Mudra Bank Loan Scheme – Application Form|Apply|Interest Rates

MUDRA LOAN – Pradhan Mantri Mudra Loan Scheme

Pradhan Mantri Mudra Yojana 2017 – Mudra Loan Scheme | Steps to Apply for PMMY

Recently our government has launched many schemes to help the needy. One such scheme Mudra Loan Yojana or Pradhan Mantri Mudra Yojana. The aim of this scheme is to provide financial assistance (by providing loans at reasonable interest rates). Depending on the size of business loans are being offered accordingly. Under this scheme, loans upto 10 Lakh are being provided. The MUDRA Loans have been classified as – Shishu Loan, Kishore Loan & Tarun Loan. Continue reading for more information regarding how to apply, procedure and other key information.

To run smoothly, all businesses should be financially strong. Established businessmen manage all the financial issues by themselves. However, the start ups or entrepreneurs need help. If the help comes from the government, that is a good thing. Indian Government has come up with a Loan scheme that has been named as Pradhan Mantri Mudra Yojana (PMMY). It is also being known as Mudra Loan

Knowing about the Mudra Loan process is important if you are interested. Other important factors include Type of Loans, Interest rates being offered and How to Apply. Well, this particular article, addresses the same issues and helps the people in finding out complete information regarding the Mudra Loan. We have attached the official documents also, you are advised to take a look at them.

Mudra Loan Scheme Complete details process explainedThis Article of Pradhan Mantri Mudra Bank Loan Yojana will be a like a Handbook for all those who are seeking for details. After reading the giving information you will come to know all about the Mudra Bank Scheme. Let’s get started and find everything about the scheme.

Mudra Bank Loan Scheme – Details | Process

There are many small organizations, companies and start ups, Entrepreneurs in India. All these are collectively known as Micro Units. It has been observed that these Micro Units lack Financial Support. If Financial support is given they can grow and be much better than they are currently.

MUDRA, Full form “Micro units Development and Refinance Agency Ltd.” is an institution that has been set up by Indian Government in the leadership of PM Sh. Narendra Modi. MUDRA Bank has been set up with only one goal in mind – Fulfilling all the Funding needs of Non Corporate Small Businesses.

Responsibilities of MUDRA Bank –

  • Preparing and Launching the Policy Guidelines
  • Registration and Regulation of MFI Entities.

Note – MFI Stands for Micro Finance Institution

  • Running a Credit Guarantee Scheme
  • Creating a Good Architecture for serving Micro business by Providing them Loan (Financial Assistance)

Pradhan Mantri Mudra Yojana – Loan Scheme

A special scheme has been launched and named as Pradhan Mantri Mudra Yojana (PMMY). All the required responsibilities and functioning of Mudra Bank will be done under this scheme.

The big question that now arises in the mind of people is that What is the eligibility criteria to be part of Mudra Bank Loan Scheme and What is the procedure of Loan Application. Other important things are the interest rate & Application forms. But before going to that it is extremely important to Know the Category of your Business

Mudra Bank Scheme – Shishu, Kishor & Tarun Categories

Micro units or small business had to be categorized to signify the growth stage, Development and Funding requirements. Three categories were created for this purpose Namely “Shishu(Child Category)”, “Kishor Category” and “Tarun Category”.

To find out in which category your business falls, here is the explanation of each category –

Shishu(Child) category – As the name suggests, this category is for the Start ups. All those businesses that have been just started and looking for Loan will fall in this category. A loan Cover of Rs. 50,000 will be given to all micro units falling in this Category. Interest Rate for Shishu Category is in the range of 10 to 12 %

Kishor Category – This one is for those who have started their business but it has be established yet.  A loan cover from Rs. 50,000 to 5 Lakhs will be given to units falling into this category. Interest rate in Kishor category is in the range 14 to 17% percent

Tarun Category – All small business which have been set up and established will fall into this category. There may be some financial requirements for the betterment of business. That’s why all small business or units falling into this category will be eligible for a Loan Cover of upto Rs. 10 Lakh. Interest rate in the Tarun category starts from 16 %

Eligibility Criteria for Participating Banks and Financial Companies –

Scheduled Commercial Banks –

All scheduled commercial Banks in public and private sector with 3 years of continuous profit track record, net NPAs not exceeding 3%, minimum net worth of Rs.100 cr. and not less than 9% CRAR are eligible to Lend Loan

Regional Rural Banks –

All restructured RRBs having net NPA within 3% ( relaxable in deserving cases), having profitable operations and notcarrying any accumulated losses and CRAR >9% are eligible under Pradhan Mantri Mudra Scheme.

MFI, Small Business companies are also eligible if they fulfill the requirement

Apply for Mudra Bank Loan Scheme(PMMY) – Application Form Download & Other Details

Here is the step by step information regarding applying to the Mudra Bank Loan Yojana for all categories i.e. Shishu, Kishor and Tarun.

Note – You must prepare a business idea before applying. You have to present your business idea along with application form.

  • First of all the borrower(Who wishes to take loan) under PMMY needs to visit the Private or Commercial bank nearest to his location
  • Present your Business Idea along with the Loan Application (Forms given below)Along with the form you need to provide proof of identity, Proof of Address and recent passport size photographs
  • All formalities as per the bank instructions are to be filled by the Borrower
  • After completion of above Steps, the Loan will be sanctioned and will be made available to the Loan Seeker.

PMMY Pradhan Mantri Mudra Yojana – MUDRA Bank Helpline

If you have any doubts, queries regarding the scheme, you can contact the helpline in following ways –

Write an Email to – help@mudra.org.in

aMUDRA LOAN Application Form –

Here is how the form look like –

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PMMY – Important Documents

Official File Explaining the Process –

Official File regarding the Eligibility Criteria –

For any queries regarding PMMY(PM mudra Yojana or Scheme), Kindly leave comments below.

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