One of the good news that has brought up happiness in many lives is Mudra Yojana. We are here to provide you handful of information about Pradhan Mantri Mudra Bank Loan Yojana. This information will definitely be helpful to many small organizations, companies and many micro units in India. Let’s get into it directly.
Mudra Bank Loan Scheme Details:
It has been known that many of the micro units lack financial support and hence they were not able to move a step forward or meet their needs. However, if financial support is given, then they can grow much well than they are right now. Thus MUDRA – Micro Units Development and Refinance Agency Ltd which is an institution set up by Indian Government is started under the leadership of PM Shri. NarendraModi. With just a simple goal of fulfilling all the funding needs of small businesses, this scheme was started by the Indian Government recently.
How to Apply for Mudra Bank Loan Scheme – Download Pradhan Mantri Mudra Yojana Application Form:
Step by step Process of Applying to Mudra Bank Loan Yojana explain you how to apply to this scheme:
- The borrowers needs to visit any private or commercial bank nearest to their location
- You need to present your business idea by submitting the Application Form: http://www.pradhanmantriyojana.in/wp-content/uploads/2015/09/Common-loan-Application-form-Under-Pradhan-Mantri-MUDRA-Yojana.docx to the respective bank
- You also need to provide the identity proof of address and also recent passport size photographs
- All the details and the formalities are to be filled correctly by the borrower
- Once all the steps are up to the mark and filled correctly, then the loan will be sanctioned by the bank after they complete all their formalities.
Any enquiries about the scheme, you can just express them through their email Id: firstname.lastname@example.org.
Policies of Mudra Bank:
The scheme main policies include:
- To prepare and launch the policy guidelines
- To register and Regulate of MFI entities
- To run a credit guarantee scheme
- To create a good architecture for serving micro businesses by providing loan to them
About PradhanMantri Mudra Yojana and Its Process:
A big question that is in front of you right now is – What is eligibility criteria of this Mudra Bank Loan Scheme and the Procedure to be Followed to Apply for Mudra Yojana Loan. Before proceeding with the loan process, let’s see under which categories the loan is divided into.
Shishu Category: Shishu means child that means this category is for startups. This category is helpful for those who have been started and looking loan for their business. The loan covers Rs. 50,000/- and will be given to micro units that fall in this category.
Kishor Category: This category is for those who already started their business but it has to be established yet. This loan covers about Rs. 50,000/- to 5 lakhs based on the requirement
Tarun Category: Small businesses that have been already set up but need some financial requirements for their business. The loan covers about 10 lakhs.
All scheduled banks, regional rural banks in public and private sector with 3 years of continuous profit track record and not exceeding 3% NPAs are eligible under PradhanMantri Mudra Scheme.