How to Apply for Mudra Loan Online?

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Get Mudra Loan to Start your own Business

  • Min. Loan Amount: Rs. 50,000
  • Max. Loan Amount: Rs. 10 lakh
  • Up to 5 years Repayment Tenure
  • No Collateral Required

Get Mudra Loan at attractive interest rates

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 27/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 27/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :27/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :27/02/2020

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हिंदी में पढ़े
Updated: 06-02-2020 07:26:08 AM

Micro-Units Development and Refinance Agency (MUDRA) is a loan scheme that comes under the Pradhan Mantri Mudra Yojana (PMMY) launched by Government of India. The Pradhan Mantri MUDRA Yojana is an effort to assist Micro, Small and Medium Enterprises (MSMEs). The main objective of this government scheme is to ‘fund the unfunded.’ This scheme offers loans of up to Rs. 10 lakh to non-corporate, non-farm sectors and small or micro-enterprises. To avail these loans, one can approach any of the lending institutions mentioned below in the article. This loan can be availed by contacting Commercial banks, Small finance banks, RRBs, Co-operative banks, MFIs and NBFCs. Individual can also apply online by visiting their official website and filling the application form.
Applicant need to have a business plan to acquire a MUDRA loan.

Process of Mudra Loan Online Application

Interested individuals can apply online by visiting any official website of the 29 banks that are listed under this scheme. These banks are inclusive of rural, public and private sector banks. People can get an online form from their official websites, as well.

Applicant has to fill an application form, be it for the Shishu, Kishor or Tarun loan scheme. Download the application form from any given website of the list of banks institutions providing the loan. It is very convenient to apply for this loan application online, since this will avoid the hassle and commotion of going to the bank, waiting in line and then acquiring the loan application form. Below mentioned are simple steps to apply online:

Step 1: Download the loan application form

Step 2: Fill in the form details correctly

Step 3: Find the public or commercial sector bank

Step 4: Finish all the other formalities by the bank

Step 5: Once this process is done, the loan will be sanctioned

Kinds of business entities that can avail the MUDRA loan:

  • Self-proprietors
  • Partnerships
  • Service sector firms
  • Micro industries
  • Repairing shops
  • Owners of trucks
  • Foodservice businesses
  • Vendors (fruits and vegetables)
  • Micro manufacturing firms

Check – Mudra Loan Interest Rate of Top Banks

Steps to Apply for MUDRA Loan

There are numerous banks under this scheme that offers Mudra loan:

  • Applicants should visit their nearest commercial or private bank
  • Put forth the business idea/plan
  • Submit duly filled loan application form
  • Additional documents to be submitted- Identity proof, address proof, company address proof, company identity proof, caste certificate, balance sheets, IT returns, sales tax returns of the last three years, and other machinery details
  • Complete all further formalities and procedures by the bank
  • Your documents will be verified
  • Loan will then get sanctioned

Must Read: Is there any subsidy on Mudra loan?

Steps to Apply for Mudra Loan

Pointers to help filling the application form:

Every form will have the name of the type of the loan mentioned at the top of the application form. The form for Shishu loan is different, whereas the form for the Tarun and Kishor loan is the same.

  • Fill in absolutely accurate details of the name of the bank and the branch from where want to get the loan
  • Fill name of the applicant correctly and clearly
  • Fill in the name of applicant’s father/mother, if asked
  • Mention the contact details like current mobile number and address
  • Religion and nationality also should also be mentioned clearly
  • Aadhaar card details to be filled
  • Mention the expenditure for setting up the business and the average amount needed to do so
  • Every information of sales made by the company in the past, their current sales and their probable sales in the near future
  • Provide all pertinent documents to support the information given in this form, this basically assists the company in making a final decision
  • Applicants who come under OBC, SC/ST categories have to provide caste certificates that state the same
  • If one have applied for a loan earlier, he/she needs to mention the type of loan, the amount credit and the loan account details
  • Give all the required documents for verification. (At the end page of every loan application form, the entire list of all the documents required for verification is given.)
  • Attach two recent photographs

Mudra Loan Categories

There are only 3 types of MUDRA loans offered through this scheme. Depending upon the pace of growth and development phase of a business, along with the funding need; Mudra offers loans based on the three classifications give as below.

  • Shishu: Under this scheme, an applicant can obtain a loan of up to Rs. 50,000. This kind of loan is meant for people who require lesser funds. It is given to those who are just beginning or starting their business and need funds
  • Kishor: Under this scheme, an applicant can get a loan between Rs. 50,000 and Rs. 5 lakh. This type of loan is suitable for applicants that have already begun their business but need some more money to improve it. It is given to those individuals whose businesses have started but have not yet been established. The interest rate is dependent upon the institution lending the funds. In the Kishor loan, business scheme and the credit part of the person applying for this loan plays a significant role in deciding the rate of interest. The bank also decides the period for repayment
  • Tarun: Under this scheme, an applicant can get a loan of Rs. 5 lakh to Rs. 10 lakh. This scheme offers the highest loan amount granted to individuals under the Mudra scheme. It is given to those whose businesses are established but they need finance to expand their businesses.
    Again, the credit history and the scheme play an important role in determining the repayment tenure as well as the interest rate.

Documents Required:

  • Proof of Identity
  • Residency proof
  • Machinery and other items quotations
  • Passport size photographs
  • Proof of business identity
  • Proof of business address

Here are some cases in which MUDRA loan can be availed:

  • Overdraft facility
  • Dropline overdraft
  • Loans for commercial vans, two-wheelers
  • Loans for purchasing machinery and other resources
  • Renovation of offices
  • Loans required for agriculture-related activities

MUDRA Loan Repayment Period

Applicants will receive the loan amount for a time period of 5 years and during these years the applicant will have to re-pay the loan amount to the lender/bank in form of EMIs. The applicant will not find it difficult to pay the instalments since the interest rates are quite low.

Thus, it enables them to grow and develop their business without adding much stress and hassle to their daily routine and finances.

List of Banks Provide Mudra Loan

Allahabad BankAndhra BankAxis BankBank of Baroda
Bank of IndiaBank of MaharashtraCanara BankCentral Bank of India
Corporation BankDena BankFederal BankHDFC Bank
ICICI BankIDBI BankIndian BankIndian Overseas Bank
J&K BankKarnataka BankKotak Mahindra BankOriental Bank of Commerce
Punjab and Sind BankPunjab National BankSaraswat BankState Bank of India
Syndicate BankTamilnad Mercantile BankUCO Bank Union Bank of India
United Bank of India

FAQs

Q. What is the processing time under the Shishu loan scheme?
Ans: The processing time for Shishu loan scheme is 7-10 working days.

Q. Is Mudra loan applicable to all the banks in India?
Ans: Yes, they are offered by almost every private and public sector banks of India.

Q. What is the repayment tenure of loan categories under Mudra loan?
Ans: The repayment period offered under Mudra loan is maximum up to 5 years.

Q. What is the loan amount offered under Mudra Scheme?
Ans: The minimum loan amount offered under this scheme is Rs. 50,000 & maximum goes up to Rs. 10 lakh.

Q. What is the interest rate offered by Mudra Loan?
Ans: As per the guidelines of RBI, Mudra loan is offered at reasonable interest rate depending on the applicant’s requirements and profile.

Q. Is any collateral or security required to be deposited by the applicant?
Ans: No, there is no need to provide any security or collateral to banks.

Q. Are physically-challenged people eligible to avail Mudra loan?
Ans: Every Indian citizen is eligible to avail this loan that has a business plan for income generation activity.

Q. Is there any kind of subsidy under the Pradhan Mantri MUDRA Yojana (PMMY)?
Ans: There is no subsidy given under this scheme. However, if the loan is linked to any government scheme wherein the government is providing the subsidy, it will be eligible under the Pradhan Mantri Mudra Yojana (PMMY).

Q. Is there any specific format of application to avail MUDRA loans?
Ans: Yes. For the Shishu loan, a one-page format application has been designated. Whereas, for the Kishor and Tarun loan schemes, a three-page specific application format has been designed. Both of which have been posted on the MUDRA website.

Q. Are MUDRA loans available for buying a tempo, taxi or an auto?
Ans: Yes, only if the applicant is going to use these vehicles for the purpose of public transportation.

Q. Does Paisabazaar.com offer Mudra loan to its customers?
Ans: No, Paisabazaar.com do not provide Mudra loan, however assists its customer in redirecting them to the respective or desired bank so that they can apply loan online or by visiting the nearest bank’s branch.

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