About MUDRA Yojana
Mudra Yojana is a funding option that is classified into 3 loan schemes or categories, named Shishu, Kishor, and Tarun. Below mentioned are the loan amount details offered under these three schemes:
- SHISHU Loan: Loans up to Rs. 50,000 (For start-ups and new businesses)
- KISHOR Loan: Loans from Rs. 50,001 to Rs. 5,00,000 (For buying equipment/machinery, raw materials, the business expansion for existing enterprises)
- TARUN Loan: Loans from Rs. 500,001 to Rs. 10,00,000 (For established businesses and enterprises)
Collateral free loans with the maximum loan amount offered under Mudra Yojana is Rs. 10 lakh with a repayment tenure of up to 5 years. Nil processing fee and foreclosure charges for loans under all 3 schemes under Mudra Yojana.
Several private and public sector banks also offer the option of PM Mudra loan online apply. MUDRA loan under PMMY can be availed Online or offline by contacting eligible lenders, such as Private Sector banks, NBFCs, Commercial and Cooperative banks, Small finance banks, Regional Rural Banks (RRBs), and Micro Finance Institutions (MFIs).
Further, let’s discuss some important details that applicants need to know regarding the procedure of applying for a Mudra loan online and offline.
Steps to Apply for Mudra Loan Online
Interested applicants can apply for a Mudra loan online by following the below-mentioned steps after visiting the official website of the eligible bank to offer that offers MUDRA loan, as directed by RBI.
Step 1: Download the loan application form from the bank’s official website
Step 2: Fill in the application form with the required details
Step 3: Submit the application form along with all the required documents
Step 4: Bank’s representative will connect with you to proceed with the loan formalities
Step 5: Once the loan application form and attached documents are processed and verified, loan shall be approved and further disbursed by the bank
Compare here – Current Mudra loan interest rates from all banks
Borrowers can also file online applications for MUDRA loans on the Udyami Mitra portal (www.udyamimitra.in).
Procedure to Apply for MUDRA Loan Offline
If applicants want to file the Mudra loan application offline, they can follow the below-mentioned steps:
- Applicants are required to visit their nearest commercial or private sector bank
- Submit the downloaded and duly filled loan application form
- Along with the application form, also submit the passport-sized photographs and all the required documents, such as Identity proof, address proof, company’s address, and identity proof, caste certificate, if applicable
- Complete all further bank’s formalities and procedures
- Once all the documents are verified, the loan shall get approved
- After the loan is approved, the desired amount shall get disbursed to the mentioned bank account within specified working days
Must Read: Is there any subsidy on Mudra loan?
Best SME/MSME Loan offers are just a click away Apply Now
Documents Required for Mudra Loan Application
Applicants need to gather all the below-mentioned documents along with the application form to apply for Mudra loans:
- Duly Filled Application form with recent passport-sized photographs
- KYC documents of the applicant, such as Passport, Voter’s ID card, Driving License, Aadhar Card, Utility Bills (Water or Electricity), PAN card
- Documents in case applicant belong to SC/ ST/ or any other special category
- Business address proof
- Business establishment certificate (For existing enterprises)
- Last 12 months’ bank statement
- Any other document required by the bank
List of Banks/NBFCs offering Mudra Loans – 2021
Get Business Loan for Startups at Lowest Interest Rates Apply Now
Mudra Loan Toll-Free Customer Care Number
Q. What is the interest rate offered by Pradhan Mantri Loan Yojana?
Ans: As per the guidelines of RBI, a Mudra loan is offered at a reasonable interest rate depending on the applicant’s requirements and profile.
Q. How can I check my Mudra loan status?
Ans. You can visit the Mudra loan official website to check the status of your loan application or can click here.
Q. What should I do, if a bank manager rejects my Mudra loan application?
Ans. If a bank manager rejects your loan application, then you must try to improve your eligibility and reapply when you are confident with the chances of approval.
Q. Is any collateral or security required to be deposited by the applicant?
Ans: No, there is no need to submit any security/ collateral with any bank.
Q. What is the processing time under the Shishu loan scheme?
Ans: The processing time for the Shishu loan scheme is around 7-10 working days.
Q. Is the Mudra loan applicable to all the banks in India?
Ans: Mudra loans can be offered by specific financial institutions that are given permission by the RBI.
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 these forms can be downloaded from its official website.
Q. Can the people who are physically challenged apply for the Mudra loan?
Ans. Yes, a Mudra loan can be availed by any individual who is differently-abled and irrespective of their race, religion, color, caste, creed, or language.
Q. Does Paisabazaar.com offer Mudra loans to its customers?
Ans: No, Paisabazaar.com do not provide Mudra loans, 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. Interested applicants who want Mudra loan can online apply by visiting the official bank’s website.