Most of you must be aware of the Mudra Loan, which is also popular with the name PMMY (Pradhan Mantri MUDRA Yojana). Pradhan Mantri Mudra Loan scheme was launched in 2015, on 8th April. These loans are provided for small-scale businesses. The loan amount can be up to Rs 10,00,000. Mudra loans are usually given to the individuals belonging to the below categories:
- Vegetables and Fruit sellers.
- Small manufacturing business.
- For the small business owners who are involved in businesses related to agriculture like dairy, livestock, fishery, poultry, and pisciculture.
Anyone who is eligible can apply for the Mudra Loan and the process of application is quite simple. All you need to know is the right way to mudra loan online apply. If you are not aware of how to do it, then you can refer to the below guide and complete the process. The RBI has specified a few banks for approval of the Mudra loan. So, you will have to pick the bank that is feasible for you and start the application. You can easily do it on the website of the bank.
Steps to Apply for Mudra Loan:
- Before we start looking at the actual process of applying for the Mudra loan, you need to have a look at the documents that you will require for this process and mudra loan eligibility. The first document that you will need is identity proof. For identity proof you can submit documents like Voter ID, Aadhar, Driving license, or PAN card. The next document you will need is the proof of business, which should be the business registration certificate. The last document that you will need is the address proof and that can be a gas bill, telephone bill, water bill, or electricity bill.
- Mudra loans are offered by certain financial institutions that are approved by RBI. You will have to approach such financial institutions along with all the documents that are specified above. Almost all the financial institutions in India offer this loan facility.
- Once you reach the bank or financial institution, you will be asked to fill in an application for the Mudra Loan process. You will be asked to fill in some personal details along with complete business details as well.
You should have a clear idea about the amount that you will need for starting up a business of your own.
How to Apply for Mudra Loan Online?
This is one of the easiest ways to get a business loan. You need not have to do much as you will be able to apply for the Mudra loan online. You will have to visit the mudra website of the bank and download the application. Once you fill in all the details and submit the application, you will receive a call from the representative for verification. Once the verification process is completed, the loan amount will be disbursed directly into your account only.
Types of Mudra loan:
The Mudra loans are categorized into three categories:
- Shishu: This is the first kind and the loan amount is up to Rs 50,000, which is good for startups or small businesses.
- Kishor: The loan amount is between Rs 50,000 and Rs 5,00,000. This amount can be used for buying raw materials, machinery, equipment or for the expansion of the existing enterprises.
- Tarun: The loan amount is going to be between Rs 5,00,000 to Rs 10,00,000 and is perfect for established enterprises and businesses.
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The online Mudra loan facility is offered by almost all businesses in India like SBI e mudra loan apply online 50,000 loans. You can check out their official websites for more information about the loan approval and other documents that are required for the completion of the application process. SBI e mudra loan apply online is an easy way to get the loan.