Mudra Bank Loan Yojana For New / Small Business Startup 2023
All The Necessary Information About Murdra Loan Scheme 2022 and all the steps to the online application like documents, eligibility, interest rate, subsidy are described here. Read and understand carefully with T&C.
Pradhan Mantri Mudra Yojana
Govt. Of India
Micro Units Development and Refinance Agency Ltd. [MUDRA] is an NBFC supporting development of micro enterprise sector in the country. MUDRA provides refinance support to Banks / MFIs for lending to micro units having loan requirement upto 10 lakh. MUDRA provides refinance to micro business under the Scheme of Pradhan Mantri MUDRA Yojana. The other products are for development support to the sector. The bouquet of offerings of MUDRA is depicted below. The offerings are being targeted across the spectrum of beneficiary segments.
Information About Pradhan Mantri Mudra Bank Loan Yojana (Scheme)
Parameters Details
- Name of the scheme PradhanMantri Mudra Bank Loan Yojana or the Modi Loan Scheme 2023
- The last date No announcement of the last date yet
- Amount of loan From an amount of Rs. 50,000 to an amount of Rs. 10,00,000
- The various scopes of schemes All across India
- Date of launching 8th of April 2015
- The targeted audience Small Owners of Business / New Business Startup
- The various scheme stages Shishu (of amount Rs. 50,000), Kishor (of amount Rs. 5,00,000) and Tarun (of amount Rs. 10,00,000)
- Launched By Prime Minister Narendra Modi – Pradhan mantri
Important Links
Official Website : Click Here
Documents Required to Apply for Mudra Loan for Startups
Listed below are the documents required to apply for Mudra yojana for startups
- Proof of Identity - PAN Card/ Aadhaar Card/ Passport
- Passport Sized latest photographs
- Previous loan documents, if any
- Credibility Documents - Educational documents, past bank account statements
- Well-Explained business plan
- Balance Sheet of your business (Only for Kishore and Tarun loans)
- Plan of Future Growth (Only for Kishore and Tarun loans)
The procedure to apply for the Mudra scheme for startups is fairly simple and straightforward. As a startup venture, you first need to be aware of the category you fall into. You should be able to understand your position and requirement and match the mentioned criteria for each loan category. Once this is done, you can follow the given steps to apply for the Mudra Yojana for startups. Keep in mind that a few steps may differ depending on your particular bank.
Step 1: Visit https://www.mudra.org.in/, the official website.
Step 2: Download the Application Form and fill it in. you will have to enter your personal and KYC details.
Step 3: The required documents have to be uploaded along with the application form.
Step 4: Your bank will then verify the paperwork and authorise the loan. The loan amount will soon reflect in your bank account.
What Business Activities are Mudra Loans for Startups Used For?
Let us take a look at the business activities that entrepreneurs can use Mudra loan for startups:
- Small traders and shopkeepers
- Agriculture based business -Food processing, poultry, livestock rearing, fishery, auxiliary services
- Textile business - Power loom, handloom, printing, embroidery
- Small businesses - Boutiques, beauty parlours, gyms, repair shops, medicine shops, tailor store
- Producing and selling food items - Food stalls, sweet stores, confectioners, caterers
To understand more about the Mudra loan for a startup business, let us see how the Pradhan Mantri Mudra Yojana provides the needed funds. The modes of funding are as follows:
Micro Credit Scheme - Under the Micro Credit Scheme, loans up to INR 1 Lakh through Micro Finance Institutions for small businesses through:
- Individuals.
- Joint Liability Groups.
- Self Help Groups.
Refinancing for Banks and NBFCs - Under the Pradhan Mantri Mudra Yojana, the following can refinance crucial business activities under Kishore, Tarun and Shishu loans.
- Regional rural banks.
- Commercial banks.
- Small finance banks.
- NBFCs.
Extended for income generation, Mudra loan serves a variety of purposes. Traders, vendors, and shopkeepers can get a business loan and a working capital loan through Mudra Cards. A boon to many small/ medium business owners, the Pradhan Mantri Mudra loan for startups is benefitting a big section of budding and established entrepreneurs.
Eligibility Criteria for Applying for the Mudra Bank Loan Scheme (Mudra Loan Eligibility)
- Indian Citizenship
- Non-farm income generating activities
- Applicants age should be 18 years minimum.
- It must be startup or business running in small basis.
- Small manufacturers
- Artisans
- Fruit and vegetable dealers
- Shopkeepers
- Individuals engaged with agriculture (livestock, poultry, pisciculture, etc.)
- you need to give a business reason not a personal reason t get a loan.
Details of the Presence of the Various Schemes Along with the Corresponding Loan Amount
- As earlier mentioned in the above portion, there are three different schemes of the Mudra Bank Loan Yojana. These schemes are the Shishu, the Kishor,and the Tarun.
- Shishu: At this stage, the total loan amount will be an amount of 50,000. This is the stage which mainly attracts the small entrepreneurs, who are initiating the business with a small fund or who are at the early stages of his or her business.
- Kishor: At this stage, the total loan amount will be an amount of 5,00,000. To come into the proper range, the appropriate range of the loan amount will be between Rs. 50,000 and Rs. 5, 00,000. This is the stage which mainly attracts those entrepreneurs, who have already started or initiated their business and now require many funds to extend the business, or those entrepreneurs, who are looking for a larger amount of funds to start up the business.
- Tarun: At this stage, the total loan amount will be an amount of 10, 00,000. Again, coming into the proper range, the range will be between amounts of rs. 5, 00,000 tors. 10,00,000. There is no branch of entrepreneurs in this margin as this will be the highest margin of loan that any entrepreneur can apply or under the Mudra Bank Loan Yojana.
- The Interest Rate for Pradhan Mantri Mudra Bank Loan Yojana
How to Apply for the Mudra Bank Loan Yojana (Application Form For Online Apply)
- Download the application form (Shishu, Kishor, Tarun)
- Fill out the form and find the commercial or public sector bank under this scheme.
- Add Details Of your business plan along with the application form.
- Complete the formalities asked by the bank.
- After the completion of the loan process, it’ll be sanctioned.
Mudra Loan Process Chart
Why To Go For PMMY Mudra Loan Instead of any other loan scheme for business startup ?
Helpline Number, Toll-Free Number or Customer Care Number for the Pradhan Mantri Mudra Loan Yojana 2022
- 1800 180 1111
- 1800 11 0001
How can I check my Mudra loan status?
Ans. You can visit the official website of PMMY to check the status of your loan application. You can click on this linkhttps://www.mudra.org.in/
Differences between the Mudra Loan and the Personal Loan (Mudra Loan or Personal Loan)
- Mudra Loan Personal Loan
- Mudra loan can only be issued by the government, thus making the process safe and secure Personal loan can be given by the government as well as the financial institutions, which are private
- A genuine and entire plan for the business has to be shown to be applicable to the Mudra loan What is needed is a justified reason and not the entire business plan to be entitled to a personal loan
- Mudra loan will only be issued through the presence of a Mudra credit card, which obviously will be having a limit which will be assigned from before A credit card is not separately issued under a personal loan
- The tenure for repayment can go as high as a time period of 7 years The tenure for repayment is less in personal loan
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