In order to successfully run a business sufficient funds are required for further growth and expansion. To tackle this issue, the Indian Government came up with Pradhan Mantri Mudra Yojana (PMMY). The Mudra Yojana loan is approved and disbursed by public and private sector banks, NBFCs, small banks, rural banks, scheduled banks, and co-operative societies that are registered under the PMMY scheme. The PMMY scheme has created three products namely 'Shishu', 'Kishore' and 'Tarun' that signify the stage of development and funding requirements by also providing a reference point for the next phase of graduation/growth. The MUDRA loan Application Form is also available on the official online portals of most of the banks that are officially entitled to offer MUDRA loans.
You can apply for a Mudra loan online by visiting the official website of the financial institution with which you wish to avail the Mudra loan and download the form (Shishu, Kishore, Tarun)
You must fill in the Mudra loan application form by proving your personal details like your Name, Date of Birth, Residential/ Business Address and educational qualifications.
In the KYC documents section you need to fill in your Voters ID Number, Aadhar Card Number, Driving License No, etc. You also, have to specify the Identity proof and Address proof.
Now fill in your contact details and email id. If you own a business you need to mention the line of business, the purpose of your business and other such other information.
You must then specify the loan amount and tenure you wish to settle for. Enter your existing bank account details. Read and understand the mentioned declaration carefully. Finally, fill in the date and place and sign the application form.
After completing the above-mentioned steps, the financial institution will review your application. Once your loan application is approved, you will receive a MUDRA card, through which you can withdraw the amount and use the funds for your business.
There are several sections for MUDRA loan Application Form they are as follows:
Complete name of the enterprise
The serial number of the application
Name of the branch
Mudra Yojana category-Shishu, Kishor or Tarun Loan
Complete name of the enterprise
Constitution of the enterprise whether it is Proprietary or Partnership or Private Limited or Limited Company or any other
Business Address Proof, including State and PIN Code
Mention whether the business premises is self-owned or rented
Applicants Email ID
Existing and the proposed business activity
Approximate date of commencement of business in DD/MM/YYYY format
Registration details of the unit
The act under which it is registered
The registered address of the office
Social category for an application like Scheduled Caste or Tribe, Other backward
Classes or any other Minority Community
Personal details like name, serial number, sex, date of birth and other such details
Contact info such as email ID, contact number, registered residential address
Highest academic qualification and professional degree
Any valid proof of identity and address
A copy of the PAN Card
Director Identity Number for all the directors
The total experience in the current line of business
The relationship with the other officials/ directors, etc.
The names of the Associate Concerns
The addresses of Associate Concerns
Current bank account details
Nature of the Association Concerns
The extent of Interest as a Proprietor or Partner, Director or as an Investor in Associate Concern
Types of Facilities for a savings bank account, current account or even cash credit account or term loan or even Letter of Credit or Bank Guarantee
Current bank account details
The total loan limit already availed
Total outstanding as on date
The security that has been lodged
Your asset classification status
If you have a current account with the bank then the Customer ID needs to be provided
A certification statement that states the applicant has not applied for a loan with any other bank or financial institution.
Types of facilities in terms of cash or credit or term loan or even Letter of Credit or Bank Guarantee
The total loan amount
Provide the purpose of the loan
Details of the primary Security Offered (With an Approximate value)
Actual Sales in the last two years
The statement of the sales, revenue, inventory, working cycles, creditors and debtors, promoter’s contribution, total limits, etc.
Types of machine or equipment
Name of the supplier
The total cost of the machine
The contribution that is being made by the promoters in INR
The total amount of loan that is required
The period of repayment with a moratorium period requested for
Capital (Net Worth in case of Companies)
For each Statutory Obligation, the applicant has to mention whether complied with by selecting ‘Yes’/ or ‘No’ as applicable. Mention ‘N.A.’ if not applicable. Also, in the ‘Remarks’ column in the application form, any detail in connection with the relevant obligation needs to be provided. The following are the statutory obligations:
Registration under the Shops and Establishment Act
Registration under the MSME (Provisional/ Final)
Latest Returns for Sales Tax Filed
Latest Returns for Income Tax Filed
Other outstanding dues for Statutory requirement
Declaration with passport size photographs and signature(s) of the Proprietor/ Partners/ Director
Mention of Date and Place
Acknowledgement Slip for loan Application under PMMY
Step 1: You can apply for a Mudra loan online by visiting the official website of the financial institution with which you wish to avail the Mudra loan
Step 2: You must fill in the Mudra loan application form by proving your personal and business details
Step 3:You must provide all the required documents. The basic documents required for availing Mudra loans are Identity proof, address proof, and proof of business.
Step 4:You must then specify the loan amount and tenure you wish to settle for
Step 5: After completing the above-mentioned steps, the financial institution will review your application and Once your loan application is approved, you will receive a MUDRA card, through which you can withdraw the amount and use the funds for your business.
Loans as per the MUDRA Yojana scheme are available to socio-economically backward people to improve their livelihood and the overall rural economy. You can apply for a mudra loan at Finserv MARKETS and easily avail loans of up to Rs. 10 Lakhs. If you plan on getting started with your start-ups or looking for new-age infrastructure 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. The online application process for business loans is quite convenient with zero collateral required and flexible loan repayment options. The disbursal of loan amount takes less than 3 minutes along with exclusive offers on loans.
Applicants have to follow the steps mentioned below to apply for MUDRA loan:
One can apply for MUDRA Loan under PMMY both online and offline from public sector banks, private sector banks, NBFCs, co-operative banks, small finance banks, regional rural banks and microfinance institutions.
Documents Required for MUDRA loan:
Some of the more popular banks that are offering MUDRA loans are as follows –
Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to Rs. 10 Lakhs can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY.