Shishu loans upto ₹50,000 to individuals in the early stage of business
Kishore Loan - Loans between Rs. 50,000 and Rs. 5 Lakhs
Tarun Loan - Loans between Rs. 5 lakhs and Rs. 10 Lakhs
Mudra loans extends loans to non-corporate, non-farming micro, small and medium enterprises (MSMEs) in rural and urban India. You are eligible for PMMY scheme if you are:
Fruit and Vegetable Dealer
Individual occupied in Agriculture
MUDRA loans can be availed from any participating banks, NBFCs (Non-Banking Financial Institutions) or MFIs (Micro Finance Institutions).
Anyone who runs a small business enterprise is eligible to apply for Mudra (Micro Units Development and Refinance Agency). The purpose of Mudra Loan is to support the small scale businesses that don't have access to a formal channel of lending funds for their business. All public, private and regional rural banks are eligible to provide Mudra Loan.
Given below are the lending institutions that offer Mudra loan:
These institutions would be known as MUDRA loans under the PMMY (Pradhan Mantri MUDRA Yojana). The lending institution also needs to make sure it fits in the eligibility criteria in order to be eligible for MUDRA Loan. They are as follows:
Altogether, 27 Public Sector Banks, 31 Regional Rural Banks, 17 Private Sector Banks, 36 Microfinance Institutions, 25 Non-Banking Financial Institutions and 4 Co-operative banks have been selected for Mudra loan.
Mudra loan (PMMY) eligibility is extended to the following businesses in food and allied industry:
Units making pickles, papads, jams and ice-creams
Bakeries, sweet shops, food stalls, canteen or catering facilities
Cold storages or agricultural produce preservation centres
A business that generates its income from activities below qualifies for MUDRA scheme loan:
Poultry, fisheries and livestock units
Pisciculture and beekeeping facilities
Agriclinics and agribusiness centres
Absolutely. Enterprises involved in sectors other than farming can also avail loan under the Pradhan Mantri Mudra Yojana. These include:
Chikankari, zardozi and other hand or computer embroidered units
Units running a powerloom or handloom facility, knitting or fabric dyeing and printing
Facilities producing accessories such as bags, furnishings etc
Beauty parlours and salons
Gymnasiums and health and fitness centres
Tailoring shops and boutiques
Motorcycle, car, scooter or cycle repair shops
Dry cleaning shops
Photocopy shops or internet cafes
Medical shops and courier agencies
Loans as per the MUDRA scheme are available to those looking to purchase a taxi, passenger car, or a vehicle to transport small goods or even an auto rickshaw.
Those who qualify under the aforementioned criteria can easily avail loans of up to Rs. 10 lakhs. However, if you are looking for a higher loan amount with quick approval and disbursal from a trusted lender, look no further than Bajaj Finserv business loans available on Finserv MARKETS.
Be it start-ups looking for new-age instructure or a small and medium enterprise looking to upgrade machinery, you can find a business loan of up tailored to your needs on Finserv MARKETS. Convenient online process, zero collateral, flexible repayment options, high loan amount of upto ₹30 lakhs, loan disbursal in less than 3 minutes along with exclusive offers make the Bajaj Finserv business loans on Finserv MARKETS all the more attractive.
The structure of the MUDRA loan is mentioned as below:
Therefore, the maximum loan amount that you can avail Under the MUDRA scheme is Rs. 10, 00,000.
The documents required for MUDRA loan are mentioned below:
The interest rate on Mudra Loan doesn’t exceed 1.00% per month and is largely dependent on the base lending rates of financing institutions.