Pradhan mantri mudra yojana-Procedure for apply Mudra loan online - Download Mudra loan application onlinePradhan Mantri Mudra Yojana (PMMY) Scheme, It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016.MUDRA, which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution beingset up by Government of India for development and refinancing micro units enterprises.The purpose of MUDRA is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.envisages providing MUDRA loan, upto ` 10 lakh, to income generating micro enterprises engaged in manufacturing, trading and services sectors. The overdraft amount of ` 5000 sanctioned under PMJDY has been also classified as MUDRA loans under Prime Minister MUDRA Yojana (PMMY).
Types of loans Under Pradhan Mantri Mudra Yojana
Under the Pradhan Mantri MUDRA Yojana, three types of loans are offered.
- Shishu : covering loans upto 50,000/-
- Kishor : covering loans above 50,000/- and upto 5 lakh
- Tarun : covering loans above 5 lakh to 10 lakh
What is the eligibility of persons for availing Mudra loans?
Any Indian Citizen who has a business plan for a non farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is less than 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY. The usual terms and conditions of the lending agency may have to be followed for availing of loans under PMMY.
What is the rate of interest charged by Mudra?
Interest rates are to be charged as per the policy decision of the bank. However, the interest rate charged to ultimate borrowers shall be reasonable. Scheduled Commercial Banks, RRBs and Cooperative Banks wishing to avail of refinance from MUDRA will have to peg their interest rates, as advised by MUDRA Ltd., from time to time.
How to apply Mudra loans under Pradhan Mantri MUDRA Yojana (PMMY) ?
Applicants who decided to apply Mudra Bank loan, you will need to contact your nearest public or private bank.Different banks like Commercial Banks, Regional Rural Banks and Scheduled Cooperative Banks are eligible to avail of refinance support from MUDRA for financing micro enterprise activities.List of lending institutions to be partners of MUDRA
MUDRA has identified 97 Nodal Officers at various SIDBI Regional offices/Branch Offices to act as “first contact persons” for MUDRA.
Required Documents for apply Mudra Bank loans :
- Proof of identity - Self certified copy of Voter’s ID card / Driving License / PAN Card / Aadhar Card/Passport.
- Proof of Residence - Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card & Passport of Proprietor/Partners/Directors.
- Proof of SC/ST/OBC/Minority.
- Proof of Identity/Address of the Business Enterprise -Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit.
- Applicant should not be defaulter in any Bank/Financial institution.
- Statement of accounts (for the last six months), from the existing banker, if any.
- Last two years balance sheets of the units along with income tax/sales tax return etc. (Applicable for all cases from Rs.2 Lacs and above).
- Projected balance sheets for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lacs and above).
- Sales achieved during the current financial year up to the date of submission of application.
- Project report (for the proposed project) containing details of technical & economic viability. Memorandum and articles of association of the company/Partnership Deed of Partners etc.
- In absence of third party guarantee, Asset & Liability statement from the borrower including Directors& Partners may be sought to know the net-worth.
- Photos (two copies) of Proprietor/ Partners/ Directors.
Click here Download Mudra loan application forms
- Common Loan Application form for Kishor and Tarun
- Application Form for Shishu
For more detail about Mudra loans please visit : http://www.mudra.org.in/