MUDRA Bank Loan basic purpose is to attain development in an inclusive and sustainable manner by supporting and promoting partner institutions and creating an ecosystem of growth for micro enterprises sector.
Advantages of MUDRA Bank Loan Scheme :
* Apex Refinancer
* MUDRA Architecture Indigenously Conceived for Indian context
* Inclusion of Last Mile Financiers – a game changing idea
* Help expand Access to finance for micro enterprises
* Lower Cost of Finance
* Credit plus Approach
* Mass Entrepreneurship Development and Growth
* Employment Generation, Higher GDP Growth
Types of MUDRA Loan :
a. Shishu : covering loans upto 50,000/-
b. Kishor : covering loans above 50,000/- and upto 5 lakh
c. Tarun : covering loans above 5 lakh to 10 lakh
Who are all Eligible to Get MUDRA Bank Loan :
Download MUDRA Bank Loan Application Form : Get it here
Documents Required to apply for MUDRA Loan :
CHECK LIST: (Document(s) to be submitted along with the application)
- Proof of identity – Self attested copy of Voter’s ID card/Driving Licence/PAN Card/Aadhaar Card/Passport/Photo IDs issued by Govt. authority etc.
- Proof of Residence – Recent telephone bill / electricity bill / property tax receipt (not older than 2 months) / Voter’s ID card / Aadhaar Card / Passport of Individual / Proprietor/Partners/Bank passbook or latest account statement duly attested by Bank officials/Domicile certificate/certificate issued by Govt. authority/Local panchayat/Municipality etc.
- Applicant’s Recent Photograph (2 copies) not older than 6 months.
- Quotation of Machinery/other items to be purchased
- Name of supplier/ details of machinery / price of machinery and/or items to be purchased.
- Proof of Identity/Address of the Business Enterprise -Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit, if anyProof of category like SC/ST/OBC/Minority etc
1) No processing fee
2) No collateral
3) Repayment period of loan is extended up to 5 years.
4) Applicant should not be defaulter of any Bank/Financial institution.