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What is Mudra loan? How to get loan from Mudra Yojana to start business?

 

What is Mudra loan? How to get loan from Mudra Yojana to start business?

Mudra Loan Scheme, Online Apply, Subsidy to start business or business (Mudra Loan Yojana Interest Rate, Application, Documents, Online Apply, Scheme Form in Hindi)


The new scheme 'Mudra Loan Yojana', implemented by the government, helps all the people engaged in small and micro businesses by giving loans financially. With the help of Mudra Bank Loan Scheme, people no longer need to depend on high interest rates from private individuals or anyone else for loans. Let us now know in detail about Mudra loan and also know how it can be obtained and how much loan is given in which category.

What is Mudra loan

What is Mudra loan? (What is Mudra Loan)

Micro-Units Development and Refinance Agency is one of the major agencies through which the minimum Rs.50,000 and maximum Rs.10,00,000 are given to start-up enterprises and small business units under Mudra loan scheme from the government. Mudra has partnered with regional and state level banks, and micro finance institutions (MFIs), apart from lending institutions.


Mudra Loan Types

Mudra loan can be divided into three different categories on the basis of loan amount, type of business :-


Shishu Category :- In this category only people with small scale industries can get loan. According to the government's plan, there is a provision to give loans up to Rs.50,000 to people with small scale industries in this category. This category is for those people who want to start their own small scale industry. The person taking the loan has to present his idea i.e. idea in the bank at that time.


Teen Category :- This category is for those people who have already set up their industry and want to make their business an enterprise. Under this scheme, the government has kept the minimum loan amount of Rs 50,000 and maximum of Rs 5,00,000 in the juvenile category.


Tarun Category :- According to this category loans are given to those industries which are already established and they have to do business on a large scale. The loan amount is the maximum in the Tarun category, because in this category the maximum loan amount that has been fixed in this scheme, that is, up to Rs 10 lakh, is given in this category.


Therefore, every bank has its own different criteria in everything like interest rate etc., so that it decides whether to give you a loan or not.



The main purpose of Mudra Loan (Mudra Loan Yojana Purpose)

Objective of Pradhan Mantri Mudra Yojana

The main objective of Mudra loan is to provide loans at affordable interest rates to people working on small and small scale, so that the burden on the agriculture sector can be reduced. The objective of Mudra loan is also that people become job givers instead of working inside someone.



Mudra Yojana can be availed for the following activities:

  • Commercial Vehicles: For purchase of commercial vehicles like tractors, auto-rickshaws, taxis, trolleys, tillers, goods transport vehicles, 3-wheelers, e-rickshaws, etc.

  • Service Sector Activities: Starting business of salons, gyms, tailoring shops, medicine shops, repair shops and dry cleaning and photocopying shops etc.

  • Food and Textile Manufacturing Sector Activities: For various activities in the respective sector.

  • Business activities for traders and shopkeepers: For setting up of shops, service enterprises, trade and business activities and non-agriculture income generating activities.

  • Equipment finance scheme for small businesses: Maximum Rs.10 lakh. until.

  • Agri-allied activities: agri-clinics and agri-business centres, food and agri-processing units, poultry, fisheries, bee-keeping, sorting, livestock-rearing, grading, agri-industry, diary, fisheries, etc. for activities related to businesses for.


Mudra Loan Working Capital

Mudra loans are given to shopkeepers, vendors, transport and small industries to find new ways of employment and to provide employment to the unemployed.

  • Mudra loan for shopkeepers and vendors :- People who are not working in agriculture and do not want to go into agriculture, Mudra loan can open a new business by giving loan up to Rs.50,000 to those people. They get this loan easily.

  • Mudra Loan in Textile Industry :- The cost of a modern machine in textile like projectile, airjet starts from Rs.30,00,000, and they are not easy to install. But the cost of a handloom is around Rs 5,00,000, so they can buy it. And with the help of Mudra loan, you can start a small scale industry.

  • Mudra Loan in Agriculture :- Now modern equipments are also used in agriculture. The work which used to be done in agriculture earlier in 2 days can be completed in a few hours today. With the help of Mudra loan, a farmer can increase his income by purchasing new equipment.


Mudra Loan Features and Benefits

  • There is no minimum interest amount under Mudra loan. Any eligible person can take a loan ranging from Rs 50,000 to Rs 10,00,000. For that he will have to be successful in all the conditions set by the bank.

  • The applicant is not required to pledge part of the property to avail the loan under the Shishu category. Because of this, people who had the fear of mortgaging their land. Due to this, it has become easier for many people to take loans.

  • Anyone related to agriculture and engaged in other small scale industries can take advantage of this. They can use this loan to buy pesticides, buy new equipment, buy fertilizers etc. With this, the farmers will take less time to finish the work and the income will also be more.



Features of Mudra Loan

Rate of interest

Varies from bank to bank, depends on business requirements

Guarantee / Security

did not need to

minimum loan amount

not fix

maximum loan amount

up to 10 lakh

payment term

12 months to 5 years

processing fee

Zero

Types of Mudra Yojana

children, adolescents and young adults


Mudra Yojana can be availed only by individuals, SME, MSME, businesses employed in manufacturing, trade and service sector.


Benefits of Mudra Loan

  • Mudra loan can be availed mainly by people engaged in manufacturing, trading and service sector to shopkeepers, traders, vendors, and MSMEs

  • Mudra Yojana comes under Credit Guarantee Schemes of Government of India

  • The loan amount can also be used as term loan and overdraft service

  • All non-agriculture businesses, ie small businesses engaged in income generating activities can avail Mudra loan

  • The benefit of Mudra Yojana can be availed through Mudra Card.



Mudra Loan Eligibility

Business Owners :- Those people who take the goods from one place and send them to another place, the need for Mudra loan is maximum for them. Those who work in this way always need money in the beginning and if there is no money, they cannot do their work and their business ends. This type of problem can be easily solved by the Mudra loan given by the government.


Shopkeeper :- Many people have an idea to increase their business, but due to lack of money, they are unable to do anything and their business remains limited to one place. If these people get loan through Mudra loan, then they can take their business to sky heights.


Startup entrepreneurs: - In this come those people who have to start their new venture, but do not have money. These people provide new opportunities for the youth. These people are like a revolution, start small scale work and grow your business.


Small producer: - These people are small businessmen, who work in a small place, they have work and they can also develop their work, but due to lack of money, they are unable to do so. . If these people get money then they can come first in their category.


People engaged in agriculture :- Earlier it used to take many days to plow a field, but nowadays such tools have come, that you can finish your work very quickly. The cost of these tools is high. If farmers get loan under Mudra loan scheme, then their work can be completed in less time and faster.


What type of business can apply for Mudra loan 

The following businesses can avail of Mudra loan:


  • self-proprietor

  • partnership

  • service sector companies

  • micro industry

  • repair shops

  • owner of trucks

  • food business

  • Seller (Fruits & Vegetables)

  • micro manufacturing firms


In Pradhan Mantri Mudra Yojana, special emphasis is being laid on giving Mudra loan to women. So that women empowerment can be promoted.


Banks that provide Mudra Loan (Mudra Loan Bank List)

The following are the lending institutions and banks that provide loans under the Mudra Loan Scheme:


Micro Finance Institution (MFI) :- In this, people engaged in small enterprises and small businesses are given loans by MFIs for their businesses. The MFI checks all the documents and finally decides whether the Mudra loan should be given to the applicant or not.


Regional Rural Banks (RRBs) :- Central Government gives 50% and respective State Government 15% capital to Regional Rural Banks. Then these banks provide Mudra loan to small entrepreneurs and farmers under Mudra loan.


Private Banks :- Government has also asked many private banks to give Mudra loans. These banks can choose any method to give loan, but the interest rates should come under Mudra loan only.


Small Finance (SFB'S):- These banks mainly provide Mudra loans to small entrepreneurs, micro enterprises. For a loan of Rs 50,000 or less, nothing has to be pledged with the bank. The requirement of PAN card has now been ignored and now loan can be availed even without PAN card.


Public Sector Banks :- There are also some public sector banks, which can provide loan facility to the people under this loan scheme of the central government. And the loan amount can range from Rs 50,000 to Rs 10,00,000.



Mudra Loan Documents Required

The method of taking loan in Mudra loan is the same, which is done for taking other business loans. Below is the list of essential documents, without which the loan cannot be availed:

  • Identity proof (such as Aadhaar Card, Voter ID Card, Passport, Telephone Bill etc.),

  • Proof of Residence (Aadhar Card, Passport, Voter ID Card, Telephone Bill, Bank Statement etc.),

  • Caste certificate of the person who is taking the loan (to which category he/she belongs SC, OBC, ST, minority community etc.),

  • If you want to take loan for business use, then proof of permanent address of that enterprise.

  • 2 recent passport size photographs of the loan applicant.


How to Apply for Mudra Loan

For application you have to fill a form, which is available on the website www.mudra.org.in . After downloading the form from there, you fill it. Every bank has its own separate system, under which they give loan to the applicant. You can also apply in the bank where your account is already open.


How to fill Mudra loan application form

There are 29 banks in the country whose official website you can apply for Mudra loan online. Apart from this, there are some non-banking financial institutions that offer Mudra loans. These banks are included in the rural, public and private sector banks. People can also get the online form from the official website


Following are the steps to apply online for Pradhan Mantri Mudra Loan Yojana:

  • Step 1: Download the Mudra Loan Application Form.

  • Step 2: Fill in the correct details in the loan application form.

  • Step 3: Visit any public or private bank that offers Mudra loan.

  • Step 4: Complete all the procedures of the bank.

  • Step 5: After which the loan will be passed.


Some important points related to Mudra loan

  • The interest rate and loan procedure may differ from bank to bank. But the rates of interest come in Shishu, Kishor and Tarun category only. But no bank can charge more interest than the interest rate fixed by Mudra loan.

  • You can repay the loan taken by you anytime in 5 years.

  • Loans are given to women under the United Women Entrepreneur Scheme. In this, those women who have 50% or more shares in the company can apply for the loan.


What is Mudra Card? (What is Mudra Card)

Mudra card is a card given by banks, through which the person who has taken Mudra loan can withdraw money. Actually, if someone's Mudra loan is accepted, then the bank opens that person's account in the name of Mudra loan account and he is provided Mudra card. The bank puts the loan amount in that person's account and then that particular person can withdraw money from his Mudra card.   


Mudra Loan Repayment Period 

The applicant can pay the loan amount to the bank in the form of EMI anytime during the 5-year tenure. The interest rate of Mudra loan is very useful so the applicant can easily complete it.


Banks covered under Mudra Loan Scheme

  • Allahabad Bank

  • Andhra Bank

  • Axis Bank

  • Bank of Baroda

  • Bank of India

  • Bank of Maharashtra

  • Canara Bank

  • Central Bank of India

  • Corporation Bank

  • Dena Bank

  • Federal Bank

  • HDFC Bank

  • ICICI Bank

  • IDBI Bank

  • Indian Bank

  • Indian Overseas Bank

  • J&K Bank

  • Karnataka Bank

  • Kotak Mahindra Bank

  • Oriental Bank Of Commerce

  • State Bank Of India

  • Punjab And Sind Bank

  • Punjab National Bank

  • Saraswat Bank

  • Syndicate Bank

  • Tamil Nadu Mercantile Bank

  • UCO Bank

  • Union Bank of India

  • United Bank of India


mudra loan customer care number

Following are the Mudra Loan Customer Care Numbers:

sequence. No.

toll free number

1

1800 180 11 11

2

1800 11 0001



How to get Mudra loan for women?

Women entrepreneurs are encouraged by the Mudra scheme under the government, PMMY. The Government of India has also asked Banks, Lending Institutions and Micro Finance Institutions (MFIs) to provide loans to women entrepreneurs at low interest rates. Currently, loans from NBFCs and MFIs are offered to women entrepreneurs at 25 basis points lower interest rates under the Mudra scheme.



Conclusion

Mudra loan scheme is a revolutionary scheme of the government, under which the government also wants to include those sections which have been neglected by the society. In this scheme, the government gives loans to those youths who have excellent business ideas, but cannot use them due to lack of money. With this scheme, the target is to reduce the burden on agriculture in the country which has been going on for so many years.



People also ask

Frequently Asked Questions

Question. Who can take Mudra loan?

Answer: Any Indian citizen who wants to start his own business can take loan under PMMY. If you want to expand your existing business and need money for that, you can apply for a loan of up to Rs 10 lakh under the Pradhan Mantri Mudra Yojana.


Question. How much loan is available in Pradhan Mantri Mudra Yojana?

Answer: Shishu Loan: Loans up to Rs.50,000 are given under Shishu Loan; loans are given



Question. In how many days will Mudra loan be available?

Answer: If you apply for Shishu Mudra loan, then the loan amount comes to you in 7-10 days.



Question. How many types of Mudra loan are there?

Answer:

1) Shishu Loan

2) Kishor Loan

3) Tarun Loan


Question. What is Shishu loan?

Answer: Under the Shishu Mudra loan scheme, a person can take a loan of up to Rs. 50,000 from the bank for small work like opening a shop, doing business on the street.


Question. What are the documents required to take Mudra loan?

What proof is required in Mudra loan?

Answer:

  • passport size photo

  • Aadhar Card

  • residence certificate

  • pan card

  • business certificate

  • Bank details as required

  • age certificate


Question. Which banks provide Mudra loan?

Answer:

  • HDFC bank

  • Axis Bank

  • Bank of Baroda

  • Indian Bank

  • State Bank of India

  • Punjab National Bank


Question. How to take loan on shop?

Answer: To take a loan from a bank, you have to go to the specified bank and get all the information from there. After taking all the information, the application form has to be taken and the documents have to be attached and submitted to the bank. After that the verification of all your documents will be checked, after that if you are eligible then you will be provided the loan.


Question. What needs to be done to take a loan of 1000000?

Answer: If you also want to take advantage of Pradhan Mantri Mudra Loan Yojana, then you have to apply in the bank. Through this scheme, a loan of up to ₹ 1000000 is provided by the government. Under this scheme, loans are also provided by the government to buy commercial vehicles.


Question. In how many days Mudra loan is received?

Answer: In how many days Mudra loan is available? The process of getting Mudra loan is completed in one to two weeks.


Question. How to fill Mudra loan form?

Answer: Following are the steps to apply online for Pradhan Mantri Mudra Loan Yojana:

  1. Step 1: Download the Mudra Loan Application Form.

  2. Step 2: Fill in the correct details in the loan application form.

  3. Step 3: Visit any public or private bank that offers Mudra loan.

  4. Step 4: Complete all the procedures of the bank.


Question. Is it necessary to deposit any security for taking Mudra loan?

Answer: No, banks are not required to deposit any security.


Question. How to apply for Mudra Loan?

Answer: The application form is available at mudra.org.in, you can download the form and fill all the required information. Different banks may have different application process for Mudra loan. It is advisable to apply first in the bank in which you already have an account, there the chances of acceptance of the application are more.


Question. Which banks offer Mudra loan?

Answer: Both private and public sector commercial banks are eligible to give Mudra loan. There are also some Regional Rural Banks (RRBs) that offer Mudra loans. Since the interest rates and eligibility criteria vary slightly from one bank to another, you must get the necessary information from a few different banks before applying for the loan.


Question. What is the repayment tenure of Mudra Loan?

Answer: The repayment tenure of Mudra loan is up to a maximum of 5 years. 


Question. How much amount is given under Mudra loan?

Answer: The minimum loan amount under Mudra loan is Rs.50,000. and a maximum of Rs.10 lakhs. Is.


Question. Do banks offer different interest rates for Mudra loans?

Answer: Yes, there is slight difference in interest rates, eligibility criteria and application process of different banks. However, the interest rates remain within the range specified by Mudra for Shishu, Kishor and Tarun Mudra loans.


Question. Is there any special Mudra loan scheme for women?

Answer: Yes, United Mahila Udyami Yojana is a part of Mudra Yojana. Under this, women associated with the economic activities of production, construction or service sector can apply for the loan. This scheme is specially designed to empower and encourage women entrepreneurs further. Women holding more than 50% ownership in the company can also apply for Mudra loan under this category.


Question. Is there any reservation for Mudra Loan?

Answer: No, any small business owner can apply for Mudra Loan. Anyone who is eligible for Mudra loan can get the loan. Hence, no reservation is applicable in Mudra Loan.

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