How to get loan in Mudra Yojana – Apply For Mudra Loan (PMMY)

By | December 15, 2019

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Pradhan Mantri Mudra Yojna, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by Government of India for development and refinancing of micro-units enterprises. It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016. The purpose of Pradhan Mantri Mudra Yojna is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.
The biggest bottleneck to the growth of entrepreneurship in the Non–Corporate Small Business Sector (NCSBS) is lack of financial support to this sector. More than 90% of this sector does not have access to formal sources of finance. GoI is setting up Pradhan Mantri Mudra Yojna Bank through a statutory enactment for catering to the needs of the NCSBS segment or the informal sector for bringing them in the mainstream.

How to get loan in Mudra scheme?

To cater to the financial needs of small and medium-sized businesses in the country, the Government of India launched Pradhan Mantri Mudra Yojana i.e. PMMY in April 2015.

Its main objective is to promote the contribution of women in Business Word and strengthen the field of business.

Anyone who wants to start a business or wants to grow his existing business can get a business loan of up to 20 lakhs under Micro Units Development Refinance Agency i.e. Mudra Yojana and if you know how to do business in less money – its Thinking about it, you can get the complete information by going to the link.

Benefits of Mudra Scheme (Benefits of Mudra Yojana)

Loans are provided without any guarantee in the currency scheme.
No processing fees are charged in providing loan.
Repayment period of this loan can be extended up to 5 years.
Working Capital Loan can be provided by Mudra Card.

Who will get the # 2 Mudra Loan (Eligibility of Mudra Loan Scheme)

Any Indian citizen or firm who wants to start any other type of business except farming or wants to pursue their own business, they are traders of Pradhan Mantri Mudra Yojana for Financial Needs up to 20 lakhs. Can apply under 3 Types of Mudra Loans

Under the Mudra Scheme, Mudra Loan is divided into three parts keeping in mind the needs of different businesses: –

  • Shishu Loan: Loans up to Rs 50,000 / – are given under Shishu Loan.
  • Kishor Loan: Loans up to Rs 50,000 and up to Rs 5 lakh are given under Kishor Loan.
  • Tarun Loan: Loans above Rs 5 lakh and up to Rs 20 lakh are given under Tarun loan.
  • Under the Mudra Yojana, at least 60% of the loan will be given in the form of child loans.

 4 Interest Rates of Mudra Bank Loan

There is no fixed interest rate under Mudra Loan.

The rate of interest may vary depending on the functioning of different banks and the business risk of the applicant.

Generally, the interest rate of Mudra Loan is around 12% per year. One big thing in this is that no subsidy is given by the government under the Mudra Scheme.

If the applicant has applied for subsidy in any other scheme like Sukanya scheme in which the government provides capital subsidy, then that subsidy can be linked to Mudra Loan.

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Procedure for obtaining Mudra loan

Now let’s talk about how you can apply in the Mudra scheme and what is the process of taking Mudra Loan –

 5 information gathering and choosing the right bank

There is no fixed procedure to apply for a loan under the Mudra scheme.
Mainly gives it to your business ideas. Will that work
Therefore, you will have to contact your nearby banks with your plan and proper documents.
Then complete information related to the loan process and interest rate will have to be collected.
To get a loan, you have to fill the application form and submit it.

List of Institutions and Banks Offering Mudra Loan

At present, loans are being given under the Mudra scheme by the following institutions: –

By 27 public banks
17 private banks
By 31 regional rural banks
4 by cooperative banks
By 36 microfinance institutions
25 non-banking financial institutions

 6 Documents Required

Generally for Mudra loan, you have to submit the following documents along with the application form. Depending on the loan amount, business nature, bank rules etc. the number of documents may be less.

(For example, if you are taking a loan of up to 50 thousand rupees, then you may not need Balance Sheet and Income Tax Return etc.): –

  • Identity Proof – A self-certified copy of Vot referring ID card / Driving License / PAN Card / Aadhar Card / Passport.
  • Proof of Address (Residence Proof) Recent telephone bill, electricity bill, a property tax receipt (not older than 2 months), Vot No. ID card, Aadhar Card & Passport of Proprietor / Partners.
  • Proof of SC / ST / OBC / Minority.
  • Business Plan / Project Report.
  • Address of the Business Enterprise Copy.
  • The applicant should not be a defaulter in any bank.
    Bank Account Statement (Last 6 months)
  • Last 2 years balance sheet (Applicable for all cases from Rs.2 Lacs and above).
  • Projected Balance Sheets for One Year (Applicable for all cases from Rs.2 Lacs and above)
  • Photos (two copies) of Proprietor / Partners

 7 Download Mudra Loan Application Form

You can get the application form from the bank for Mudra Loan or you can download it online: –

  • Kishore Loan and Tarun Loan Application Form
  • Shishu Loan Application Form
  • Shishu Loan Application Check List

mudra loan form

 11 Mudra Loan Helpline Numbers – Register Your Complaints

How to complain about not getting loan in Mudra scheme?

If you face any problem related to the currency scheme then you can contact the given website, mail and phone number –

Mudra Yojana Website – http://www.mudra.org.in/
Mail – help@mudra.org.in
National Helpline Numbers for Pradhan Mantri Mudra Yojana – Call to 1800 180 1111, 1800 11 0001
For more information, you can get all the information by visiting www.mudra.org.in/ContactUs.

Download Pradhan Mantri Mudra Yojana (PMMY) Application Form PDF
 
PMMY Kit: 
Common Loan Application form for Kishor and Tarun DOWNLOAD 
Application Form for Shishu DOWNLOAD 
Check list for Shishu Application DOWNLOAD 
Banker’s Kit : 
Application form for Claiming Refinance DOWNLOAD 
Data Submission for Claiming Refinance DOWNLOAD 
Gujarati Video Tutorial For Pradhan Mantri Mudra Yojana (PMMY)

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