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What is Mudra Loan?

If you are a small business owner, financing is always a challenge. Thankfully, there are helpful schemes like the Pradhan Mantri Mudra Yojana loan. This program provides a loan of upto Rs.10 lakhs to small business owners for capital expenses and operating costs. Find out if you are eligible for this loan, and how to go ahead with your Mudra loan process.

How to Apply for Mudra Loan Online?

MUDRA offers funding to non-corporate and non-farm sectors of the micro and small enterprises that are in need of credit. MUDRA Loan cannot be taken for personal requirement and one must have a genuine business plan to avail the loan. Interested applicants can apply for Mudra Loan online by visiting the official website of the eligible banks, as only these banks are eligible to offer MUDRA loan. Applicants have to fill in the online application form, be it for the Shishu, Kishor or Tarun loan scheme.

Given below are simple steps to apply for a Mudra loan online:

Step 1:

Visit the official website of the financial institution with which you wish to avail the Mudra loan and download the form (Shishu, Kishore, Tarun)

PMMY Portal

Step 2:

Download the form of the loan you require and enter all your personal and business details like your Name, Date of Birth, Residential/ Business Address and educational qualifications, etc. in the Mudra loan application form

Mudra Loan Form

Step 3:

Submit the application form along with the required documents with the bank or lending institution you are applying with.

Step 4:

Once the Mudra loan application form and attached documents are processed and verified, loan shall be approved followed by the disbursal of loan amount.

How to Apply for Mudra Loan Offline?

For those who are not comfortable applying for a Mudra loan online can opt for an offline process. The following is the step by step process of applying for a Mudra Loan offline.

Step 1:To apply offline the applicant needs to visit a commercial or private sector bank

Step 2: You must also have a self-written business plan

Step 3: Submit the downloaded and duly filled Mudra loan application form.

Step 4: Submit the application form and passport-size photographs along with all the required documents.

Step 5: Once all the documents are verified, the loan shall get approved and the desired amount shall get disbursed to the mentioned bank account.

Mudra Loan Online Application Process through Financial Institution

Step 1: You can apply for Mudra loan through any financial institution.

Step 2: Following documents are required for availing a MUDRA loan

  • Identity proof (Voter ID, Aadhaar, Driving License, PAN, etc.)

  • Address proof (telephone bill, electricity bill, water bill, gas bill, etc.)

  • Proof of business (business registration certificate etc.)

Step 3: Approach the financial institution of your choice for your Pradhan Mantri Mudra Yojana application form.

Step 4: Fill in your Mudra loan form.

  • In this form, you will be asked for your personal and business details.

  •  Decide the amount you wish to avail.

Step 5: Post the approval of your application, you will get your loan amount.

What are the Different Types of Mudra loan?

  • Sishu Loans: Sishu loans cover up to Rs.50,000 for commencement of a business or for its early stages

  • Kishor Loans: Kishor loans cover up to Rs.5 lakhs for businesses that are established but seek additional funding.

  • Tarun Loans: Tarun loans cover up to Rs. 10 lakhs for certain eligible well-established businesses.

Types of Financial Institutions that provide Mudra Loan

  • Private sector banks

  • Public sector banks

  • Small finance banks

  • Regional rural banks

  • NBFCs

  • Micro finance institutions

Documents Required To Apply For Mudra Loan

The documents required for different types of Mudra loan are as follows.

Vehicle loans

  • Your Mudra application form
  • Proof of income
  • Loan application
  • Photo Id
  • 2 colour photos (passport size)
  • Past 6 months’ bank statement
  • Address proof

Business Instalment Loan

  • 2 years’ ITR
  • Mudra application form
  • Photo id
  • Address proof
  • Financials (CA certified)
  • BIL application
  • Past 6 months’ bank statement
  • Establishment proof
  • Qualification proof
  • Business continuity proof
  • Trade references
  • Residence or office ownership proof

Rural Business Credit & Business Loans Group

  • ITR for the past 2 years
  • Mudra application
  • BIL application
  • Address proof
  • Photo id
  • Age proof
  • Business vintage proof
  • Last 12 months’ bank statement

Mudra Loan Online Application Eligibility

If you are an Indian citizen with an own business plan for trading, manufacturing, or services, and need any amount upto Rs.10 lakhs, you are eligible for a Mudra loan.

The Mudra loan is fast becoming a popular and highly sought out business financing option. Now that you, too, have understood how to apply for a mudra loan, you can take the first step towards growing your business. If you’d like to go in for a higher loan amount, or if you do not meet the eligibility for a Mudra loan, you can always opt for the Bajaj Finserv Business Loan on Finserv MARKETS. You can avail loans of up to Rs. 30 lakhs at competitive interest rates and with flexible repayment tenures. The application to apply for a loan on Finserv MARKETS is smooth, simple, and speedy. Opt for a business loan on Finserv MARKETS now to fulfill your professional goals.

How to Apply for Mudra Loan FAQs

  • ✔️How can I apply for Mudra loan?

    • To apply for a MUDRA Loan, firstly, you would need to find a lender registered under the Mudra scheme. • Once you find a suitable lender, fill in your Mudra loan form by providing your personal and business details • Specify the amount of loan and submit the required documents to go ahead with your Mudra loan application. • The lender will view your application and sanction the loan amount if everything is found to be correct.
  • ✔️Can I apply for a Mudra loan online?

    Yes, with leading NBFCs, you can apply for a MUDRA loan online. However, in order to be eligible for the MUDRA loan, it is necessary that you should not have defaulted repayment of earlier loans taken from any lender.
  • ✔️What are the documents required for Mudra loan?

    The documents required are mentioned below: • MUDRA Loan Application with self-attested identity proof of loan applicant and 2 passport size photographs. • Loan application prescribed by the lender seeking information about the applicant, past financial records and profile of the activity proposed • Details of suppliers, types of machinery, as well as other items to be purchased for the activity proposed. • Identity of business ownership and business address. • Copies of necessary licenses and certificates to carry out the trade or activity for which the finance is availed.
  • ✔️Are recent College graduates eligible for Mudra Loan Online Application?

    Yes, graduates who want to start businesses can also apply for a Mudra loan. Based on the type of business and the project requirements, a Mudra loan can help get their businesses set-up and functional.
  • ✔️Does the Mudra Yojana offer any subsidies?

    No, the Mudra Yojana does not offer any subsidies.
  • ✔️Can I Apply Mudra Loan Online?

    Yes, some financial institutions provide the option of applying online. You can check with the institution for the application process.

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