Mudra Loans are present under PMMY that is Pradhan Mantri Mudra Yojana. The businesspersons owning a shop or small-scale business are provided with Mudra Loans in the form of a mudra card. A borrower can get credit without any difficulty via RuPay card. A borrower can get Shishu loan, Kishore loan, and Tarun loan, depending on the financial support that a borrower or an entrepreneur needs.
Prime Minister of India, Mr. Narendra Modi, has issued a new policy focusing on developing Indian economy and several schemes have been made under this policy. For instance, Jan Dhan Yojana and later the launch of MUDRA have taken place through this policy in India.
There are the following significant documents amongst others, which business owners must provide to the bank, in order to Apply for the Mudra Loans:
There are three kinds of loans that a person can apply for under Mudra Loan -Vehicle Loans, Business Installment Loans, and Loans for Group and Rural Business Credits.
Additional Info: Check Mudra Loan bank branches list in detail.
The documents for getting loans in these three categories are discussed as follows:
The documents required for a vehicle loan under Mudra Loan:
The documents required for a business installment loan:
The documents required for a loan for the group and rural business credits:
Additional Info: Also know about MSME Loan.
There are numerous benefits that you can derive after applying for Mudra Loans and some of them are discussed as follows:
Additional Info: Also know about SBI e-Mudra Loan.
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