It is a well-known fact that an entrepreneur needs a considerable amount of money to establish, run and expand a business. However, future entrepreneurs sometimes cannot secure enough funding for their businesses. Therefore, the Pradhan Mantri Mudra Yojana (PMMY) was introduced by the Indian government to support entrepreneurs and young startups.
Mudra loans are disbursed through various financial institutions through the PMMY scheme. The PMMY scheme has created three products: Shishu, Kishore, and Tarun, each of which has different mudra loan eligibility criteria based on the stage of development.
In addition, the Mudra loan online application form is now available on the portals of most banks that are officially authorised to offer the MUDRA loan.
Mudra Loans are a popular financial assistance scheme offered to support micro and small enterprises. If you're interested in applying for a Mudra Loan, follow these steps.
Visit the official Mudra website and search for “PMMY KIT”
Click on the first result that appears, which is “PMMY KIT”
Download the application form
Learning how to fill out the loan application form Pradhan Mantri Mudra Yojana is easy. To apply for the benefits of the MUDRA Yojana, you must follow the steps mentioned below:
Step 1: Apply for the Mudra loan by visiting the preferred financial institution's official website.
Step 2: Download the Mudra loan online application form and fill it in with your personal details.
Step 5: Specify the loan amount and tenure of your choice. Enter your bank account details and read and understand the mentioned declaration carefully.
Step 6: Once you submit the application form by clicking on the ‘Submit’ button that you will see underneath, the financial institution will review the application.
After the loan application gets approved, you will receive a MUDRA card. You can use it to withdraw the amount from an ATM to use it as per your business requirements.
The list of required documents for the MUDRA loan is mentioned towards the end of the application form. You must attach these documents with the form before submitting.
Having all of these documents in order and attached to your application can increase your chances of a successful Mudra Loan application. It's important to ensure that you have all the necessary documentation in place before submitting your application to avoid any delays or complications in the process.
Here are the key documents that need to be attached along with your Mudra Loan application:
Identity proof (such as PAN card, passport, or voter ID)
Address proof (such as a utility bill or AADHAR Card)
Business proof (such as registration certificates, licences, or permits)
Financial statements (such as bank statements, income tax returns, and other relevant documents)
There are three key steps you need to follow. Firstly, ensure that you have all the documents ready, including identity proof, address proof, business proof, and financial statements.
Secondly, approach a financial institution that offers Mudra loans, such as a bank or other lending institution. Finally, fill in the Mudra loan application form and submit it with all the necessary documents.
You have the option to apply for a MUDRA loan under PMMY either online or offline. Public sector banks, private sector banks, NBFCs, co-operative banks, small finance banks, regional rural banks, and microfinance institutions are all possible sources for your loan.
Some of the more popular banks that offer Mudra loans include Oriental Bank of Commerce, ICICI Bank, Kotak Mahindra Bank, Standard Chartered Bank, Indian Bank, State Bank of Patiala, and IDBI Bank. By exploring the various options available, you can choose the bank that offers the best terms and conditions to suit your unique financial needs and goals.
You can submit your Mudra loan application form at any participating financial institution or bank listed on the Mudra website. Additionally, some banks may allow you to apply online through their website or mobile app. It's important to check with your preferred institution for their specific application submission process.
No, it's not possible to get a Mudra loan without income proof. As per the Mudra loan eligibility criteria, applicants are required to provide financial statements as proof of their income. This is essential to ensure that the borrower has the ability to repay the loan amount as per the agreed terms.