| Bank Name | Maximum Loan Amount | Monthly EMI ( Principal amount only ) |
|---|
| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
Bank of Baroda
|
8% | 1% | 20 | 12 |
|
|
Bank of India
|
8% | 1% | 20 | 12 |
|
|
Bank of Maharashtra
|
10% | 1% | 20 | 12 |
|
|
Canara Bank
|
10% | 1% | 20 | 12 |
|
|
Central Bank of India
|
8% | 1% | 20 | 12 |
|
|
Indian Bank
|
8% | 1% | 20 | 12 |
|
|
Indian Overseas Bank
|
10% | 1% | 20 | 12 |
|
|
Karnataka Bank Ltd.
|
10% | 1% | 20 | 12 |
|
|
Punjab & Sind Bank
|
10% | 1% | 20 | 12 |
|
|
Punjab National Bank
|
8% | 1% | 20 | 12 |
|
|
State Bank of India
|
8% | 1% | 20 | 12 |
|
|
UCO Bank
|
10% | 1% | 20 | 12 |
|
|
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Union Bank of India
|
8% | 1% | 20 | 12 |
|
|
United Bank of India
|
8% | 1% | 20 | 12 |
|
|
Mudra loan for new business & existing business, you can avail this type of loan for development of infrastructure, to meet day to day operational capital, purchasing new equipment & machinery. The best part of the loan is you don’t require to pledge any collateral or assets.
Mudra loan Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Note: - You can avail up to 10 Lakh as a maximum loan amount.
What are the factors generally affecting Mudra loan Eligibility Criteria?There are top factors that generally affects e mudra loan eligibility criteria as given below: -
Lack of good credit report: - Your past financial behavior going to determine your future financial stability. Therefore, if in past years missed to do payments on timely manner, then probably you will looser the chances of getting loan.
Bad cash flow: - Lender want to check know about your company cash flow management, whether you are managing well or not, if it seems to be bad cash flow then possibility of chances gets lower.
What are the ways to increase Mudra loan eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
Maintain good record credit: - Lender usually check whether you are maintaining good credit by making payments on time & avoiding having multiple credit cards, if you are practicing these methods to maintain good record of credit, it will enhance your eligibility towards getting a loan.
Do paying tax on time: - This is one of the major methods to increase eligibility, take initiate to do paying tax on time to build credit score improve as well as lender confidence level increases.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANKLAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I PAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR& SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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Before applying for Mudra Loan make sure you have the mandatory document with you as given below:-
For identity proof (Any one of the following) -
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Anyone who runs small business enterprise is eligible to apply for Mudra Loan.
Mudra Loan divided are given three categories:
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Applicants will have to fill the MUDRA Loan application form online/offline and fill the required details. Mudra Loan by contacting bank or visiting your nearest bank branch.
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There are several banks whom provide Mudra Loan as given below:-
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The loan repayment period is extended to 60 months.
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You can visit website and nearest bank branch in aspect of requesting a application form to fill required details with attaching necessary documents .
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You can get up to 10lakh has a maximum loan amount.
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Interest Rate of PM Mudra Loan starting at 7.30% p.a.
CA Vikas Jain - Our Mentor
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