MUDRA Loan: Pradhan Mantri Mudra loan scheme provides instant loan to micro, small and medium enterprises to help them to start their new business. Many national banks including SBI, Bank of Baroda, Canara Bank etc are providing these loans to their customers. Apart from this other financial companies and rural banks are also providing Mudra loan to their customers. You can get maximum 10 lakh loan under this scheme where the minimum loan is 50000. If you want to start your business with the help of Mudra loan then you can read this article to know the eligibility criteria and documentation and application procedure to apply for Mudra loan 2023.
PM Mudra loan 2023
The Government of India has introduced Mudra loan in 2015, but the scheme is providing benefits to their beneficiaries till now. The scheme is divided into 3 sub parts which are known as Shishu Mudra loan, Kishore Mudra loan and Tarun Mudra loan. You can get the loan amount of Rs 50000 rupees, 5 lakh and 10 lakh accordingly. After introducing the digital banking and digital loan system. banks are also providing Digital Mudra loan through online mode where customers need not to visit the branch physically.
Features of Mudra loan
- The Mudra loan has designed to support local and small traders to establish their businesses. If you want to start a General Store, vegetable shop then you can also get this loan amount.
- Customer can ask the Mudra loan according to their need to up scale layer business. if you are starting your business then you can get Shishu Mudra loan of maximum 50000 rupees. If you are already running a small business and want to up scale your business then you can get maximum 5 lakh rupees under Kishore Mudra loan and ₹10 lakh under Tarun Mudra loan.
- The bank will not ask any security deposit of your assets to provide you the loan. this is the best feature of Mudra loan where middle class and small business owners can also take a risk of business loan.
- The bank will also charge you less interest rates if you are applying in Mudra loan.
- Some banks are providing maximum 84 month EMI service to their customers so it will very easy to repay the loan amount according to your facilities.
Eligibility of Mudra loan
- This eMudra loan will help only for those applicants who belongs to India and living in India currently.
- The minimum age of the candidate should be more than 18 years old. however the maximum age will be decided according to the various banks.
- The government has not provided the specific business type which will get the benefit of Mudra loan. But they are suggested some categories including Individuals and partnership firms, Private and public limited companies, Business which are not direct related to farming are also eligible including dairy farming, horticulture, etc. Small manufacturing units including plastic items making units, toys factories, Ornaments, decorative items etc. Service providing units including fruit and vegetable vendors, director operators, Taxi Driver, General Store owner etc can get Mudra loan. If you belongs to MSMEs then you can visit your nearest bank to check your eligibility for Mudra loan.
Important documents for E-Mudra loan
- Identity card such as Aadhar card, ration card, passport, driving licence, etc
- PAN card
- GST number
- business registration document
- Bank statement
- Address proof
- you should also prepare a document where you have to mention The need of the loan amount and how will you use the loan amount to up scale your business
Apply for a Mudra loan 2023
There are various ways to apply for Motorola loan. you can visit your nearest bank branch to apply physically where you will get a mudra loan application form and you have to fill it and submit with photocopies of the documents. however, we are providing you the procedure to apply online for a Mudra loan so you can get this loan through your mobile phone without visiting any branch:
- Firstly you have to visit on the official website of the bank that is providing the mudra loan
- After this you have to click on the link of business loan
- In this section you can see a link of digital Shishu Mudra loan
- you will reach on a new page where you have to enter your personal details including your name and business information
- Now enter the loan amount that you want to get from the bank under Mudra loan and select the EMI option to repay the loan.
Now you have to upload specific documents on the official website of the bank which is providing Mudra loan through online mode. once you submit your application, you will get the loan amount in your bank account in few minutes only.