Mudra Loan Eligibility

Home Business Loan Mudra Loan Eligibility
loading Apply Now
loading

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

Mudra Loan at attractive interest rates

Digits Only
Error: Please enter valid amount.
Note: The amount of loan you desire to borrow
Digits Only
Error: Please enter valid amount.
Note: Income is required to check the suitable personal loan for you
Error: Please enter valid amount.
Note: Your company's annual sales/turnoveryou.
Error: Please select mode of salary received
Error: Please select your residence type
Digits Only
Error: Please enter valid amount.
Error: Please select profession years
+91
Error: Please enter a valid number.
Note: We may verify this number later using OTP
Error: Please select current city
Error: Please choose your employer
Error: Please select valid bank.
Note: Your company's annual sales/turnover.
Error: Please enter a valid name.
Error: Please enter a valid email address.
Error: Please enter a valid PAN number.
Error: Please enter a valid date of birth.
Error: Please enter a valid Pin Code.

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 :19/02/2020

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 :19/02/2020

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 : 19/02/2020

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 :19/02/2020

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 : 19/02/2020

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 :19/02/2020

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 :19/02/2020

More

By submitting this form, I agree to Term of Use

*Offers are from Paisabazaar's partner Banks & NBFCs.

OTP Verification

Verify your mobile

Please enter the OTP we sent via SMS

Didn’t receive your OTP? Send it again
Your OTP resend limit exceeded. Please try again later.
हिंदी में पढ़े
Updated: 06-02-2020 07:38:51 AM

 

Micro-Units Development and Refinance Agency (MUDRA) was set up in April 2015 to help and support small and micro business units under the Pradhan Mantri Mudra Yojana (PMMY). The Mudra scheme was launched with a budget of Rs. 20,000 crores. Also known as Mudra Loan Yojana or Mudra Bank Scheme, the credit products offered by MUDRA are more commonly known as Mudra loans.

These Mudra loans are divided into three types based on the needs of businesses in the Micro, Small and Medium Enterprises (MSME) segment. Each Mudra loan has a specified loan amount, application procedure and interest rates. The Mudra loan eligibility criteria and application procedure are also slightly different for different banks. Applicant must get the application form from the bank of his/her choice and inquire about eligibility criteria to make sure that he/she follow the procedure properly and have better chances of getting a loan approval.

Mudra Loan Eligibility Criteria
Types of Mudra Loans
Frequently Asked Questions

Mudra Loan Eligibility Criteria

Mudra Loan Eligibility Criteria

The banks that offer Mudra loans choose the candidates carefully and approve loans for businesses that have a lot of potential for growth and can provide employment opportunities to others in the future. In fact, the Mudra loan scheme was launched to provide proper financial aid to small scale business owners. This is one of the crucial steps taken by the government to ensure that small business owners do not have to rely on personal networks and private lenders since they often charge unreasonable interest rates and put up unfair terms and conditions.

These small business owners can easily avail the Mudra loan from a government recognized financial institution at a low interest rate. Another benefit is that borrowers do not need collateral / security or any third party guarantee to apply for a Mudra loan. This initiative will help strengthen the MSME sector and enable it to become a key contributor to the GDP growth, in addition to providing employment opportunities to thousands of people across India.

A few conditions that a small business must satisfy to meet the Mudra loan eligibility criteria are listed here:

  • Activities: PMMY has an illustrative list of activities that can be covered under Mudra loans. Micro, small and medium businesses in these sectors meet the Mudra loan eligibility requirements and can apply for Mudra loans.

Sector

 

Activities Covered Under Mudra Loans

Agriculture

Start, establish or expand an agriculture-allied business such as an apiary, a poultry farm, a pisciculture business, a dairy farm, a livestock farm, etc.

Food

Purchase of machinery or set up of business in making papad, jam and jellies, biscuit and bread, or selling of fruits and vegetables, etc.

Service

Set up a salon, boutique, chemist shop, dry cleaning, photocopying facility, etc.

Textile

Artisans who want to start, establish or expand a business in chikan work, zari work, embroidery, stitching, knitting, etc.
Transport

Purchase of vehicles for carriage of passengers or goods such as e-rickshaw, small goods transport vehicle, taxi, auto-rickshaw, etc.


The maximum amount that business owners can apply for under a Mudra loan is Rs. 10 lakhs. A start-up can only apply for a loan of up to Rs. 50,000 (Shishu loan). A business that needs capital to establish itself is eligible for a loan of Rs. 50,000 to Rs. 5 lakh (Kishor loan) while an established business that need capital for expansion can apply for a Mudra loan of Rs. 5 lakh to Rs. 10 lakh (Tarun loan). Businesses that meet Mudra loan eligibility requirements cannot apply for a loan amount exceeding Rs. 10 lakh.

Must Read: MUDRA Loan Interest Rates of Popular Banks

Types of Mudra Loans

Mudra loans are divided into three categories to cater to different funding requirements of micro business units at different stages of development. The Mudra loan eligibility criteria for each are briefly discussed here:

  • Shishu Loan: The Shishu loan is the child category of the Mudra loan and is perfectly suited for small start-ups. A micro business owner can apply for a loan of amount up to Rs. 50,000. The Shishu loan can help a business owners get a small capital to get started in the MSME sector. A potential borrower must present his or her business idea along with the Mudra application form to apply for the loan
  • Kishor Loan: The Kishor loan in the Mudra loan category is best suited for small business owners who have already started a business and need capital to establish it as a larger enterprise. The business owners can apply for a loan amount starting from Rs. 50,000 up to Rs. 5 lakh under this category. The borrowers must fill the Mudra loan application form and also present the relevant documents to showcase the current position of their enterprise to meet the Mudra loan eligibility requirements
  • Tarun Loan: The Tarun loan is targeted towards small businesses that have been established for some time and need capital for expansion, as well as micro units that need funds for the purpose of set up. The business owners can apply for a loan of Rs. 5 lakh to Rs. 10 lakh. The borrowers must fill the Mudra loan application form and present documents to showcase the latest position of the enterprise along with ID proofs to match the lending institution’s Mudra loan eligibility criteria

The loan amount is fixed for each category of Mudra loans, however, there can be a slight variation in the interest rates of different banks.

Also Read: Documents Required for Mudra Loan

Frequently Asked Questions

Q. How do I apply for a Mudra Loan?

A. Mudra loan has a simple application procedure even though the exact procedure varies from one bank to another. Since all the banks and financial institutions cannot offer Mudra loans, you must first check if the nearest bank is eligible to offer Mudra loans. Once you find the right bank, you must inquire about their application procedure and Mudra loan eligibility criteria before you fill the Mudra loan application form. 

Q. What is the age limit to apply for Mudra loan?

A. Minimum age to apply for a Mudra loan is 18 years at the time of loan application and maximum age is up to 65 years at time of loan maturity. However, Mudra Loan age limit varies from bank to bank and banks have their sole discretion in deciding minimum and maximum age limit.

Q. Do I need to have an account in the same bank to get a Mudra loan?

A. No, it is not mandatory to apply for a Mudra loan from a bank where you hold an account. However, having a bank account in the same bank might improve your chances of getting a Mudra loan approval.

Q. I want to start a business, which Mudra loan should I apply for?

A. The Shishu loan is the best option for start-ups. All you need to do is present your business idea along with the application form and relevant documents to meet the Mudra loan eligibility requirements and apply for the loan.

Q. What are the documents that I need to apply for a Mudra loan?

A. You need to go to the bank of your choice that offers mudra loan to get the application form. Here are the documents that you need to provide if you apply for a mudra loan and want to meet all Mudra loan eligibility prerequisites.

  • 2 recent passport size photographs
  • Proof of Identity of the applicant
  • Proof of Residence of the applicant
  • Proof of belonging to a special category such as SC, ST, OBC, Minority, etc.
  • Proof of Identity, Address, Licences of the Enterprise (if any)
  • Quotation of items to be purchased for business use (if any)

Q. What is a Mudra Card?

A. Once you have been granted a mudra loan, you will receive a card known as the Mudra Card. The Mudra card, sometimes called the Mudra loan card, is similar to a credit card and has the credit limit set at 10% of the loan amount you have been granted. Some banks have also launched Mudra cards that you can use to withdraw money from ATMs as well. The maximum withdrawal limit for a day is set at Rs. 25,000.

Did you find this article helpful? Rate it.

Menu