Mudra loan

Mudra Loan

Mudra Loan

Now mudra loan schemes have become popular and everyone wishes to get it to start a business or expand the current business. Banks have issued several crores as Mudra in India lakhs of people gets benefits to it.

Since announcing mudra scheme has become the most popular scheme in India. Lakhs of people have already availed mudra scheme from Mudra bank to start a business. It is a collateral-free loan, the poor & weaker get a maximum bank loan.

Mudra has been announced by Finance Minister during the budget session and the PMMY Mudra Bank scheme had launched by PM on April 8, 2015, to provide loans up to Rs 10 Lakhs to noncorporate and small & micro-enterprises. These kinds of loans will be provided under PMMY Mudra Scheme.

Mudra bank is a virtual bank and it is seeding all commercial banks, Rural Regional Banks, Small Financial Banks, Cooperative banks, MFIs, and NBFCs to disburse mudra under PMMY Pradhan Mantri Mudra Yojana i.e. PMMY Loan.

Govt. of India segregated Mudra Yojana into three categories, Shishu, Kishor, and Tarun. There is a different process, Policy, and procedure for all three loans. All loans are collateral-free, which means there is no need to submit any bank guarantee. It is best for young entrepreneurs, new startups, and fund seekers.

For mudra or e-mudra, the applicant can approach any bank or financial institution for mudra or e-mudra. Bank will check the application, project report & record before approval of the mudra bank loan. So your application & project report should be accurate & error-free. The Mudra limit of all three categories is

Shishu:- Under the Mudra Bank Shishu scheme, the loan applicant will get up to 50,000.
Kishor:- Under Mudra Bank Kishor Scheme, the loan applicant will get between 50,001 to 5,00,000.
Tarun:- Under Mudra Bank Tarun Scheme, the loan applicant will get between 5,00,001 to 10,00,000.

Now under the Shishu scheme, you can apply for mudra online via e mudra scheme and during the online e-mudra application, you should have your Aadhaar Card/ UID card and registered phone number. Right now only the State bank of India is providing an e  mudra loan. You can click here to apply for an e-mudra loan online via the state bank of India’s official website which is emudra.sbi.co.in.

Now State govt. are encouraging people to start a new venture to generate jobs in small sectors. Govt has issued around 8 Lakh crore rupees under Mudra Scheme. 

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