How to Apply for Mudra Loan

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Mudra Loan, Mudra Loan Eligibilty
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About MUDRA Loan

PMMY – Pradhan Mantri MUDRA Yojna, MUDRA Loan is scheme launched on 8th April 2015 by Hon’ble Prime Minister Narendra Modi. The MUDRA loan is provided to non-farming and non-corporate micro and small enterprises upto Rs 10 lakh. These loan are categorised as  MUDRA loans under PMMY.

All including Commercial Banks, Cooperative Banks, RRBs, Small Finance Bank, NBFCs and MFIs are allowed to grant these loans to all borrowers.

Any eligible borrowers can approach to above institutes or thru online portal. Under the aegis of this PMMY scheme, MUDRA has categorised the loan into three categories. The categories are defined as per the loan amount borrowing by the applicant. The three products are namely – ‘Shishu’, ‘Kishore’ and ‘Tarun’ basis the stage of growth, development and funding requirement of the beneficiary. These beneficiaries may also the growth structure for the next level to apply for the loan.

Following are the Product wise loan matrix:
  • Shishu : Covering loan upto Rs 50000/-
  • Kishor : Covering loan upto Rs 50000/- and upto Rs 5 lakh
  • Tarun : Covering loan upto Rs 5 lakh and upto Rs 10 lakh
Purpose of the Mudra Loabn

The Mudra Loan is extended for several purposes of the borrowers in terms of provide income generation and employment development in the field of Manufacturing, Retail, Services and Agriculture Allied Activities.

Documents Required for Pradhan Mantri Mudra Yojana
  • Mudra Loan Application Form,
  • Two passport size colour photos.
  • Photo Identity proof.
  • Address proof.
  • Income proof.
  • Bank statement (last 6 months)
Age limit for Mudra Loan

Although there is no age limit set for Mudra loan application. However, any Indian individual applicant between the age group from 18 and 60 is will be eligible for a loan. Perhaps there are basic documentation etc is needs to be fulfilled by the applicant for the eligibility to get mudra loan. Please this is just an indicative list – the requirement may vary bank to bank.

Processing Fees by SBI (as on 05 Oct 2018):

  • Shishu : SBI – NIL
  • Kishore : SBI – NIL
  • Tarun : SBI – 0.5% (plus applicable taxes) of the loan amount

Rate of Interest of Mudra Loan (as on 05 Oct 2018)

Bank Interest    Rate Loan                     Amount

HDFC Bank      10.99% to 20.70%       Maximum INR 15 lakhs

ICICI Bank      10.99% to 17.99%       Maximum INR 20 lakhs

OBC                10.65% to 11.65%       INR 50,000 to INR 10 lakhs

 

Photo by rawpixel on Unsplash

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