Mudra loans are offered to Indian nationals who have their own company ideas in the service industry, commerce, or manufacturing and require finances of up to Rs.10 lakh. It is also provided by public and private sector banks, regional rural banks (RRBs), small financing banks (SFBs), and micro-financial organisations (MFIs).
How can you apply for a Mudra loan?
- Ensure that the essential documentation are readily available. The most vital documents you’ll need are proof of identification, proof of domicile, and proof of business.
- Approach a lender who is a participant in the MUDRA plan and complete the application form.
- Submit all necessary paperwork.
How can you apply for a Mudra loan Online?
MUDRA offers to lend to micro and small companies in the non-corporate and non-farm sectors. MUDRA Loans cannot be used for personal reasons, and applicants must have a credible business plan to be considered. Individuals who are interested in obtaining a Mudra Loan may do so online by visiting the official websites of the licenced banks since only these institutions are authorised to grant MUDRA loans. Applicants for the Shishu, Kishore, or Tarun loan programmes must fill out an online application form. The following are the steps for applying for a Mudra loan online:
Get the Mudra loan application form from the webpage of the financial institution to which you want to apply (Shishu, Kishore, Tarun).
Fill in all of your personal and business information, such as your name, date of birth, residential/business address, educational qualifications, and so on, on the Mudra loan application form.
Fill out the application form and submit it to the bank or lending institution together with the required papers.
Once the Mudra loan application form and related documentation have been reviewed and validated, the loan will be authorised and the loan money will be disbursed.
How can you apply for a Mudra Loan Offline?
Those who do not feel comfortable applying for a Mudra loan online might do it in person. The procedure for applying for a Mudra Loan offline is outlined here.
Step 1: The applicant must travel to a commercial or private bank to apply for a loan.
Step 2: You must also have a business plan that you developed.
Step 3: Complete and submit the Mudra loan application form you downloaded.
Step 4: Include all necessary papers, including the application form and passport-size photographs, with the application form.
Step 5: Once all of the paperwork has been reviewed, the loan will be approved and the monies will be sent to the designated bank account.
Are You Eleigible For Mudra Yojana?
|Minimum age||18 years|
|Maximum age||65 years|
|Who all can avail of the loan?||Loans can be availed by new and existing units|
|Collateral||No collateral or third party security is required|
|Lending Institutions Eligible||Public Sector Banks, Private Sector Banks, Regional Rural Banks, Micro Finance Institutions|
|Documents||Identity proof, residence proof, application form and passport size photos|