Mudra loan or Pradhan Mantri Mudra Yojana or Micro Units Development & Refinance Agency Ltd. is a scheme launched by the Prime Minister to provide loans for up to Rs. 10 lakh to the non-corporate, non-farm, small/micro enterprises. This loan is given by Commercial banks, RRBs, Smal Finance Banks, Cooperative Banks, MFIs, and NBFCs. The borrower can also apply online.
Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. ‘Shishu’, ‘Kishore’ and ‘Tarun’ as per the stage of growth/development and funding needs of the entrepreneur/ beneficiary micro unit.
Shishu covers loans up to INR50,000
Kishore covers loans above INR50,000 and up to INR 5,00,000
Tarun covers loans above INR5,00,000 and up to INR10,00,000
Important documents required to apply for a Mudra loan:
- Self-attested copies of Aadhar card, PAN, Voter’s ID, Driving License, and Passport
- Utility bill (electricity, gas, telephone)
- Latest bank account statement, attested
- Domicile certificate or certificate issued by a local government body
- Certificate, license, registration, or any other documents confirming business existence, address, and ownership details.
Other documents include:
- Photo of business owner/ partner
- Proof of SC, ST, OBC.
- The balance sheet for the last two years
- Income/sales tax returns
- Partnership deed
- Sales made during the current financial year and up to the loan application
- Balance sheet for 1 year or for the loan tenor (estimated)
- Business report to signify the economic and technical status of the business (achievable)
To check your eligibility for a Mudra loan, click here.
If you are in need of a loan for your business, contact Gromor for a hassle-free approach to an online loan application process.