Mudra Loan - Pradhanmantri Mudra Loan Yojana Eligibility, Loan Amount And Forms Kit
The Pradhan Mantri Mudra Loan Scheme was launched in the year 2015. Under this scheme, people of the country are being given loans of up to Rs 10 lakh to start their own small business. Under this, three types of loans are given for infants, adolescents and teenagers. Banks or loan institutions do not need to make any guarantee or mortgage to avail the benefits of currency loan scheme. Currency loan repayments range from 3 years to 5 years with EMI options.
▪️ Types of currency loans
- SHISHU Loan: Loans up to Rs. 50,000 (For start-ups and new businesses)
- KISHOR Loan: Loans from Rs. 50,001 to Rs. 5,00,000 (For buying equipment/machinery, raw materials, business expansion for existing enterprises)
- TARUN Loan: Loans from Rs. 500,001 to Rs. 10,00,000 (For established businesses and enterprises)
Shisu loan
Under this loan, loans are given to those who are just starting their own business and are looking for financial help.
Under this, a maximum loan of Rs 50,000 is given. Its interest rate is 10 to 12 per cent per annum with a repayment period of 5 years.
Kishor loan
This loan is for people who have started a business but have not established one. The loan amount given under this is between 50 thousand to 5 lakh rupees. Interest rates vary depending on the lending institution. Along with the business plan, the applicant's credit record plays an important role in determining the interest rate. The loan repayment period is determined by the bank.
Tarun loan
It is for people who have set up a business and need money to grow and buy a property. The loan amount is between Rs 5 lakh to 10 lakh. The interest rate and the payment period depend on the plan and the applicant's credit record.
Benefits of mudra loans
Mudra loans are mainly applied to shopkeepers, merchants, vendors and MSMEs in manufacturing, trade and service sector activities. Mudra Yojana comes under the Credit Guarantee Schemes of the Government of India. The loan amount can also be used in the form of term loans and overdraft facilities. All non-agricultural enterprises i.e. small businesses engaged in income generating activities can avail currency loans. The benefit of Mudra Yojana can be availed through Mudra Card.
Documents required for Mudra loan
▪️ Business plan,
▪️ application form,
▪️ passport size photographs of applicant and co-applicant,
▪️ KYC documents of applicant and co-applicants,
▪️ proof of identity (Aadhaar card / Voter ID card / Passport / Driving license),
▪️ Proof of residence (Aadhaar card / Voter ID card / Passport / Tele) Bill / Bank Statement),
▪️ Income Proof (ITR,Sales Tax Return, License, Registration etc.),
▪️ SC, ST, OBC, Minority (if applicable), Proof of certain class of business.
▪️ Address and term proof, registration, license or certificate
Mudra card
Mudra card will be provided to the beneficiaries who take Mudra loan. The beneficiary can use this currency card just like a debit card. Beneficiaries will be able to withdraw money from ATMs as per their need through Mudra Card. This card can be used to meet your business needs.
The process of applying online
First you have to go to the official website of Mudra Yojana. The home page of Pradhan Mantri Mudra Loan Yojana will open. On Home Page you will see the option of infant, teen and teenager. After selecting this, a new page will open in front of you. You must download the application form from this page. You will then need to print out this application form. Now you have to fill in all the important information asked in the application form. After this you have to attach all the important documents. Now you have to submit this application form to your nearest bank. After verifying your application, you will be given a loan within one month.
How do you apply
Under this scheme the aspiring beneficiary wants to apply for the loan. He can apply by going to his nearest government bank, private bank, Grameen Bank and commercial bank etc. with all his documents. After that go to the bank from which you want to take a loan, fill the application form and attach all your documents with it and submit it to the bank officer.
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