Table of Contents
- Pradhan Mantri Mudra Loan Products :
- Key features of Mudra loan :
- Who can Apply for a Mudra loan?
- Mudra loan can be applied for?
- Documents Required for Pradhan Mantri Mudra Yojana
- Mudra Loan Tarun and Kishore application form download :
- Mudra Loan Shishu application form download :
- How to apply online for the Pradhan Mantri Mudra loan?
- Toll-free numbers of Pradhan Mantri Mudra Yojna:
- Frequently Asked Questions:
Pradhan Mantri Mudra Loan Products :
Micro Units Development & Refinance Agency Ltd. (MUDRA) is a new institution set up by the Government of India to provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below ₹10 Lakh.
Key features of Mudra loan :
No collateral
Zero processing fees
Repayment extended up to 5 years
The applicant should not be a defaulter in any bank or financial institutions
There are 3 products under Mudra loan to assist the needy small business according to their requirement :
- Shishu: covering loans up to ₹50,000
- Kishore: covering loans above ₹50,000 and up to ₹5,00,000
- Tarun: covering loans above ₹5,00,000 and up to ₹10,00,000
Who can Apply for a Mudra loan?
1. Proprietorship firm
2. Partnership firm
3. Small Manufacturing units
4. Service sectors
5. Shopkeepers
6. Fruit vendors
7. truck operators, food-service units, repair shops, machine operators, small industries, food processors, and others in rural and urban areas
Mudra loan can be applied for?
Vehicle loan: Commercial vehicle loan, Car loan, and Two-wheeler loan
Business Installment Loan (BIL): Loan for working capital requirement, buying plant and machinery, renovating offices, etc.
Business Loans Group Loans (BLG) and Rural Business Credit (RBC): offer Drop line overdraft/Overdraft facility/Working capital loans
Documents Required for Pradhan Mantri Mudra Yojana
Vehicle Loans
- Mudra application form
- Vehicle loan application form
- 2 passport size colour photographs
- Photo Identity proof
- Address proof
- Income proof – Income tax return last 2 years
- Bank statement (last 6 months)
Business Installment Loan
- Mudra application form
- BIL application form
- Photo identity proof
- Address proof
- Establishment proof
- Bank statement (last 6 months)
- Ownership proof of residence/office
- Proof of continuity of business
- Proof of qualification
- Trade references
- 2 years ITR
- CA certified financials like balancesheet and project report
Business Loans Group and Rural Business Credit
- Mudra application Form
- BIL/RBC application form
- Photo identity and age proof
- Address proof
- Ownership proof of residence/office
- Business vintage proof
- Bank statement (last 12 months)
- Income tax return (last 2 years)
Mudra Loan Tarun and Kishore application form download :
Mudra Loan Shishu application form download :
How to apply online for the Pradhan Mantri Mudra loan?
STEP 1: click the link below and register yourself for a PMMY loan
https://site.udyamimitra.in/Login/Register
STEP 2: Here enter the expected loan amount and select scheme name, then the Pradhan Mantri Mudra Loan Yojana Apply Online Form 2021 will display as shown below :
STEP 3: Now agree on all the terms and conditions and click on the block, finally click on the register button and you have completed the online registration process of the PMMY scheme
STEP 4: After that, you will be asked to choose your preferred lender from a list, from whom you wanted to borrow the Pradhan Mantri mudra loan
Your application shall be viewed by many lenders for credit support. Before applying for a loan, view the checklist which can help you to fill up your application faster
Toll-free numbers of Pradhan Mantri Mudra Yojna:
Frequently Asked Questions:
Q 1. The borrower of Mudra loan dies is it recoverable from a spouse?
A. No, but if someone became the guarantor during the application of a loan, then the guarantor is liable for the repayment of the loan
Q 2. What happens when the borrower expires and the Mudra loan is pending?
A. Then the Loan must be canceled and can be applied again in name of another person
Q 3. How many Mudra loans distributed so far?
A. Till 1 Jan 2021, Financial Year – 2015 to 2021
Total Number of PMMY Loans Sanctioned – 24.09 crore (24,09,48,705)
Q 4. After the closing of my business firm can I pay the rest Mudra loan amount in EMI
A. Yes, on an installment basis you can also discuss this with your lender
Q 5. How many people have been benefited so far from PM Mudra loans?
A. Financial Year:2021-2022
No. Of PMMY Loans Sanctioned:8116061 *
Amount Sanctioned: 48619.02 CRORE *
Amount Disbursed: 42888.15 CRORE *
Q 6. Can a Mudra loan be availed for setting up a tobacco business?
A. Yes
Q 7. In case of the death of Mudra loan person, how does the bank recover the loan
A. The bank will recover it from the guarantor or co-applicant of the mudra loan
Q 8. At my age 43runing can I get a Mudra loan for a new small business
A. Yes, up to 65 years eligible for mudra loan
Q 9. Can I get a separate Mudra loan for my separate business bank in different states?
A. Yes, but it will up to the lender decision
Q 10. Can we delete or cancel the Mudra loan application?
A. Always. you can
Q 11. Is CIBIL score mandatory for Mudra loan after moratorium?
A. No. there is no need for a CIBIL score
Q 12. Mudra loan original processing fees
A. 0.5% for Tarun Mudra loan and 0% for Sishu mudra loan
Q 13. Already I took Mudra loan now I can take Pmegp loan
A. Yes, you are eligible but you should not be a defaulter on any of the loans
Q 14. Has govt offered any relaxation for interest repayment on Tarun Mudra loans for these difficult times?
A. Not for Tarun loans, the Central government has approved a 2% Interest Subsidy Scheme for Shishu Loan Account Holders under the Mudra Yojana. This interest subvention will help small businesses to cope up with the difficulties caused due to Coronavirus (COVID-19) lockdown. Under the Shishu category of PM Mudra Loan Yojana, the lenders provide collateral-free (without guarantee) loans of up to Rs. 50,000.
Q 15. Two-person from the same family can apply for a Mudra loan
A. Yes
Q 16. Any TDS GST charges for Mudra loan
A. Yes, applicable taxes levied on the processing fees of 0.5%
Q 17. What is Shishu Mudra Loan Interest Subvention Scheme?
A. A) For borrowers who have been allowed a moratorium, as permitted by RBI under the “COVID 19 Regulatory Package”, the scheme would commence post completion of the moratorium period till a period of 12 months. Shishu Mudra Loan Interest Subvention Scheme for small borrowers covered under moratorium will be effective from 1 September 2020 till 31 August 2021).
B) For other small borrowers who are not under the moratorium, the Interest Subsidy Scheme under the Shishu category of Mudra Loans would commence with effect from 1 June 2020 till 31 May 2021.
Also read: Ola electric scooter plant vacancies
I am not sure where you are getting your information, but good topic. I needs to spend some time learning much more or understanding more. Thanks for great info I was looking for this info for my mission.