What is Mudra Loan? How to get instant loan of Rs 5 lakh

Mudra Loan Scheme: There are many people in India who want to do business but are unable to do so because of money, this article is going to be special for all of them. With the help of Mudra Loan, you can start your business by taking loan at no interest. This scheme was launched by the Prime Minister of India, Modi. Business loans ranging from Rs 50,000 to Rs 10 lakh are available under this scheme depending on the categories of Shishu, Kishor and Tarun. When you apply for a MUDRA loan, you are issued a MUDRA card which is similar to a debit card. This card can be used to withdraw that loan amount.

Everyone knows about India’s loan system and its interest rate, it is not easy for a common poor person to take it. But applying for Mudra Loan is very easy and anyone can get it very easily. In today’s post, you are going to tell about Mudra Loan Yojana in detail.

Overview – Mudra Loan

Scheme NameMudra Loan Scheme
Started ByCentral Government
Stating YearApril 2015
Loan Amount50,000/- To 10,00,000/-
Official Websitehttps://www.mudra.org.in

PM Mudra Loan Scheme

Under the Pradhan Mantri Mudra Yojana (PMMY), the Government of India has arranged Mudra loans to help small businessmen of the country to grow their business. Under which a loan of Rs 10 lakh is given by the bank on very easy terms. Its special thing is that you do not need any kind of guarantee for this and you can start your business easily.

PM Mudra Loan Yojana

There are many such startups in India, which were closed due to lack of funding, the bank did not even give loans to such people. Mudra Loan Scheme is the best to solve all these problems.

Eligibility for Mudra Loan

It is very important for you to have eligibility to take advantage of the scheme, about which you have been told here.

  • All those who are above 18 years of age can apply for this
  • The applicant should not be a defaulter from any bank.
  • You should have business for which you are taking loan.
  • Applicant should have good cibil score.
  • There should be complete information and report about whatever business you are doing.

Document Recuired for Mudara Scheme

If you apply for Mudra loan then you have to follow some conditions. Along with this, it is also very important to have some documents with you, about which we are telling you below.

  • PM Mudra Yojana application Form
  • Application form for loan
  • Proof of Income
  • 2 Coloured passport size photos
  • Proof of Identity
  • Proof of residence
  • Previous 6 months bank statement
  • Must have Pan Card and Aadhar Card
  • Must have Business Registration Certification.
  • You need a permanent address of your business, along with this, if you rent your office, then a rent agreement will be needed.

Types of Mudra Loan

According to the need of the business and the people, the loan was told in three types which are as follows – Tarun, Kishore, and Shishu.

  • Shishu Loan: Loan up to Rs 50,000 is given under this scheme.
  • Kishor Loan: Loans above Rs 50,000 and less than Rs 5 lakh are given under this scheme.
  • Tarun Loan: Loans above Rs 5 lakh and less than Rs 10 lakh are given under this scheme.

Benefits of taking Mudra loan

Given below are the key features and benefits of Mudra loans run by the central government, which you can also take advantage of.

  • Banking and financial services can be availed in both rural and urban areas.
  • Financial assistance can be availed by micro-small businesses and start-ups.
  • Business loan can be taken for small amount at affordable interest rates.
  • If any borrower is unable to repay the amount then the responsibility of loss will be borne by the government.
  • No collateral is required to take advantage of this scheme.
  • The repayment period of this scheme can be up to seven years.
  • Food vendors, shopkeepers can take maximum benefit of this scheme.

FAQ – Mudra Loan Scheme

What is Mudra Yojana?

Mudra Yojana is a loan scheme through which a loan of 50000/- to 1000000 rupees will be given to small businessmen.

Official website of Mudra Scheme?

If you are a small business owner or want to start your own business and need loan for this then Mudra Loan Scheme is the best. With this you can take loan very quickly and on nominal terms.

Hope you have understood all this information, if you have any question then you must comment and share it with your friends.

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