Pradhan Mantri Mudra Yojana – How to Apply for Loan

Pradhan Mantri Mudra Yojana – How to Apply for Loan

Pradhan Mantri Mudra Yojana is a flagship scheme of Government of India to fund the unfunded  by bringing such enterprises to the formal financial system and extending affordable credit to them.

Launch date:  8th april 2015

Target audience: small business owners

Stages of schemes:

1)shishu(50k) – under this stage the applicant would be able to get to Rs 50000 credit.This is for those who are in their primitive stage and require lesser funda inorder to get their business started.

2) kishor(5lakhs)-This stage is for those who have requirement of funds in the range of Rs 50000 to Rs 5 lakhs.This is for those who have already started their business and want some additional funds to mobile the business or those who simply require this much of fund to start their business.

3)Tarun (10lakhs)-This is the highest level of amount that an entrepreneur can apply for start up loan.

Pradhan mantri mudra yojana is said to benefit more than 58 million small business owner in the country.

Eligibility for mudra loan-

This loan is only for small businessmen . Their is no exact criteria as such .But one thing is for sure you won’t get loan if you have a high turnover.All such person above 18 Year age can apply for the mudra loan. One must have genuine business plan to get the loan

why mudra loan

 

This is entire government administrated and approved scheme so it is safe and secure form of taking credit.This loan is issued through mudra credit card with a pre assigned credit limit.Repayment tenure is as high as 7 years.

mudra bank loan for womens SC/ST and OBC

Government has clarified that women SC/ST and OBC category would be given preference while giving loan under this scheme.however their is no reservation as such even the criteria is not disclosed.

How to apply for mudra loan

There is no normal structure way to apply for mudra loan .You will have to approach all bank listed in the blog and give them the detail description of your business.Then will ask to fill the mudra form if you already have a current account in that bank then it will help your application to process quickly.If you neend any equipment for your business please carry the invoice fir the same.There is a collateral free loan so if you have good credit history then it would help.please take the acknowledgement slip with you for reference.

 

 

 

Mudra loan yojana intrest rate:

The Intrest rate won’t be fixed and depend upon the type of your business and the bank .Each bank will have their own criteria.Details of this will be found more on the official site

http://www.mudra.org.in/

Banks offering mudra loan :

1 . State bank of india

2. state bank of Hyderabad

3. state bank of Mysore

4. state bank of Travancore

5. United bank of india

6. Union bank of india

7.central bank of india

8. Bank of india

9.Axis bank

10.ICICI bank

It has been the strongest endeavor of the prime minister narendra modi to bank the unbanked population.

Mudra loan helplines:

National toll free numbers-

  1. 1800 180 1111
  2. 1800 11 0001

 

 

 

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