How to get Mudra loan- Any Indian who is doing business or wants to start his business can apply for Mudra loan. Mudra loan is usually available at 12 per cent annual interest rate.
Mudra Loan: Pradhan Mantri Mudra Yojana, launched to promote self-employment in the country, has received a lot of response. Started in April 2015, more than 40 crore people have taken advantage of this scheme in eight years.
During this period, the government has distributed an amount of 23.2 lakh crores in the form of Mudra loan. Loans ranging from Rs 50,000 to Rs 10 lakh are given under Mudra Yojana to start any work or to expand their work. The special thing is that no guarantee has to be given for taking Mudra loan.
Under Pradhan Mantri Mudra Yojana, people starting their business are given loans in three categories. The first category is of Shishu loan. In this, a guarantee free loan of Rs 50,000 is available. Loans ranging from Rs 50,000 to Rs 5 lakh are given in the Kishor category.
Similarly, the government gives loans ranging from Rs 5 lakh to Rs 10 lakh in the Tarun category. According to the official data released by the Center, a total of 40.82 crore people have been given Mudra loans so far. The maximum loan of 33.54 crore has been given in the Shishu category.
Who can take Mudra loan
Any Indian who is doing business or wants to start his business can take Mudra loan. The objective of this scheme, which started in 2015, is to provide guaranteed money to small businessmen from street vendors to expand their business. Loan under Pradhan Mantri Mudra Loan Yojana can be taken through any bank microfinance company or NBFC.
How to get loan
Mudra loan is provided by banks and NBFCs. Apart from the documents related to the general information of the applicant, you have to prepare your business plan for taking Mudra loan. The bank may also ask for project reports, documents related to future income projections, etc. from the applicant. You can apply for the loan by visiting the bank branch.
What is the rate of interest
Mudra loan does not have a uniform rate of interest. Every bank charges interest according to its own. Generally, the determination of interest depends on the loan amount and the nature of the business. If there is more risk in the business, then banks give loans at an expensive rate. Normally Mudra loan is available at 10-12% annual interest rate.
These documents will be needed
- 2 new passport size photographs.
- Identity proof of the applicant.
- Residence certificate of the applicant.
- Caste Certificate if the applicant belongs to SC, ST, OBC, Minorities etc.
- License of the enterprise (if any).
- Details of items to be purchased for business use (if any).
- Business plan.
- Project Report (Not required for every loan.)
- Fill the form completely and submit it along with the required documents.
