Further, let’s discuss about some important details that applicants need to know regarding the procedure of applying for Mudra loan online and offline?
Steps to Apply for Mudra Loan Online
Interested applicants can apply for Mudra loan online by visiting the official website of the desired and eligible bank to offer MUDRA loan, as directed by RBI. Below mentioned are simple steps to apply for Mudra loan registration, directly with the specific bank offering Mudra loan:
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: Wait for the bank’s representative to call and further proceed with loan formalities from the desired bank
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 now file online application for MUDRA loans on Udyami Mitra portal (www.udyamimitra.in).
Documents Required for Mudra Loan Application
Applicants need to gather all the below mentioned documents along with application form to apply for a Mudra loan.
- Self-drafted Business Plan
- Duly Filled Application form with recent 2 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
- Proof of business address and identity
- Business establishment certificate
- Last 6 months’ bank statement
- Documents in case applicant belong to SC/ ST/ or any other special category
- Any other document required by the bank
About MUDRA Yojana
Mudra Yojanais a funding option that is classified into 3 loan schemes or categories, named as 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, 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 maximum loan amount offered under Mudra Yojana is Rs. 10 lakh with a repayment tenure of up to 5 years. Nil processing fee and fore closure 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 Co-operative banks, Small finance banks, Regional Rural Banks (RRBs) and Micro Finance Institutions (MFIs).
Procedure to Apply for MUDRA Loan Offline
If applicants want to file the Mudra loan application form offline, they can follow the below-mentioned steps:
- Applicants are required to visit their desired and nearest commercial or private sector bank
- Put forth the self-written business plan
- 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, balance sheets, IT returns, sales tax returns, and other machinery details
- Complete all further bank’s formalities and procedures
- Once all the documents are verified, loan shall get approved
- After loan is approved, desired amount shall get disbursed to the mentioned bank account within specified working days
Must Read: Is there any subsidy on Mudra loan?
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Q. What is the interest rate offered by Pradhan Mantri Loan Yojana?
Ans: As per the guidelines of RBI, 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. You can click on this link https://www.mudra.org.in/.
Q. What should you do, if a bank manager rejects your Mudra loan application?
Ans. If a bank’s 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 provide any security or collateral to banks.
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: Mudra loan 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 which have been posted on the MUDRA website.
Q. Can the people who are physically-challenged apply for the Mudra loan?
Ans. Yes, 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 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. Interested applicants who want Mudra loan can online apply by visiting the official bank’s website.