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How to Apply for Mudra Loan Online?

Below we have provided simple steps to apply for a Mudra loan online:

 

  • Step 1: Visit the official website of the PMMY-authorised financial institution from which you wish to avail the Mudra loan. Download the relevant form from the options that will look similar to the ones in the screenshot below.

  • Step 2: Download the form of the loan (Shishu, Tarun, or Kishore) you require and enter personal and business details like your name, date of birth, residential/business address, and educational qualifications, etc., in the Mudra loan application form

  • Step 3: Then, submit the application form. Ensure you have the required documents while submitting it to the bank or the lending institution.

  • Step 4: Once the Mudra loan application form and attached documents are processed and verified, the loan shall be approved and disbursed into your bank account.

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Procedure to Apply for Mudra Loan Offline

If you face any problem at the time of availing a Mudra loan online, you can go with the offline method. Mentioned below are the steps by which you can apply for a Mudra Loan offline:

  • Step 1: Visit a PMMY-authorised financial institution or NBFC.

  • Step 2: Make sure that you have a documented business plan.

  • Step 3: Fill out the Mudra loan application form with the necessary details.

  • Step 4: Submit the application form enclosed with the necessary documents and with passport size photographs. 

  • Step 5: After the verification of all the documents, the loan request will be approved and the loan amount will be remitted to your bank account. 

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.

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.

How can I check my Mudra loan status?

All financial institutions have various policies. Several institutions offer online facilities to check the mudra loan status. Alternatively, by using SBI e Mudra you can verify your Mudra loan status by calling at 1800-11-2211 (toll-free).

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