Mudra Loan Online Apply: Today, on 21st August, on the occasion of ‘World Entrepreneur Day’, we are giving you information about Mudra Loan , so that the first step of your trouble can be taken to further your business.
Mudra Loan Online Apply: It is everyone’s dream to setup their business, but due to lack of funds, we are not able to fulfill this dream. But now many schemes are being run by the government, they are providing cheap loans without any guarantee. One of these is the Mudra Yojana. You can take a loan of up to Rs 10 lakh to start your own business. Today, on 21st August, on the occasion of ‘World Entrepreneur Day’, we are giving you information about Mudra Loans, so that you can take the first step of your troubles to grow your business.
No guarantee to be given
In order to promote self-employment in the country, the Narendra Modi government started the Pradhan Mantri Mudra Yojana in the year 2015. Under this scheme, banks provide loans from street vendors to small businessmen without any collateral. Any person of 18 to 65 years who wants to start his own business can take loan under this scheme. Along with this, if someone wants to carry forward his existing business, then he can also get a loan through this scheme.
Applicant can select more than one bank. The bank needs to fill and submit the loan application form along with the documents. If the application is found correct, the bank or financial institution will pass the Mudra loan and the applicant will be provided with a Mudra card (debit card). You can spend it on your own terms. Working capital funds are payable on demand while fixed loans have a repayment tenure of 3 to 5 years. The moratorium period of up to 6 months falls under the period of 3 to 5 years. Although no subsidy is given under the Mudra loan scheme.
To take a loan, you have to tell the business plan
First of all, the applicant has to prepare a business plan. Along with this, all the necessary documents are also to be prepared for the loan. Along with the usual documents, the bank will also ask you for documents related to your business plan, project report, estimation of future income. So that he knows about your need, as well as can get an idea of how you will benefit or how the profit will increase.
How much interest will have to be paid?
The special thing about Mudra loan is that there is no fixed interest rate in it. Different banks may charge different rates of interest on the loan. The interest rate is determined based on the nature of the business and the risk involved. By the way, the interest rate usually remains 10 to 12% per annum.
Beneficiaries of Pradhan Mantri Mudra Loan Yojana
Sole Proprietor, Partnership, Service Sector Companies, Micro Industries, Repair Shops, Food Business, Vendors, Truck Owners, Micro Manufacturing Firms
Mudra Loan Types
Mudra loans are divided into three types namely Shishu, Kishor and Tarun. Each of these types of Mudra loan has its own criteria and guidelines apart from the loan amount.
- Shishu Loan: Yellow Loan is meant to help micro units and small business owners to start their own business. Loans can be taken up to Rs 50,000, and processing is not free. Applicants for Shishu State Bank of India (SBI) Mudra Loan need to provide their business plan while submitting their application
- Kishore Loan: State Bank of India Mudra Loan under Kishore Loan is for those small businesses who have started their business but need money to grow the business. State Bank of India (SBI) offers loan from Rs 50,000 to Rs 5 lakh. 0.50% of the finance amount is processing free for this Mudra Loan.
- Tarun Loan: State Bank of India (SBI) Tarun Mudra Loan can get loan from Rs 5 lakh to Rs 10 lakh. This State Bank of India (SBI) Mudra Loan is given to businesses that require a large amount of money to grow and/or set up their business. Processing free is 0.50% of the loan amount, which is the same as Kishor loan, and the same interest rates are applicable for the other two categories as well.
Documents for Shishu Loan
- Identity Proof i.e. Voter ID Card / Driving License / PAN Card / Aadhar Card / Passport / Photo ID issued by Govt.
- Residence Proof i.e. Latest Telephone Bill / Electricity Bill / Property Tax Receipt / Voter ID / Aadhar Card / Passport of Individual / Owner / Partners, Certificate issued by Govt.
- Recent photograph (2 copies) of the applicant should not be more than 6 months old.
- Proof of SC/ST/OBC/Minority, if applicable.
- Proof of identity/address of the business enterprise, if available.
- Bank statements for the last six months from the current banker, if any.
- Quotation of machinery/other items to be purchased.
Documents for Kishor / Tarun Loan
- Proof of Identity i.e. Self-attested copy of Voter ID Card / Driving License / PAN Card / Aadhar Card / Passport / Photo ID issued by Govt.
- Proof of Residence i.e. Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Voter ID Card / Aadhar Card / Passport of Individual / Owner / Partners, Certificate issued by Govt.
- Proof of SC/ST/OBC/Minority, if applicable.
- Proof of Identity / Address of the business enterprise – Copies of relevant license / registration certificate / lease or rent agreement / other documents related to ownership, identity of the business unit / Udyog Aadhar memorandum.
- Account statement from the current banker for the last six months.
- Balance Sheet of the existing units for the last two years (applicable for loans of Rs.2 lakh and above) along with Income Tax/Sales Tax Return etc.
- Estimated balance sheet of start-up/existing units for one year in case of working capital limit and for the tenure of loan in case of term loan (applicable for loans of Rs.2 lakh and above).
- Sales received during the current financial year (in case of existing units) up to the date of submission of application.
- Proforma Invoice / Quotation for the property to be purchased and Estimate for civil works to be done, if any. The technical feasibility and economic feasibility aspect can be discussed with the borrower, if required.
- Asset and liability details of the borrower including directors and partners.
- Memorandum and Articles of Association/Partnership Deed of Partners etc. of the company, wherever applicable.
- Photograph (two copies) of the applicant/proprietor/partners/directors not more than 6 months old.