Mudra Yojana loan or Micro Units Development & Refinance Agency Ltd. was started in the year 2018 to help the micro and small scale industry to thrive. It was started to give financial assistance to these industries. Under Mudra Yojana, a business person belonging to a micro or small scale industry can get a loan up to Rs. 10 lakh. You don’t need collateral to avail this loan.
Documents Required for Getting the Benefits of Mudra Yojana is as Following:
- Prepare a Business plan
- You will need Identity proof – Aadhar Card, PAN Card, driving license, Passport, etc.
- You will require Residence proof – the electricity bill, property tax receipt, telephone bill, etc.
- You will need Recent photographs – not more than six months old
- You should keep ready Quotation of the equipment/machinery to be purchased
- You should be sure of the name of the supplier
- You also need Identity and address proof of the business, like a business license, tax registration, etc.
- Lastly, keep category proof, such as SC/ST/OBC, etc aside.
To Apply for the Mudra Loan Registration Following are the Steps.
- Documents such as identity proof (Aadhaar Card, Voter ID, PAN Card, Driving License, etc.), address proof (electricity bill, telephone bill, gas bill, water bill, etc.), proof of business (business registration certificate, etc.), are required to apply for a Mudra Yojana loan.
- You need to apply for a Mudra Yojana loan to banks or financial institutes or NBFCs. Many banks and NBFCs have started with giving Mudra Yojana loans.
- The third step is to figure out how much loan you want. Then apply for it by filling in the application form of Mudra Yojana online or offline.
Following are the Three Parts of the Mudra Yojana Loan:
- Shishu Yojana: This loan is availed by businesses that have just started or need funds to start a business. The loan granted under the Shishu Yojana loan is up to Rs. 50,000. You need to present your business idea to the lender to get the loan you are seeking.
- Kishore Yojana: Kishore Yojana is given to the business who are in the industry for a long time. The loan given under Kishore Yojana is up to Rs. 5 Lakh. This loan helps the borrower to spend their money in expanding their already grown business. This assists in the easy flow of capital in the business.
- Tarun Yojana: This loan is given to businesses from small scale industries. Tarun Yojana gives the business person a loan up to Rs. 10 Lakh.
You need to follow the steps given for getting the loan. You need to meet the eligibility criteria and once that is done the loan is sanctioned in the name of the business. You need to follow the steps properly in order to get the loan you are looking for to grow your business.
The Bottom Line:
To avail of the loan, you need to be eligible for it. You need to fill out all the applications and pay attention to the documents required and keep it aside. Mudra Yojana helps small scale industries to grow big and become successful. To get the loan you also need to figure out the amount of funds you need for your business. For more check out Finserv MARKETS.
