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Get benefits of Mudra Loan

Pradhan Mantri Mudra Loan Yojana

Everyone is talking about Mudra Bank and its loan schemes nowadays. It is a good start-up by
the PM Modi to develop India economically. You all may be having many queries related to the
Mudra Loan scheme like what exactly the process is, who is eligible, what may be the benefits,
how to apply, etc. Your search ends up here as we are providing you all the answers in a brief,
sequential and comprehensible way.
Let us start with what exactly this is all about!

PRADHAN
MANTRI
MUDRA
About Mudra
Bank

YOJANA - MUDRA LOAN

MUDRA (Micro Units Development and Refinance Agency) Ltd. is a financial body set up by the
Government
of India
under the leadership
of PM Narendra Modi forMUDRA
the development
and
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PRADHAN MANTRI MUDRA LOAN YOJANA
SCHEME
CONTACT US
refinancing activities to provide offerings to micro finance institutions i.e. small business
sectors.
The institution, with corpus of Rs. 20,000 crores, will offer up to Rs. 10 lakhs to small business
units and thus supporting them financially.

Responsibilities of MUDRA bank

1. Registration of MFI (Micro Finance Institutes) entities.
2. Regulation of MFI entities.
3. Rating of MFI entities.
4. Promoting refinance to all last mile financiers like NBFC, small business units, societies,
trusts, small banks, RRBs, scheduled commercial banks, etc.
5. To develop and expand the delivery channel at the ground level.
6. Maintain policy guidelines for the micro and small enterprises business units.
7. Introduce innovative method to prevent indebtedness.
8. Formulating steps for recovery methods.
9. Implementing an architecture of Last Mile Credit Delivery to micro businesses.
10. Introducing Credit Guarantee Scheme to guarantee the payment of loans to the
entrepreneurs or business holders.

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>>How to Apply for Mudra Loan Step by Step Guide

Eligibility Criteria for Mudra Loan Scheme:

Here are the conditions for the participating banks and financial companies, which can lend for
this scheme:

PRADHAN MANTRI MUDRA

YOJANA - MUDRA LOAN

All Scheduled commercial banks (both public and private sector banks) with 3 years of
continuous profit record of accomplishment, net NPA up to 3% (not exceeding this given limit),
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minimum net worth of Rs. 100 crores, and at least 9% CRAR are eligible for the Loan Scheme.
The other lending institutions are
1. 1. Regional Rural Banks
2. Scheduled Urban Co-operative Banks
3. State Co-operative Banks
4. Micro Financial Institutions like NBFCs, Trusts and Societies.

List of some banks offering Mudra Loans

1. United Bank of India
2. Union Bank
3. Vijaya Bank
4. Allahabad Bank
5. UCO Bank
6. Syndicate Bank
7. Punjab and Sind Bank
8. Oriental Bank Of Commerce
9. Indian Overseas bank
10. Indian Bank
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11. ICICI Bank

12. IDBI Bank
13. Dena Bank
14. Central Bank of India
15. Canara Bank
16. Corporation Bank
17. Bank of Maharashtra
18. Bank of India
19. Bank of Baroda
20. Axis Bank
21. Andhra Bank
22. Punjab National Bank
23. HDFC Bank
24. State Bank of India

PRADHAN MANTRI MUDRA

YOJANA
- MUDRA LOAN
These all banks will be responsible

for the development of standardized set of covenants

governing last mile lending to micro and small enterprises.

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Mudra Loan Types/ Category

Based on the growth and funding needs of the micro business units, Mudra Loan Scheme has
divided the category of loan in three different parts:
Shishu Scheme: As the name suggests the meaning (i.e. Child), it serves so. All the start-up
businesses and one who have new business will come under this category of loan scheme.
Under this category, the loan up to Rs. 50,000 will be sanctioned. In addition, there will be no
loan-processing fee. The rate of interest is 1% per month and the maximum repayable period is
up to 5 years.

Kishor Scheme: The loan amount covered will be above Rs. 50,000 and up to Rs. 5lakh. This
scheme covers the one who has started the business but is to be established.
Tarun Scheme: Under this scheme, the amount of loan sanctioned will be above Rs. 5 lakhs and
up to Rs. 10 lakhs. This scheme is for all those micro business units who have an established
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business and want to invest more for the betterment.

Some of the people who can apply for the loans are Graduated people who want to start up with
a small business, artisans, potters, shopkeepers, food processors, production business,
manufacturing unit, trading and services.

How to apply for Loan under Mudra Loan Scheme

Here are some easy steps that may help you as guidance for applying Mudra Loan:
First of all, here is a list of documents that will be required before applying for the loan:
1. Identity proof (PAN card/ Voter ID/ Driving License/ Aadhaar Card, etc.) self-attested.
2. Residential proof (Voter ID/ Passport/ Phone bill/ Electricity bill/ Bank statement. etc.).
3. Two passport size photographs.
4. Category proof (OBC/ SC/ ST, etc.)
5. Name of machinery/ price of machinery/ details of machinery/ or items to be purchased.
6. Quotation of machinery/ item to be purchased.
7. Ownership Identity/ Address of business unit/ Registration Certificates.

PRADHAN MANTRI MUDRA

YOJANA - MUDRA LOAN

For any assistance, you can visit your nearest branch (private or commercial) and present your
business ideas. You can download the loan application form, fill and submit it along with the
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above-mentioned documents attached to it. All the other formalities will be as per the banks
instructions.
After following these steps, the Loan will be sanctioned to the one who will apply for.
Interest Rate offered by Mudra Loan
Mudra is lending to micro finance institution at a current rate of 7%. The other banks offering
rates are as follows:
ICICI Bank (6%) percentage
Corporation Bank (11-11.9) percentage
HDFC Bank 11% 13%
PNB 11%- 12.5%
IDBI 11%

Benefits of the Mudra Loan Scheme

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If you are going to set any small business or want to make your existing business more
productive, then this scheme is a beneficial one for you.
Mudra loan scheme will bring an innovative financial mean that will reduce the cost of funding
for the borrower. In addition, if the loan proposal is linked to some government scheme of
providing subsidy, it will be also included in this scheme.
In addition to this, there are some features of Mudra you might be eager to know
Introduction of MUDRA card( a RuPay Debit card) which will provide a facility of credit to
withdraw cash from ATM , using POS purchase, repaying the amount(if sufficient available) so
that interest burden is reduced.
-MUDRA offers a special scheme for woman entrepreneur called Mahila Uddyami Scheme under
all the three categories i.e. Shishu, Kishore and Tarun.
-It would provide a low cost and accessible funding to micro finance institutions to further
leverage the budding entrepreneurs. Preference would be given to weaker sections of society.

PRADHAN
MANTRI MUDRA
-The Mudra Bank will in all ways increase the access of funds and liquidity required for smallYOJANA - MUDRA LOAN
scale industries.
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-The Mudra Bank would combine capital with integrity and thus make it a one-stop solution for
success of young business community.
-It would ensure that uniformity and best practices are adhered in micro finance institutions.

Mudra Yojana is one of the best schemes for economic and financial development of India. This
scheme is beneficial for all the participating banks and financial institutions as well as applying
businesspersons. The Government is taking a step toward making India progress.
This move will Fund the Unfund for sure.

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organizations in India, companies as well as
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Mudra Loan Scheme There are various small

start-ups that would like some sort of

government funding or recognition for their

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industry. Industries such as these are

PRADHAN MANTRI MUDRA LOAN YOJANA

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