corporate small business sectors.
How Government of India Offers Fund in Mudra Bank Yojana?
There are three categories under Pradhan Mantri Mudra Yojana, Shishu, Kishor and Tarun. Check out brief about these categories.
Shishu Category: – Under shishu category, government provides loan up to Rs.50,000 to micro units.
Kishor Category: – Those business ideas which is about to start, will get Rs.50,000 to 5 lac of funds from government under this category.
Tarun Category: – if your business is already established, and looking for funds to grow your business, you can get Up to Rs.10lac of fund under this category.
Who are Eligible under Mudra Yojana to get Funds?
Below are the lists of entities that are eligible for getting funds under this scheme with eligibility criteria as well;
All the shopkeepers, proprietorship, partnership, truck operator, fruit vendors, small industries, service sector units, manufacturing units, and all other small sector units are eligible to get business loan under mudra bank yojana.
And any micro finance units, small business companies, public or private banks, commercial banks are eligible to give you loan who’s 3 years NPA (non performing assets) does not cross 3%.
For what reasons you can Avail the Mudra Loan?
To buy new vehicle, commercial vehicle, working capital loan, to buy new plant machinery, to renovate your office space, or for any other reason, you can avail the mudra loan. Make sure you go with detail business plan to get loan from any bank (state bank of india or any one).
Documents required for Loan Application at Mudra Bank
Below is the list of documents will be required to avail the business loan under pradhan mantra mudra yojana.
- Application form of pradhan mantra mudra yojana, fill the form with all required fields.
- 2 passport size photos.
- Photo ID proof (aadhar card)
- Income proof (Income Tax Return)
- Last 6 months of bank statement
- Business plan (explain in detail what you are going to use this fund for)
- Business ownership documents
- Office proof (rent agreement)
- GST number (if applicable)
These are the documents you need to prepare and attach with the application form of PM Mudra scheme to get business loan.
Mudra Bank Loan Procedure
The process of approving loan from mudra scheme is quite simple, that you can easily get it done. Below are the steps of loan procedure.
- After getting or arranging all the documents required for the application, you can visit any nearest commercial or government bank.
- You need to explain your business idea with the bank manager with duly filled application form and documents attached.
- Done all the formalities of bank documents, agreement sign as per the instructions.
- After the loan is sectioned, you can apply ask for sanction letter and withdraw your fund.
These are the simplest and east step of mudra bank loan procedure.
How to Apply for Mudra Bank Loan Online to SBI or any other Bank?
If you are fulfilling all the details of the mudra bank yojana, you can now apply for the mudra loan online as well. Please note that all the banks including state bank of india, Bank of Baroda, Punjab national bank, or any other bank. Below is the information you need to apply online while applying for mudra bank yojana.
You can go to the official website of mudra bank at mudra.org.in and download the online application form. After downloading the form, you need to mention below mentioned information in form, do check out.
Your full name, name of your business, GST number, current business address (if owned, you need to attach the ownership documents or if rented, you can attach rent agreement copy), your mobile number, email id, date of starting your business, business activity, photo id proof and other documents which are mentioned above in documents require list.
What is Mudra Bank Card?
To withdraw money from ATM (the fund which you got under Mudra bank loan), you can use the newly released Mudra Bank Card, which will help you to maintain your working capital; you can withdraw money quite easily from there.
Using this mudra card, you can also rent money as this card will work as credit card.
What will be the Interested Rate under Mudra Bank Yojana?
There are different interested rate under this scheme, bank by bank, you will have to pay different interest rate, different processing fees and different loan amount as well. But starting from 10% to 17.80% interest rate will be paid on loan amount. State bank of India charges 17.80% interest rate on mudra bank loan amount.
These are the all details of mudra bank or pradhan mantra mudra bank yojana. If you have still any query, you can ask us on the below comment box now. For more investment options, bank loan and other banking advice, keep visiting us.