Micro Units Development and Refinance Agency (MUDRA) is a loan scheme for small businesses initiated under the Pradhan Mantri Mudra Yojana (PMMY). Under this scheme, the non-corporate, non-farm small/micro enterprises can get a loan up to Rs 10 lakh. The loans are provided by private banks, RRBs, Small Finance Banks, MFIs and NBFCs. In this article, we will discuss the process of applying for MUDRA loan online and offline. MUDRA Loan: Eligibility Criteria And Documents Required.
PMMY is classified into three loan categories, named Shishu, Kishor and Tarun. Under the Shishu scheme, one can get a loan of up to Rs 50,000. Under the Kishor scheme, one can get a loan from Rs. 50,001 to Rs. 5,00,000. Under the Tarun scheme, the loan can be between Rs 5,00,001 and Rs 10,00,00. MUDRA Loan Explained: All About Pradhan Mantri Mudra Yojana Loan For MSMEs.
How to Apply for MUDRA Loan Online?
To apply for a mudra loan online, applicants need to visit the official website of a private sector bank, NBFC, commercial and Co-operative bank, RRB and MFI.
Download the mudra loan application from the bank’s official website.
Fill the form and submit it along with the required documents.
Wait for the bank’s representative to call and complete the required formalities.
Once the application and attached documents are verified, the loan shall be disbursed by the bank.
Online application for Mudra loans can also be submitted on the Udyami Mitra portal (www.udyamimitra.in).
Steps to Apply for Mudra Loan Offline:
Applicants are required to visit commercial or private sector bank
The applicant should submit a self-written business plan
Submit the loan application along with all the required documents such as address proof, identity proof, company’s address, etc.
Once the application form and documents are verified, the loan shall get approved.
The Pradhan Mantri Mudra Yojana was launched by Prime Minister Narendra Modi on April 8, 2015. Those eligible to borrow from MUDRA Yojana are shopkeepers, small manufacturing units, Artisans and Fruit and vegetable vendors.