Introduction

Trichy was ranked seventh best performance district in the total amount of the loan approved across India under Mudra (micro-development agency and refinance agency) which offers loans to non-corporate, non-farm, small/micro business. It ranks above metropolitan cities like Chennai with middle enterprises, small traders and agro-based start-ups benefitting from lending ranging from Rs. 50,000 to Rs. 10 Lakhs.

  • Trichy's achievements can be attributed to those who wanted to become entrepreneurs after the pandemic outbreak and the liberal attitude of the lending institutions. According to statistics in Mudra's annual report, 6.16 Lakh recipients in Trichy made use of collateral-free loans in the year.

  • The amount approved in Trichy is about 1% of the whole fund approved throughout the country by the initiative. While Trichy was 7th, the district of Chennai which endorsed a sum of Rs. 2,001 Crores was 10th, the only other district in the 10th largest in the country. In 2019-2020, Tamil Nadu sanctioned a sum of Rs. 35,017 Crores. Many of the young people who have returned to their hometowns after the pandemic chose to start their own companies. Most of the beneficiaries of the Mudra system preferred the food and drink industry, the food shops and the cab service.

Documents Required for Mudra Loan

  • Valid photo identity proof

  • Current address proof

  • Proof of income - Latest ITR Financial Docs of Income

  • Last 6 months Bank statement

  • Loan application form

  • Ownership proof of residence/office

  • Proof of continuity of business

  • Trade references

Wrapping it Up

Mudra loans support small and micro enterprises financially. If you require a loan of a higher amount, head to Finserv MARKETS today. With instant approval and rapid disbursal, get a Bajaj Finance Business Loan of up to Rs. 30 Lakhs today!

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