On 8th April 2015, the Hon’ble Prime Minister launched a scheme known as Pradhan Mantri MUDRA Yojana (PMMY) that provides loans up to Rs. 10 lakhs, Mudra yojana are classified under PMMY. These loans are given by Regional Rural Banks (RRBs), Small Finance Banks, Micro Finance Institutions (MFIs), NBFCs, Private and Public Sector Banks. MUDRA itself is classified into 3 subcategories:
|SHISHU||Up to Rs.50,000|
|KISHOR||Up to Rs.5 lakh|
|TARUN||Up to Rs. 10 lakhs|
This scheme aims to “fund the unfunded” to small businesses and make financial life easier. Funds offered by lenders cover expenses to operational costs and capital. Whether you are looking to apply for mudra loan online or offline, Follow the steps by step process:
Step 1: - You must visit PMMY official website to avail mudra yojana loan. The PMMY Kit is listed in 2 different forms namely the common loan application form for Kishor& Tarun and application form for Shishu- choose your preferred form wisely.
Step 2: - Simply click on the download button to start filling the form; you would be asked to enter personal and business information including business details, background information of proprietor/partner/director, banking/credit facilities proposed &existing, past performance, future estimation..etc.
Step 3: - Make sure that you carry all the required documents with you at the time of loan application, as per your convenience you can approach any banks or financial institutions that offer mudra loans.
Step 4: -Submit the duly filled application with attaching documents and wait for the lender to review your profile.
Step 5: - Once the lender gets satisfied with your profile, the loan shall be approved and disbursement to your given bank account details.
As per your wish you can also apply for a mudra loan offline if you are not comfortable with the online process, following are the process that are to be followed to apply online:
Step 1: - You should visit banks or NBFCs that are authorized under PMMY.
Step 2: - Request a bank representative for a mudra loans application form and fill in the required details.
Step 3: - Go through the checklist and list of documents. Thereafter, start filling out the details along with attaching a solid business plan.
Step 4: -Once filled, apply with 2 passport-sized photographs and relevant documents.
Step 5: - After the lender reviews your application and gets satisfied with your profile. Shortly, the desired amount will be credited to your mentioned bank account details.
Also Read:- Know All About Mudra Loan Eligibility for New Business
Here is the answer to the question of which bank provide mudra loans? Almost all banks and NBFCs offer loans under the mudra scheme, below are the popular banks that offer mudra yojana loans at a competitive rate.
|Allahabad Bank||Yes Bank|
|Axis Bank||IDBI Bank|
|Bank of India||Indian Bank|
|Bank of Baroda||Jammu & Kashmir Bank|
|Bank of Maharashtra||Karnataka Bank|
|Canara Bank||Kotak Mahindra Bank|
|Central Bank of India||Punjab & National Bank|
|Corporation Bank||State Bank of India|
|Dena Bank||Syndicate Bank|
|Federal Bank||Union Bank of India|
|HDFC Bank||United Bank of India|
|ICICI Bank||Tata Capital|
The following are the certain documents that are required for mudra loan application as given below:
PMMY loans offer maximum sanction up to Rs.10 lakh, in case your requirement is above the offered credit limit, you may opt for a quick business loan and get up to Rs.75 lakh for business-related purposes. In addition, you can also avail a loan without collateral or security. These loans are easier to avail, quicker to disbursement and able to resolve several business issues.
Also Read:- Check Documents Required for a Mudra Loan