Pradhan Mantri Mudra Yozna is another name for Mudra loan. This scheme was launched by the Honorable Prime Minister on April 8, 2015. This is a fully subsidized loan provided for up to 10 lakh rupees only. This loan is provided to MSMEs registered business units that are non-corporate, non-farm, and small/micro-enterprises. This loan is provided by all scheduled commercial banks, RRB, small finance banks, MFI and NBFC. You can apply for this facility online at mudra.gov.
Who can apply:-This a loan is available for the following types of entities which are engaged in services, manufacturing, and trading sectors:
(i) Individuals, self-employed professionals, and new businesses
(ii) MSMEsstreet vendors, retailers, traders, small manufacturers, and artisans
(iv) Sole Proprietorships, Partnership firms, Limited Liability Partnerships (LLPs), and other business entities.
Mudra loan importance: This loan importance is
(i) It is a collateral-free loan, which means no security or property is required.
(ii) low-interest rate and processing fees.
(iii) An additional interest rate subsidy for female entrepreneurs.
(iv) It is a loan for any cast with no restrictions.
Apply procedure:-An application form can be downloaded from mudra.org.in and filled out before being submitted to the nearest bank. If you are not familiar with computers, please go to your nearest commercial bank, either government or private, with all the required documents (which will be mentioned in the next paragraph), and ask how to apply for a Mudra loan.
If you facing any type of problem application-related feel free to email me at rajhbd84@gmail.com.
Required documents:-The following documents are required for this loan.
(i)completed application with passport-sized photos
(ii) KYC documents of the applicant and co-applicant Pan card, UID card, Voter ID, and Ration Card
(iv) a certificate of caste
(v) Last 6 month updated bank statement or passbook copy
(vii) any other document required by bank/NBFC.
Mudra loan provider:- Below scheduled commercial bank, RRB, Small finance bank, MFI, and NBFC provide this loan.
(I) Govt Bank-SBI, Bank of India, Bank of Baroda, Bank of Maharastra, Canara Bank, Union Bank of India, Indian Bank, Punjab National Bank, etc.
(ii) Private Banks- all types of private banks anywhere in India.
(iii) Small Finance Bank-all types of small finance banks anywhere in India.
(Iv) NBFC- all types of NBFC companies anywhere in India.
(V) to all types of microfinance companies anywhere in India.
