The Pradhan Mantri Mudra Yojana launched in 2015 aims at providing credit of upto Rs 10 lakh to small entrepreneurs and act as a regulator for Micro-Finance Institutions (MFIs). Mudra Loan targets young educated or skilled workers and entrepreneurs including women entrepreneurs.
The scheme is designed to promote and ensure access of financial facilities to Non-Corporate Small Business Sectors (NCSBS) that will turn them into instruments of GDP growth and employment generation. The loans are easily accessible in three categories- Shishu, Kishore and Tarun to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also provide a reference point for the next phase of graduation / growth. For more details on scheme please visit https://www.mudra.org.in/
Eligibility
Any Indian citizen who has a business plan for a non-farm sector income generating activity such as manufacturing, processing, trading or service sector and whose credit need is less than Rs. 10 lakh can approach either a bank, MFI, or NBFC for availing the Mudra loan.
Loan Types -Amount
Maximum loan amount : Upto Rs 10 lacs
- Loans upto Rs.50,000 are categorised as SHISHU
- Loans from Rs.50,001 to Rs.500,000 are categorised as KISHORE
- Loans from Rs.500,001/- to Rs.10,00,000/- are categorised as TARUN
What are the documents required for Mudra Loan?
ID Proof: Self Attested copy
- Adhar
- PAN
- Driving License
- Voter ID
- Passport
- ID Card issued by Government Departments
Address Proof: Self Attested
- Adhar
- Passport
- Voter Id
- Utility Bill- Electricity, Water, Gas, Telephone etc
- Domicile Certificate
- Latest Account Statement or Bank Passbook
Proof of Business
- Registration Certificate
- License Certificate
- MSME Udyam Registation
- GST Registration Certificate
Other Important Documents required to apply Mudra Loan
- Photographs of Business Owners and Partners
- Cast Certificate- SC/ST/OBC
- Balance Sheet & ITR of last 3 years
- GST Return
- Bank Statement of 6 months
- Sales/Revenue Details
- Estimated balance sheet of next one year
- Project Report or Business Report for getting loan