Mudra Credit Scheme Details-Mudra Loan Online Process -

Mudra Credit Scheme Details-Mudra Loan Online Process

Mudra Credit Scheme Details-Mudra Loan Online Process

 

 

The Mudra Credit Scheme, also known as the Pradhan Mantri Mudra Yojana (PMMY), is a flagship scheme of the Government of India aimed at providing credit facilities to micro and small enterprises in the non-farm sector. The scheme was launched on April 8, 2015, by the Prime Minister of India, Narendra Modi, with the objective of enabling small businesses to access credit and grow their business. The scheme is implemented by the Ministry of Finance, Government of India.

The Mudra Credit Scheme provides loans under three categories, namely Shishu, Kishor, and Tarun. The loan amount and the repayment period vary depending on the category of the loan.

Shishu Category: This category provides loans up to Rs.50,000 for businesses that are in their initial stages. The repayment period for this loan is up to 5 years, and no collateral or security is required for the loan.

Kishor Category: This category provides loans above Rs.50,000 and up to Rs.5 lakh for businesses that have a track record of at least one year. The repayment period for this loan is up to 7 years, and collateral or security may be required based on the loan amount.

Tarun Category: This category provides loans above Rs.5 lakh and up to Rs.10 lakh for businesses that have a track record of at least two years. The repayment period for this loan is up to 10 years, and collateral or security may be required based on the loan amount.

Mudra Credit Scheme Details-Mudra Loan Online Process

 

The Mudra Credit Scheme has been a significant boost for the micro and small enterprise sector in India. The scheme has helped many small businesses to access finance and grow their business, leading to the creation of employment opportunities in the country. The scheme has been especially helpful for women entrepreneurs, who constitute a significant portion of the borrowers under the scheme.

The Mudra Credit Scheme is implemented through various financial institutions such as banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs), and regional rural banks (RRBs). These institutions are responsible for processing loan applications, disbursing loans, and monitoring the repayment of the loan.

The eligibility criteria for a Mudra loan are as follows:

The borrower must be an Indian citizen.

The borrower must have a valid business plan.

The borrower must have a good credit score and a clean financial record.

The business must be registered under the Goods and Services Tax (GST).

The borrower must not have defaulted on any previous loans.

The documents required for a Mudra loan application are as follows:

Identity proof (Aadhaar card, PAN card, passport, etc.)

Address proof (electricity bill, telephone bill, Aadhaar card, etc.)

Business proof (registration certificate, GST certificate, etc.)

Bank statements for the past 6 months

Project report (for Kishor and Tarun categories)

The Mudra Credit Scheme has been a game-changer for the micro and small enterprise sector in India. The scheme has provided a platform for small businesses to access credit and grow their business, leading to the creation of employment opportunities in the country. The scheme has also been instrumental in promoting entrepreneurship and self-employment in India.

Mudra Credit Scheme Details-Mudra Loan Online Process

 

The online process for applying for a Mudra loan is simple and easy. Here are the steps:

Visit the official Mudra website (https://www.mudra.org.in/)

Click on the ‘Apply Online’ option on the homepage.

Select the category of loan you require (Shishu, Kishor, or Tarun)

Fill in the online application form with your personal and business details.

Upload the necessary documents, such as identity proof, address proof, business proof, and bank statements.

Once the application is submitted, it will be reviewed by the financial institution.

After approval, the loan amount will be disbursed to the borrower’s bank account.

To be eligible for a Mudra loan, the business must be registered under the Goods and Services Tax (GST) and have a valid business plan. The borrower should also have a good credit score and a clean financial record.

The Mudra Credit Scheme has helped many small businesses across the country to access finance and grow their business. The scheme has also played a significant role in creating employment opportunities and boosting the Indian economy.

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