Are you looking for business loan? Have you heard about Pradhan Mantri Mudra Yojana ? Under Mudra Loan Scheme, Government of India is offering low interest rate business loan for new start-ups. Do check out mudra loan details, procedure to apply for mudra bank loan online and eligibility for mudra loan. We have covered the entire mudra bank loan scheme, so all the candidates who wants to apply for this bank loan can easily apply. Check the details about this government business loan, get application form of mudra loan, apply for it and start your new business.
If any one of you still looking for any business ideas, you can check our guide on list of small business ideas with low investment. This new initiative of the government of India will boost the business community’s trust in government, will help the government to boost the GDP and create more employment.
What is Mudra Loan Scheme? How much loan one can get under this scheme?
MUDRA loan scheme is new program by government of India to boost small business sectors and to increase the employment rate of India. MUDRA means “Micro Units Development & Refinance Agency”, to increase the value based entrepreneurship in India; PM modi has announced fund allocation. Under this scheme, candidates can apply to any bank in India to get business loan and government of India will provide the security and will get you low interest rate.
Under this scheme, government of India has divided the fund allocation in 3 categories, Shishu, kishore, and tarun. And Amount of Rs.10 lakh can be allocated to each eligible candidate under mudra bank loan. So, if you have any small business plans and looking for some small financial aid, you can apply for this scheme and take benefit.
How to Apply for Loan under Mudra Bank Loan Scheme?
Well, one of the first thing you needed to get loan under this scheme is solid business plan. Yes, not only from mudra bank but for any other bank, if you want business loan, you must have business plan. If you don’t have any business plan yet, you must prepare it first. Now after having business plan, check out the different categories of pradhan mantri mudra yojana. This is one of the important step of mudra bank loan procedure.
Different Categories of Pradhan mantri mudra yojana
As mentioned above, there are 3 main categories under which candidates can eligible to get business loan, lets check out.
Shishu :- for small business, where fund requirement is less than Rs.50,000 (fifty thousands). If you are falling in this category, you must apply for loan on this category.
Kishore :- Under this category, business who requires loan from Rs.50,000 to Rs.5 Lakh will be granted financial aid.
Tarun :- Tarun category candidates will get business loan from Rs.5 lac to Rs.10 Lac. Yes, Rs.10 lac is the highest limit one can get the loan under this scheme.
So, these are the categories you need to select to the business loans. Please don’t get confused yourself and look for mudra bank, it is scheme name; you can apply for business loan under this scheme to any bank and get loan.
Which banks are giving loan under Pradhan mantri mudra yojana?
There are list banks, which are giving business loan under this scheme. Banks like all public sector banks, private sector banks, regional rural banks, micro finance institutes and urban and state co-operative banks can give you under this scheme.
Mudra loan Eligibility Criteria to get Loan
Well, government of India has set different rules for different category of banks. We are listing some of the major eligibility criteria’s, do check out.
- The applicants must have good business plans.
- Should have filed income tax return regularly. (Minimum 2 years of filing required).
- Credit rating of the company should not be below A (minus).
- Not more than 15% NPA.
- CRAR must have been stipulated from RBI on times.
For more eligibility criteria, do visit the nearest bank branch or read this PDF file to know bank wise criteria.
Mudra Loan Scheme Application forms
Are you looking for application forms for Mudra bank loan? Here is list of application forms for different category of mudra scheme. There is common application form for kishore and tarun category while different applications form for shishu category.
Download above mentioned application forms and start applying procedure for loan from mudra loan. Now check out the FAQs related to mudra loan.
FAQs related to Pradhan Mantri Mudra Yojana
Below are some of the most frequent asked question from applicants, which we tried to answer it.
Q:- Can all category of people can apply for business loan under mudra loan scheme?
A:- Yes, all categories like general, SC/ST/OBC can apply for business loan under this scheme.
Q :- How to get help from government officials for this scheme?
A:- if you have any query or question, you can ask to 97 nodal officers via their email id or via their phone number. You can get list of 97 nodal officer from this link, or you can contact the helpdesk of mudra loan department at [email protected]. You can also contact them on their toll free numbers as well.
Q:- Does government really gives loan under this scheme?
A:- Well, yes. Government of india has given Rs.1,59,526 cr till date under this scheme as on 27th March, 2017.
Q :- Where is office of Mudra loan department?
A:- you can contact the MSME department of govt of india to get more mudra loan details at C-11, G-Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051.
Q :- Benefits of applying business loan under Pradhan Mantri Mudra Yojana?
A :- There are very small benefits like no processing fees on your loan application, no collateral required, 5 years of loan term, no much big documents required. And one of the biggest benefit of applying loan under this scheme is that interest rate under mudra loan is lower than compared to other business loan.
These are the details of mudra loan scheme. Are you still having questions, feel free to ask on the comment box below. For more updates on the government scheme, keep visiting us.