Who is Eligible For Mudra Loan: Government of India, Prime Minister Narendra Modi has started Pradhan Mantri MUDRA Yojana (PMMY) Yojna on 8th April 2015 to provide loans up to Rs 10 lakh to non-corporate, non-agricultural small/micro enterprises. These loan amounts are given by the by Commercial Banks, RRBs, Small Finance Banks, MFIs and NBFCs. In order to signify the stage of growth/development, and funding, Mudra has created three products i.e. ‘Shishu’, ‘Kishore’ and ‘Tarun’. Mudra Loans can be used for a variety of business purpose including purchasing raw materials, buying plant and machinery, etc.
What is PM Mudra Loan Scheme?
PM e-Murda loan are mainly given to non-corporate, non-agricultural small/micro enterprises to start their business. This scheme is launched by the Prime Minister Narendra Modi for providing loans up to Rs.10 lakhs to the small Business owners and individuals. Here the the term ‘E’ stands for Electrical & ‘Mudra’ stands for Micro-Units Development and Refinance Agency (MUDRA). Do you want to know who is eligible for mudra loan? – Then read the article completely. Mudra has created three products i.e. –
- Shishu – Loans up to Rs.50,000/-
- Kishore – Loans up to Rs.50,001/- to Rs.5 lakhs
- Tarun – Loans up to Rs.5,00,001/- to Rs.10 lakhs
Who is Eligible For Mudra Loan?
In order to apply for e-Mudra Loan, you have to meet the following eligibility criteria –
- Small/micro enterprises, individuals are eligible to apply for mudra loan.
- The borrower age should not be less than 18 years.
- Applicant must have all the required documents.
- The applicant should not be a bank defaulter.
- Partnership, Micro industry, Repair shops, Food business are eligible to apply for mudra loan.
Benefits of e-Mudra Loan
Above we discuss who is eligible for mudra loan, now we will share some of the benefits of e-Mudra Loan –
- PM mudra loan helps non-corporate, non-agricultural small/micro enterprises to grow.
- It provide loans up to Rs 10 lakh to the small business owners and individuals.
- Pradhan Mantri e-Mudra Yojana charges a minimum interest rate.
- No CIBIL score required to apply under this Government loan program.
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In order to apply for e-Mudra loan, you need the following documents –
- Aadhaar Card Number
- GST Registration Certificate
- Bank Account Details
- Details of Assets Purchased
- Shop & Establishment Certificate
How to Apply For e-Mudra Loan Online?
I hope you understand who is eligible for mudra loan, now lets check how to apply for e-Mudra lone online –
- Visit the official website i.e. https://www.mudra.org.in/
- On the homepage, you will find Mudra Loan category.
- Click on the link that you want to apply for & a new page will open.
- Now download the application form and fill in it with your details.
- Now attach required documents with the form and deposit it in your nearest bank.
- You will get the loan in 1 month after all your documents and information are verified