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Mudra Loan
Get Mudra Loan In-principle Approval in 59 Minutes. From anywhere, anytime without vising Bank Branch
A MUDRA Loan Yogna is being provided under the MUDRA Yojana to the non-corporate and non-farming small and micro enterprises/businesses. Loans upto INR 10 Lacs can be availed under the MUDRA scheme. Micro Units Development and Refinance Agency Limited (MUDRA) is an NBFC supporting the development of small business owners in India.
The MUDRA Loan Yogna are to be provided for income generating small business activities across manufacturing, processing, services or trading sectors and would cover all Individuals/ Proprietary Concerns/ Partnership Firms/ Private Limited Companies/ Entities of any other legal forms running as shopkeepers, artisans, self-help groups, manufacturing units, hawkers, professionals, service providers, etc.
The MUDRA Yojana can be extended under 3 categories as mentioned below:
Shishu : Offers loans upto INR 50,000.
Kishore : Offers loans above INR 50,000 and upto INR 50 Lacs.
Tarun : Offers loans above INR 5 Lacs and upto INR 100 Lacs.
Mudra Loan Eligibility
Mudra loan can be availed by the following entities:
- Applicants with minimum age of 18 years and maximum 65 years
- Business owners
- Shopkeepers
- Small Industrialists and Manufacturers
- Individuals involved with Agricultural activities
- Startup entrepreneurs
What are the products under Mudra Loan?
The Mudra Loan Yogna scheme offers 3 products to eligible entities, namely Shishu, Kishore, and Tarun. The details of these three products are explained here:
Shishu Loan
Shishu loans under the Mudra Yogna scheme allow entrepreneurs on the threshold of starting a business to borrow up to Rs. 50,000. The following details need to be furnished to avail this loan:
- Quotation of machinery and other items that need to be purchased
- Details of plant and machinery purchased
- Details of the supplier providing the plant and machinery
Kishore Loan
Kishore loans range from Rs. 50,001 up to Rs. 50,00,000. They're ideal for businesspersons who require additional funds for expanding their trade. Here's a checklist of details and documents needed:
- Balance sheet of the business pertaining to the two previous financial years
- Income tax and sales tax returns
- Bank account statements for the previous 6 months
- Estimated balance sheet for the next 1 year or for the duration of the loan sought
- Memorandum of association and articles of association, if applicable
- Sales made in the current financial year before applying for the Mudra loan
- A report explaining the technical and economic sustainability of the applicant's business
Tarun Loan
Tarun loans under the Mudra Loan scheme range from Rs. 5,00,001 up to Rs. 10,00,000. Business owners who wish to avail a Tarun loan need to furnish these documents, in addition to the details required for applying to Kishore loans:
- Proof of address
- Proof of identity
- Certificate of SC, ST, OBC, as applicable
With the Mudra Loan scheme, you can borrow up to Rs. 10 lakhs. If your business is in need of more capital or funds, or if you don't qualify for loans under the Mudra Loan scheme, you could always avail a business loan on Finserv MARKETS. On Finserv MARKETS, you can apply for loans as high as Rs. 30 lakhs, without the need to provide any collateral. The process from application to disbursal is also quick and easy, since there's minimal documentation involved.
A SMART, EASY & FAST PROCESS
In a few steps of Online Application Process and a business can have Mudra loan in principle approval from Preferred Bank.
GST Identification Number
Bank statement for last six months in pdf format
Director/Owners details: basic, personal, educational & ownership details
In-principle approval in 59 minutes
What is the interest rate for MUDRA loan?
There are several banks in the public sector as well as the private sector offering MUDRA loans. Here are some of the top lenders and their MUDRA loan offerings:
| Bank | Interest Rate | Tenure |
|---|---|---|
| State Bank of India | 11.20% % | Up to 5 years |
| Syndicate Bank | 8.60% - 9.85% | Based on the bank's terms |
| Bank of India | 10.70% onwards | 36 - 84 months |
| Andhra Bank | 8.40% to 10.35% | 60 months onwards |
| Tamilnad Mercantile Bank | 9.90% - 12.45% | Up to 84 months |
Documents Required
| Type of loan | Documentation |
|---|---|
| Vehicle Loans |
|
| Business Instalment Loan |
|
| Business Loans Group and Rural Business Credit |
|
List of activities which cover MUDRA loans
The Mudra Loan scheme offers 3 products to eligible entities, namely Shishu, Kishore, and Tarun. The details of these three products are explained here.
Community, Personal Service and Social Activities
The activities/services for which MUDRA loans can be availed under this head include medical shops, boutiques, saloons, gymnasiums, dry cleaning, beauty parlours, motorcycle repair shops, tailoring shops, courier services, photocopying and DTP facilities, etc.
Transport Vehicle
MUDRA offers financing for buying transport vehicles for goods as well as personal transport like auto rickshaws, three-wheelers, passenger cars, e-rickshaws, taxis, etc.
Food Products Sector
Under the Food Products Sector, MUDRA loans can be availed for activities like achaar making, papad making, jelly or jam making, day-to-day catering, small service food stalls, cold storages, ice cream making units, cold chain vehicles, bun and bread making, etc.
Business Loans for Shopkeepers and Traders
MUDRA loans under this head can be availed by individuals who require financing for running their shops, service enterprises, business and trading activities, and non-farm activities that generate income.
Textile Products Sector
MUDRA loans under this head are available for activities such as powerloom, handloom, chikan/zardosi work, khadi activity, traditional printing and dyeing, knitting, computerized embroidery, apparel design, other textile activities for non-garment products, etc.
Agriculture and Allied Activities
MUDRA loans can also be availed for bee-keeping, pisciculture, livestock, sorting, agri-clinics, dairy, etc.
Equipment Finance Scheme for Micro Units
MUDRA loans are extended for the setting up of micro-enterprises by buying the necessary equipment/machinery.
Funding Support under MUDRA Loan
MUDRA offers four types of funding support:
1. Micro Credit Scheme: Loans can be availed to the extent of Rs.1 lakh. The funds can be used for a variety of micro enterprise activities. Targeted primarily at groups such as Joint Liability Groups (JLGs) and Self Help Groups (SHGs). Any Micro Finance Institution (MFI) that wishes to avail a loan from MUDRA must comply with its requirements.
2. Women Enterprise Programme: Additional facilities are offered to women entrepreneurs to encourage them to follow their dreams. Facilities include the reduction of interest on loans. Currently, MUDRA loans can be availed by Micro Finance Institutions (MFIs) or Non-Banking Financial Companies (NBFCs) with a discount of 25 basis points or 0.25% on the interest rates, provided they offer loans to women.
3. Refinance Scheme for Regional Rural Banks (RRBs)/Scheduled Commercial Banks/Scheduled Co-operative Banks: MUDRA assists banks such as Scheduled Co-operative Banks, Regional Rural Banks, and Commercial Banks can avail refinance. Refinance amount offered can go up to Rs.10 lakhs per unit, and the funds can be availed as working capital loans or term loans. This is applicable to banks that have taken loans under the Tarun, Kishore, and Shishu categories.
4. Securitization of loan portfolio: MUDRA extends support to NBFCs, MFIs, and banks to fund micro enterprises through participation in securitization of their loan assets.
Benefits of Taking MUDRA Loan
Here are the key features and benefits of MUDRA loan:
- Banking and financial services can be availed in both rural and urban areas.
- Financial backing can be obtained by micro-small businesses and start-ups.
- Business loans can be taken for small amounts at affordable interest rates.
- The borrower's credit guarantee is taken by the government, so if a borrower is unable to repay the amount borrowed, the responsibility for the loss will be borne by the government.
- Food vendors, shopkeepers and other small business owners can make the most of this scheme.
- Financial aid is available through this scheme in areas where people have no access to basic banking facilities.
- The repayment period of the scheme can extend up to seven years.
- Women borrowers can avail the loan at discounted interest rates.
- Refinance schemes can also be availed with designated lenders.
- Individuals who wish to generate income through micro enterprise activities can avail the Micro Credit Scheme.
- The MUDRA loan scheme is in collaboration with the "Make In India" campaign which the government has initiated to foster innovation, facilitate investment, improve skill development, and build the best manufacturing infrastructure in the country.
- There is no need for collateral or security to avail this scheme.
- The funds borrowed through this scheme can only be used for business purposes.
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