Mudra Loan Yojana 2023
Mudra Loan Yojana: Are you thinking of starting a business or already have a business and want to expand it, then a Mudra loan of Rs 5 lakh is being given by the bank. Application under this Mudra Loan Scheme can be made at any time and the loan amount can be demanded in your account.
We will give you complete information about Mudra Loan Yojana in this article. We will also tell you about the documents required to apply for Mudra Loan so that you can easily apply for Mudra Loan and take advantage of this scheme.
We are providing the necessary links for Mudra loan application at the end of the article so that you can easily apply for the loan.
Pradhan Mantri Mudra Loan Yojana (PMMY)
Mudra Loan is given under Pradhan Mantri Mudra Yojana (PMMY). MUDRA stands for Micro-Units Development and Refinance Agency. Under this scheme, borrowers can avail business loans ranging from Rs 50,000 to Rs 10 lakh depending on Shishu, Kishor and Tarun categories.
- Up to Rs. 50,000 = Shishu Category
- Up to Rs. 50,001 to Rs. 5 lakhs = Kishore Category
- Up to Rs. 5,00,001 to Rs. 10 lakhs = Tarun Category
Pradhan Mantri Yojana was launched in 2015 with the aim of helping small scale businesses expand and achieve success. Companies from both profit and non-profit sectors can avail loans under this scheme and can get loans up to Rs 10 lakh to start their business.
The types of industries that can avail loans under the Pradhan Mantri Yojana Scheme are:
- business salesman
- agricultural sector
- food production industry
- small scale manufacturer
- self employed entrepreneur
- Restoration and repair shops
- service based companies
- truck owner
Who can take Mudra Loan?
Indian citizens who have their own business plan for service sector activities, or trading or manufacturing activities and require an amount up to Rs 10 lakh can apply for Mudra Loan. It can be availed from Public Sector Banks, Private Sector Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs) and Micro Finance Institutions (MFIs).
How to apply for Mudra Loan?
Step 1: Make sure that the required documents are kept ready. The main documents you will need are your ID proof, address proof and business proof.
Step 2: Contact a lender who is enrolled under the Mudra scheme and fill the application form.
Step 3: Submit the required documents.