Friday, 16 September 2016

How to Apply for Bank Loan under Mudra Bank Yojana?

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Pradhan Mantri Mudra Loan Bank Yojana (PMMY): Since becoming Prime Minister of India Narendra Modi launched so many welfare scheme for the people of India. Mudra Bank scheme is one of them.You can check out more scheme here. Recently I have noticed that people are looking for information regarding How to take loan from Mudra Bank .So I've decided to write blog on this topic. 

Here we are giving full details on taking loan under this Mudra Bank Yojan.The details we mentioned below will assit you in process of applying for Bank Loan.In this blog we have gave the answer of most frequently asked questions. These questions are :

  1. What is Mudra Bank ?
  2. How to apply for bank Loan under Mudra Bank Yojana ?
  3. What kind of bank Loan offered under Mudra Bank Yojana ?
  4. Who is eligibilty for taking bank Loan under Mudra Bank Yojana?
  5. What is the rate of Interest charged under Mudra Bank Yojana ?
  6. What are the document required for taking Loan under Mudra Bank Yojana?
  7. Which bank to visit for taking loan under Mudra Bank Yojana?








What is Mudra Bank ?

Pradhan Mantri Micro Units Development and Refinance Agency Bank is full name of this Yojana.Mudra Bank Yojana was announced by Finance Minister Arun Jaitley in his 2015-16 Budget speech and was launched by the Prime Minister Narendra Modi on 8 April, 2015 with  Rs 20,000 crore .This scheme is for every people who want to start their business.Mudra bank provide loan up to 10 lakh for small business.

How to apply for bank Loan under Mudra Bank Yojana ?

Pradhan Mantri Micro Units Development and Refinance Agency Bank (Mudra Bank) is new institution which was set up by the Government of India for delevopment and providing funds to small business.Mudra Bank also provide refinancing services.
To apply for Bank Loan you must have business plan which you have to give to your nearest Bank on demand .As per the norms you can apply for three type of Bank loan according to your need.

What kind of bank Loan offered under Mudra Bank Yojana ?

Mudra Bank Yojana is an initiative of the Government of India offering refinancing services.The main aim of this yojana is to provide Bank loan up to 10 lank to small entrepreneur.There are three type of Bank loan offered under Mudra Bank Yojana.These Bank Loan are :


  1. Shishu category : This Bank loan is for those who are in their early or starting stage of business covering upto 50,000 as loan amount.
  2. Kishor category : This Bank loan is for those who have set up their business and need money for growing business. This Bank Loan named "Kishor" will give cover upto 50,000 to 5 lakh.   
  3. Tarun category : This Bank loan is for those who have established their business and need money for growing their business further. This Bank Loan named "Tarun" will give cover upto 5 lakh to 10 lakh. 

  

Who is eligibile for taking bank Loan under Mudra Bank Yojana?

As per the norms Any people in India having business plan for sectors , including manufacturing trading and service sectors stc, can avail Bank Loan under Pradhan Mantri Mudra Bank Yojana.

What is the rate of Interest charged under Mudra Bank Yojana ?

Earlier we have mentioned that any Indian can apply for Bank Loan under Pradhan Mantri Mudra Bank Yojana.So move further , we all know that Every people while getting Loan for future always check the interest rate charged by any Indian bank .As per the RBI guidlines  interest rate are set by the every Banks which they charge after giving loan.Now come to the topic , like other banks under MUDRA BANK Yojana People who gets Bank loan has to retrun money with interest rate.

Also read:: How To Apply For Passport Online?


What are the document required for taking Loan under Mudra Bank Yojana?

To apply for Bank Loan you must attach some documents along with Application Form.These Documents are:

  1. Proof of Identity (Voter ID / Driving license / Aadhar card / Passport etc.,).
  2. Proof of Residence (Recent telephone bill / electricity bill / Voter Id / Aadhar card / Bank statement / Passport etc.,).
  3. Recent Photograph (2 copies).
  4. Mention of new or purchased Machinery  (if any).
  5. Name of supplier.
  6. Registration Certificates relating to the ownership business unit (if any).
  7. Proof of category like SC / ST / OBC / Minority etc.,(if applicable).


Which bank to visit for taking loan under Mudra Bank Yojana?

To apply for Bank Loan under Pradhan Mantri Mudra Bank Yojana , You can visit nearest bank branch and ask for application.Mudra Bank recruited  Some Banks for this purpose.The list of Banks are given below .

27 Public Sector Banks 
17 Private Sector Banks
27 Regional Rural Banks 
25 Micro Finance Institutions
25 Non-Banking Finance Institutions

You with your business plan can visit any branch of these banks.In these Banks Loan will be approved to those who needs about upto 50,000 to 10 lakh for small enterprises.

You may also like :

1. Rashtriya Swasthya Bima Yojana : How To Enroll & Obtain Smart Card ?

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)