Pradhan Mantri Mudra Yojana

Pradhan Mantri Mudra Yojana is a government-sponsored scheme.The Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new government-owned agency that provides funding to non-corporate, non-farm sector income-generating activities of micro and small businesses with credit needs of less than ten lakh rupees.

MUDRA Loan by Pradhan Mantri - Products

MUDRA has produced three products, 'Shishu,' 'Kishore,' and 'Tarun,' as per the growth and finance needs of the beneficiary micro unit, under the purview of the Pradhan Mantri MUDRA Yojana (PMMY). These plans cover the following loan amounts:

  • Shishu: covering loans up to rs.50,000
  • Kishore: covering loans above rs.50,000 and up to rs.5,00,000
  • Tarun: covering loans above rs.5,00,000 and up to rs.10,00,000

Mudra Loans could be used for a variety of things, including:

  • Vehicle loans: car loans and two-wheeler loans are all available.
  • Business Installment Loan (BIL): A loan for operating capital, plant and machinery purchases, and office renovations, among other things.

We offer drop line overdrafts/overdraft facilities/working capital loans through Business Loans Group Loans (BLG) and Rural Business Credit (RBC).

Vehicle Loans under the Pradhan Mantri Mudra Yojana Require Documents

Application for Mudra

  • 2 passport-size color pictures for vehicle loan application
  • Photo identification
  • Proof of address
  • Proof of income
  • Statement from the bank (last 6 months)

Installment Loan for Businesses

  • Application for Mudra
  • Application for BIL
  • Photo identification is required.
  • Proof of address
  • Proof of establishment
  • Statement from the bank (last 6 months)
  • Proof of residence/office ownership
  • Proof of business continuity Proof of qualification
  • References from the industry
  • two years Financials that ITR CA has approved

Rural Business Credit and the Business Loans Group

  • Application for Mudra
  • Application for BIL/RBC
  • Photo identification and proof of age.
  • Proof of address
  • Proof of residence/office ownership
  • Proof of old business
  • Statement from the bank (last 12 months)
  • Return of income (last 2 years)

Advantage

  • Micro and small businesses have access to credit.
  • There is no requirement for security or collateral.
  • There are no processing fees.
  • If you have a demand that is not related to a fund or does not involve a fund.
  • It has a wide range of applications.
  • There is no minimum loan amount