MUDRA Loan is offered by Government of India under the Pradhan Mantri Mudra Yojana (PMMY). MUDRA stands for Micro Units Development & Refinance Agency Ltd. Under this scheme, borrowers can avail of business loans ranging between Rs. 50,000 and Rs. 10 Lakhs under three categories, i.e. Sishu, Kishor, and Tarun.
Depending upon the loan amount that is required, there are three types of Mudra Loans that you can apply for.
The different kinds of Mudra Loans are:
|Name of the Loan||Loan Amount|
|Mudra Shishu||Up to Rs. 50,000|
|Mudra Kishore||Rs. 50,001 – Rs. 5 Lakhs|
|Mudra Tarun||Rs. 5,00,001 – Rs. 10 Lakhs|
Additional Info: Check Startup Business Loan for new businesses.
Mudra Loans can only be availed through partner banks and financial institutions.
Here are the top 5 banks that provide Mudra Loans in India:
Additional Info: Check Mudra loan bank & branches list in detail.
Here is a list of documents required for Mudra Loan:
|Name of Loan||List of Documents Required|
Keep all the necessary documents ready, such as your identity proof, address proof, and business proof, etc.
In order to apply for a Mudra Loan with any bank, the candidate must be fulfill mudra loan eligibility criteria. This loan is available to Non-Coroporate Small business segments that can be a proprietorship or partnership firm. This includes service sectors, manufacturing and retail sectors as well.
When you are looking at applying for loans, especially for business, you need to make sure that you’re able to repay the EMI given the several expenses that you incur each month. The best way to do this is by calculating your EMI beforehand.
An EMI Calculator is a simple financial tool that is available online for absolutely no cost. They save you the trouble of manual calculations and are also more accurate. All you need to do is provide details of your loan such as the loan amount, interest rate, and the tenure of the loan. Based on this the tool applies the formula mentioned above to calculate your EMI.
To get any information about Mudra Loans, you can contact these numbers:
Alternatively, you can also get in touch with the bank that you choose to avail the loan from in order to get any specific information about the loan with respect to the guidelines of the bank.