Are you looking for funds to grow your business? The Government has a number of schemes to help small businesses meet their funding needs, one of them being the Pradhan Mantri MUDRA Yojana or the MUDRA loan.
MUDRA loans have three categories: Shishu, Kishor and Tarun. The category you belong to will determine the loan amount you can get.
Let’s find out if you are eligible for a MUDRA loan!
- Age Of The Applicant: Anyone above the age of 18 years can apply for a MUDRA loan.
- Credit Report: Having a good credit score is important to be able to get a MUDRA loan.
- Type Of Business: To be eligible for a MUDRA loan, your business must fall under any one of the below mentioned categories:
- Activities allied to agriculture like beekeeping, fisheries, agro-processing units, etc. (However, units in the farm sector are not covered – activities for land improvement purposes like building canals, irrigation, digging wells, etc. are excluded).
- Fruits and vegetable vendor.
- Textiles and handicrafts.
- Food products.
- Services like salons, medical shops, courier services, etc.
MUDRA is essentially meant for the Non-Corporate Small Business Segment.
MUDRA loans can be availed by individuals, partnership firms, private limited companies and public companies.
For quick, unsecured business loans, get in touch with Gromor Finance!