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Documents Required for Mudra Loan

The backbone of the Indian economy is supported to a huge extent by the micro, small and medium enterprises (MSMEs) which number well into the thousands across the length and breadth of the country. In recent years, many startups have also sprung up which seek to solve a host of issues both for the urban and rural sections of the population.

The backbone of the Indian economy is supported to a huge extent by the micro, small and medium enterprises (MSMEs) which number well into the thousands across the length and breadth of the country. In recent years, many startups have also sprung up which seek to solve a host of issues both for the urban and rural sections of the population.

The government, meanwhile, has also multiple schemes which aim to boost the development of both MSMEs as well as startups. Even without the government support, however, MSMEs have long benefited from small business loans offered by certain private lenders. The Bajaj Finserv Business Loan, available on Finserv MARKETS, allows MSMEs and startups to avail up to Rs. 30 Lakhs straight in their bank accounts within 24 hours. These loans, which are available for a range of purposes, can be repaid in installment payable over flexible tenures ranging from 12 to 60 months. 

In line with such offerings from private lenders, the government has recently launched the Pradhan Mantri Mudra Yojana (PMMY) which offers Mudra loans to MSMEs and startups for meeting their financial needs. MUDRA loans are available for a range of businesses with Mudra loan document requirements varying across the different segments. These different segments are identified on the basis of the amount of funds required by the business, as well as which stage the business is in, in terms of its development and growth.

Types of Loans under MUDRA Loans

The Shishu Category is exclusively available for businesses in their initial stages and the maximum loan amount available under this category is capped at Rs. 50,000. With a 5-year repayment period, interest rates under this category range from 10 to 12%. Kishor Category Mudra loans can be availed by businesses which are functional and they can avail an amount anywhere between Rs. 50,000 to Rs. 5 Lakhs. Both interest rates and the repayment period is decided by the bank depending on the borrower’s credit history. Established businesses can opt for loans amounting between Rs. 5 to 10 Lakhs for expanding their operations and assets. 

Businesses wishing to avail a higher loan amount with a more flexible tenure for repayment can opt to avail the Bajaj Finserv Business Loan, available on Finserv MARKETS. Up to Rs. 30 Lakhs can be credited to your bank account within 24 hours with minimal documentation. You can also choose your repayment tenure from anywhere between 12 to 60 months. 

Documents Required for MUDRA Loan Application

While applying, MUDRA loan documents along with the filled-out application require applicants to submit the following:

  1. Identity proof for the applicant

  2. Residence proof

  3. 2 copies of the passport size photographs of the applicant

  4. Identity proof as well as proof of address for the business establishment

  5. If the business is located on rented premises, a copy of the rental agreement is required

  6. If applicable, the Pollution Control Board’s clearance certificate

  7. Certain businesses will be required to submit their Small Scale Industry (SSI) registration proof availed from the Ministry of Micro, Small and Medium Enterprises (MSMEs)

  8. Businesses looking to avail more than Rs. 2 Lakhs are required to submit the most recent three years’ audited balance sheets, in addition to their income tax returns for the same duration

  9. Businesses wishing to secure more than Rs. 2 Lakhs as loans are also required to submit balance sheets with their projections for the next two years, in terms of limits for working capital and the projected term loan period

  10. Company incorporation documents such as either the Memorandum and Articles of Association or partnership deed

  11. Aside from company details, a Mudra loan document requirement also includes details of assets and liabilities of the guarantors and promoters, along with the latest income tax returns

  12. Copies of title deeds or lease deeds have to be furnished for properties being mentioned on Mudra loan documents as ‘Primary’

  13. Additional documents furnishing proof of the applicant belonging to SC/ST or any other special categories, if they choose to avail loans as a member of the category

Other Documents Required for MUDRA Vehicle Loan

While the above mentioned are the general Mudra loan documents, certain classifications of the loan type require certain other documents. The PMMY enables applicants to take loans for buying a new vehicle or even for their business. Business loan requirements can cover a range of types including for working capital, overdraft facility, renovation of business space, for purchase of machinery and plants and even for agriculture-related activities especially in rural areas.

If you wish to purchase a vehicle under the PMMY scheme, the Mudra loan documents require you to submit the following, along with the filled-out application form:

  1. An application for a vehicle loan

  2. 2 passport size photographs of the borrower

  3. Proof of residence

  4. Identity proof

  5. Proof of income

  6. Bank statements over the last six months

Other Documents for Students Availing MUDRA Loans

As a business, if you wish to avail a loan under the PMMY scheme, you will be required to submit the following documents in addition to your filled-out application for the Mudra loan:

  1. Filled-out application form for the Business Installment Loan

  2. Proof of residence 

  3. Passport size photos or other photo ID proof

  4. Proof of establishment and its ownership

  5. Continuity of business proof

  6. References from trade members

  7. Qualification proof

  8. Bank statements from over the last six months

A Mudra loan can be supremely useful for meeting a range of your financial requirements, especially if you run a business. However, aside from availing loans under the PMMY Scheme, borrowers can also opt for the Bajaj Finserv Business Loan, available on Finserv MARKETS. These loans can be approved in under 3 minutes through an online application, and loan amounts up to Rs. 30 Lakhs can be disbursed to your bank account within 24 hours. A flexible repayment tenure allows you to repay the loan in anywhere between 12 to 60 months.

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