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How to apply for Mudra Loan Online/Offline?

  • 09-Mar-2022

Mudra Yojana Application

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:

CategoryLoan Amount
SHISHUUp to Rs.50,000
KISHORUp to Rs.5 lakh
TARUNUp 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:

How to apply for Mudra Loan Online?

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.

Process to Apply for Mudra Loan Offline?

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

Mudra Loan Bank List – 2022

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 BankYes Bank
Axis BankIDBI Bank
Bank of IndiaIndian Bank
Bank of BarodaJammu & Kashmir Bank
Bank of MaharashtraKarnataka Bank
Canara BankKotak Mahindra Bank
Central Bank of IndiaPunjab & National Bank
Corporation BankState Bank of India
Dena BankSyndicate Bank
Federal BankUnion Bank of India
HDFC BankUnited Bank of India
ICICI BankTata Capital

Document Required for Mudra Loan Application

The following are the certain documents that are required for mudra loan application as given below:

  • Duly filled loan application with 2 passports sized photographs
  • Identity proof – Aadhaar Card/ PAN Card/Voter ID/Driving License/Passport
  • Address proof – Aadhaar Card/Passport/Voter ID/Utility Bill/Electricity Bill/Rent/Lease Agreement
  • Special Identity Proof identity in case applicant belongs to SC/ST or any other category
  • Address proof of business
  • Business establishment certificate (for an existing business)
  • At least 12 months bank statement
  • Any other document required by the bank

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

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