Mudra Yojana was launched in 2015 by the Indian government, the Pradhan Mantri Mudra Yojana (PMMY) provides financial assistance to encourage entrepreneurs looking to start up businesses.
Most of the lending institutions also extend mudra loans for women to aspire first-time entrepreneurs in the country.
Banks and financial institutions are offering mudra loans to women who have the aim to initiate their own businesses. Moreover, Mudra loans can be opted by anyone looking to launch, expand, support or modernize their own SMEs. In 4 years of PMMY's existence, nearly 70% of mudra loans are sanctioned to women entrepreneurs.
Women entrepreneurs can avail of loans up to 10 lakh under mudra yojana loans from 27 Government Bank, 17 Private Bank, 31 Gramin Bank,36 Micro Finance Institute and 25 NBFCs.
Since the mudra women, loan scheme has launched, the Indian government are more interested to provide business loan for women as the higher number of queries are rising from female entrepreneurs.
These loans are categorized into 3 categories, namely:
Shishu Loan- With the Shishu loan, entrepreneurs can avail of a loan up to Rs.50,000
Kishor Loan- Under Kishor loan, business owners can avail of a business loan up to Rs.5 lakh.
Tarun Loan- Under Tarun scheme, female entrepreneurs can get a business loan ranging from Rs. 5 lakhs to Rs.10 lakh.
To get qualify for the mudra loan scheme for women, businesswomen will have to fulfill mudra yojana loan eligibility. If you are looking for quick loan disbursal, opt for a business loan for women, financeseva is offering a business loan up to Rs.75 lakh without collateral within 5-7 working days.
The following individuals will not be eligible to receive such loans:
The list of documents required for mudra yojana application is given below:
Any one of the following as KYC proof:
|Special Identity Documents||Caste Certificate in case you belong to the SC/ST category or any other special category|
|Business Proof for New Units||A self-written business plan (in case you are a new start-up business)|
|Business Proof for Existing Units||A proof of establishment of your business, address proof and income proof of business (in case you are already running an enterprise)|
Your bank statements for at least the last 6 months
Your ITR along with computation of income for the last 2 years
Step 1: - Get your eligibility checked for a business loan before approaching any lender. Choose any eligible lending institution from which you would like to avail of mudra loans.
Step 2: - Visit the official bank website where you will be asked to mention some basic details such as your name, mobile number, nature of business, income details and other information.
Step 3: - After submitting the basic details, a dedicated representative will get in touch with you to get further information and evaluate your application with a certain set of parameters to know your eligibility.
Step 4: - If your loan application gets satisfied with bank terms, shortly sanction letter will be shared to the registered email address and within working days credit disbursed to your mentioned bank account.
Women entrepreneurs seeking to finance their small or medium-sized corporates can avail these types of loans. If you are looking for more options for funding your business, choose Financeseva to get customized credit solutions.
Also Read:- How to apply for Mudra Loan Online/Offline?