A record 5.83 crore loans worth Rs 3.23 lakh crore were disbursed by Micro Units Development and Refinance agency or MUDRA, a public financial institution. MUDRA was formed under the aegis of Pradhan Mantri Mudra Yojana (PMMY) in 2015 to provide credit support to small businesses in the non corporate sector. A wholly owned subsidiary of the Small Industries Development Bank of India, also known as SIDBI, MUDRA is a non- banking financial company( NBFC) that not only helps those embarking on their entrepreneurial journey by helping them start a new business but also provides capital for expansion of existing businesses.
Loans worth Rs. 1.62 crore have been distributed till March 2020 under the MUDRA Shishu Yojana, a scheme that provides financial support of less than Rs. 50,000 to non corporate companies. Firms engaged in manufacturing, allied agricultural activities, services, retail and so on can avail MUDRA loans to fund their various needs. Micro units and entrepreneurs who apply for MUDRA loans can get a loan amount up to a maximum of Rs. 10 Lakhs with comparatively lower interest rates, which vary from one bank to another. Submitting a project report for a MUDRA loan to the lender apart from the necessary documents at the time of application is crucial to getting your loan approved.
MUDRA helps refinance the financiers or financial institutions supporting small businesses such as co-operative societies, trusts, small banks, commercial banks and rural banks. If you are looking to set up a micro, small or medium unit, you can avail MUDRA loans from banks at affordable rates of interest. To do so, you should know about the MUDRA loan project report model which can help you get financed easily.
In order to get a MUDRA loan, the borrower needs to submit a project report to the public sector undertaking from whom the loan is requested. Important information related to your business such as company background, nature of activities, procurement of raw materials, number of employees, profit, return of interest should be mentioned succinctly in the project report for MUDRA loan.
The report should be to-the-point, concise, understandable and cover all necessary data about the start-up or business. This is because it gives the lender the first impression about your business. Concealing facts or giving false information or any other kind of misrepresentation can not only lead to your loan application getting rejected but also reduce your CIBIL score. If you are applying for a loan under the PMMY, it is advised that you create a meaningful project report elucidating your personal and professional details to make you an attractive candidate for MUDRA loans.
When preparing the report for getting your loan sanctioned, make sure to include the important elements of the MUDRA loan project report model as mentioned below:
Apart from these, details of products or services used, manufacturing processes undertaken, third party details, land used for business or commercial space utilised should also be mentioned. This should be followed by the final conclusion of the project report for MUDRA loan.
You can easily get financed by following the MUDRA loan project report model rules and start your entrepreneurial journey. However, if you are in need of additional funds or do not qualify for a MUDRA loan under PMMY, help is on hand. Apply for a Business loan of up to Rs. 30 Lakhs available on Finserv MARKETS without any collateral. You can choose a repayment tenure of your choice ranging from 1 year to 5 years.
The entire application process is online which makes it hassle-free and convenient as you can easily apply for a Bajaj Finserv Business loan available on Finserv MARKETS without standing in long queues or waiting in the bank. Moreover, you can also get a free Financial Health Check Report (FHCR) to help you keep track of your business goals and even get personalised insurance plans to protect you against unanticipated risks in the future. So go ahead and opt for a business loan today!