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Mudra stands for Micro Units Development and Refinance Agency Ltd. This association has been set up by Government of India for improvement and renegotiating activities identifying with micro units. Essentially with the vision of – “Funding the Unfunded’'. Companies, Small organizations, startup entrepreneurs of micro units in India face lack of formal financial support in starting or growing stage of their small businesses.
Mudra bank loan activity has been taken to give ease subsidizing to MFI (Micro Finance Institutes). MUDRA would be responsible for refinancing all financiers or financial institutions with financing of Small Businesses, Societies, Trusts Section 8 Companies, Co-operative Societies, Small Banks, Scheduled Commercial Banks and Rural Banks which are in the business of lending to micro or small businesses engaged in manufacturing, trading and services activities.
DIFFERENT TYPES OF MUDRA BANK LOAN :
As per the development stage and necessity of fund Mudra bank loan is given at present under three plans in Prdhan Mnatri MUDRA Yojana. The three plans are as taking after:Types of Loan under the PMMY:
There are three schemes namely,
The Shishu scheme:
Offering loan up to Rs. 50,000. In other words, , it is likewise termed as a startup loan.
The Kishor scheme:
Offering loan above Rs. 50,000 to Rs. 5 lakh. It is likewise expressed as the mid-level business foundation setup loan.
The Tarun scheme:
Offering loan above Rs. 50,000 to Rs. 10 lakh. This is implied for the individual who needs to set up a business in a greater and propelled level.
Mudra Loan Eligibility Criteria
Any Indian Citizen who has a marketable strategy for a non-farm sector income generating activity, for example, manufacturing, processing, exchanging or service area and whose credit need is under 10 lakh can approach either a Bank, MFI, or NBFC for profiting of MUDRA advances under Pradhan Mantri Mudra Yojana (PMMY). The terms and conditions of the lendor would need to be taken after for profiting of loans under MUDRA. The lending rates are according to the RBI rules issued in such manner now and again.
The Most Effective Method To Apply Mudra Loan | Basic Guide
Here are some easy steps that may help you as guidance for applying Mudra Loan:
In the first place you should know Mudra bank is not a different bank like SBI or ICICI. It is a finance scheme of Government to provide business loan to small business entrepreneurs in India. To get Mudra bank loan you should contact your closest public or private bank. To contact with a Mudra bank credit nodal officer (State Wise). Taking after are the progressions to apply Mudra Bank Loan:
MUDRA Loan Application
Business plan
Proof of Identity like PAN/Drivers License/Aadhaar Card/Passport and more
Residence proof such as recent phone bill/power bill or property tax receipt and more.
Recent passport size photo.
Quotation of hardware or different things to be bought.
Name of supplier or details of machinery or prices of machinery.
Proof of category like SC/ST/OBC/Minority, if applicable
Proof of identity / address of the business like tax registration, business license and more
Key Features Of Mudra Loan
The key elements are much enchanting and any little or smaller scale organization will discover these components much superior to whatever other elements offered by different plans. These incorporate
No insurance is important.
There are zero preparing expenses.
The rate of interest is just 1% per month.
The maximum period of repaying the loan has been extended up to 5 years.
Mudra cards have been dispatched that will give working capital credits.
List Of Top Public Sector Banks Provideng Mudra Loan
UCO Bank
State Bank of India
Canara Bank
Bank of India
Syndicate Bank
Indian Bank
Punjab National Bank
Bank of Baroda
Central Bank of India
Allahabad Bank
List Of Top Private Sector Banks Provideng Mudra Loan
