Do you know what is PMMY? it stands for Pradhan Mantri Mudra Yojna. which is announced by our honourable prime minister Narendrabhai Modi. Let’s move on the main topic that what to do to get Mudra loan scheme 2019? In this article, we will explain each and every detail like online application form, eligibility, interest rates and subsidies etcetera details.
Mudra Loan For Small & Micro Enterprises 2019
The borrowers can take the online mudra loan through the government website www.mudra.org.in. while Mr Vijay Mallya and Nirav Modi are running away with thousands of crores of rupees borrowed from Indian banks. our small businesses are small and micro enterprises are still struggling to find any loan from the banks, they are still struggling to run their businesses they need support from the banks that’s why our honourable Prime Minister Narendra Modi has launched Prime Minister Mudra Yojna (PMMY) on 8th of April 2015. And since then they are providing their extending credit facility to small and micro enterprises.
Today in this article, we will tell you about how to avail mudra loan from the bank? Where is it available.? Mudra (Full form of Mudra Is “Micro Units Development and Refinance Agency”) loan is actually offered under Pradhan Mantri Mudra Yojna by commercial banks, Regional Rural banks, Small finance banks, Co-operative banks and might no microfinance institutions and non-banking finance corporations the normal in be Ephesus mudra yojna offers loans to micro and small enterprises under three different hits.
- Shishu: if you are looking for the loan up to 50,000 Rs. it will provide your loan.
- Kishore: under Kishore scheme, between 50,000 to 5,00,000 is provided
- Tarun: under Tarun it’s covering 5,00,000 to 10,00,000
Before you proceed the loan, must have some necessary documents. so what are those documents required? You love to have a Mudra application form is available in all these banks, you can also download it from here. You have the application form for bi lrr bc plus photo identity and address proof, ownership proof of your resident or office. If you wore either your residence or office if you can have the ownership it will be great and if not you can have your rental agreements that are also good. Then business vintage proof this is a very essential document.
You will have to have business vintage to show that you own this business, you’re running this business for three years, four years or whatever that is very important. then your last 12-month bank statement to show that you’re doing some transaction so though you are someone who is running any business. In case if you have not at mood to online if you have not has started digital banking facility or you have not started operating through bank, please move your business online or to a banking system and then if you’re well or file your income tax return last to your income tax returns understand Mudra Loan is offered to small and micro enterprises, hence these documents are not really compulsory even if you don’t have income tax return you can still avail it even if you don’t have bank statement you can still avail if you have a real business case to present so it is the bank’s discretion to offer so up to 50,000 Rs. Loans sanctioned under mudra yojna 133,785,649 As on 31st July 2018.
It’s pretty easy you can avail loan if you have a genuine business running so mudra loan interest rates vary from 12 to 20% but it depends on the bank because some banks charge is very high interest and some banks may charge just normal interest rates. So you will have to check the interest rate if some good bank can offer you a 12% go with that bank where you want to pay extra interest and there is no subsidy option for mudra scheme. Which means under mudra scheme you would not get any freebies like you’ll not get interest free loan or a part of your loan will be waived off or subsidized no you will have to repay the loan but only benefit here is all these small and micro enterprises they normally don’t get any loan from the bank. None of the banks used to earlier find this small and microenterprise.
I’m the mudra scheme it is a compulsory rule from the government of India that the banks have to lend small and micro enterprises I tell you why the government has done it? Today in India most of the people are employed because of these small and micro enterprises you just go to any small town you will see so many people are employed they have the shop running or they’ve to sell vegetables on the street that’s one of the other things so because of this government is encouraging these small and microenterprises. So if you’re running a smaller microenterprise please reach out your nearest bank and approached for Pradhan Mantri Mudra Yojna. You’ll receive lending of in a loan very easily make use of this that you while availing this loan make it a point that you avail loan from the bank which offers the least interest
So, the maximum loan you can avail under mudra schemes ten lakh and the good news is the maximum number of borrowers under mudra schemes is women entrepreneurs!!
Who Can take the Mudra Loan?: Mudra Loan Eligibility Criteria 2019
Any consumer who wants to take the mudra loan, his age should be 18 years minimum. Today a vegetable vendor, iron shop guy, someone who is running a milk booth and kirana store, someone who is selling fruits, flowers can actually eligible to avail mudra loan easily even without any hesitation. people can take the mudra loan for commercial and business purpose only not for personal purpose. So where do you have to go now reach out to the banks? But then be very clear before you availing the PMMY loan, please check the interest rate offered and to avail this mudra loan you will have to go to a bank with required proof. You’ll love to have another document which below mentioned. With that proofs when you visit the bank will start the process.
Mudra loan eligibility 2019 Is:
- Startup Business
- Business running in a small business
- Non-farm income generating activities
- The following can avail the Mudra Loan:
- Vegetable Vendor
- Kirana Store
Note: You need to give a business Reason to get a mudra loan.
Mudra Loan Document List 2019
- Identity Proof (Any One)
- Voter ID Card
- Driving License
- Aadhaar Card
- PAN Card
- Resident Proof (Any One)
- Electricity Bill
- Bank Passbook
- Telephone Bill
- Property Tax Receipt
PM Mudra Loan Interest Rate Details 2019
- Interest rates are dynamic and decided by the lending institution under broad guidelines from the RBI so as to keep the product cost effective
- Mudra Loan Yojna is targeted at Non-Corporate small business (NCSB) segment that includes business entities such as small manufacturing plants, shopkeepers, service sector installations, Vegetables & Fruit vendors, repair shops, truck operator, fruit service units, artisans, machine operators, small industries, food processors etc.
- Mudra loans are unsecured in nature as no collaterals are required to avail the loan. This is a reason why interest rates vary from institution to institution as every organization calculates the risk factor on its own and establishes rates accordingly.
- These loans are not subsidised by the central or state governments.
- The repayments terms and conditions are decided by the intermediary lending institution according to its rules considering the cash flow of the business in question.
- Lower amount Shishu loans are generally disbursed within 7-10 days while the other categories have processing times varying from lender to lender
- Before you were known of interest rate you need to find out the list of the bank where get the mudra loan.
|Name of Bank||Interest Rate (Fixed)||Period
|ICICI Bank||11.49% to 17.50%||1 to 5|
|Standard Chartered Bank||12.50% to 17%||1 to 5|
|Fullerton||19.50% to 37%||1 to 4|
|Indusland Bank Ltd.||12.99% to 18.25%||1 to 5|
|Citibank||12.75% to 15.75%||1 to 5|
|Capital First||13% to 20%||1 to 5|
|Kotak Mahindra Bank||11.5% to 18%||1 to 5|
|Tata Capital||13.49% to 19.50%||1 to 5|
|HDBFS||15.95% to 18.95%||1 to 3|
|HDFC||12.75% to 20%||1 to 5|
|Name of Bank||Interest Rate (Fixed)||Period
|State bank of India||17.80%||1 to 4|
|State bank of Mysore||16.90%||1 to 3|
|State bank of Patiala||12.65% to 14.65%||1 to 5|
|State bank of Travancore||13.2% to 13.45%||1 to 5|
|Tamilnad Mercantile Bank||14.4% to 16.4%||1 to 5|
|UCO Bank||14.1% to 15.1%||4 to 5|
|Union Bank of India||14.4%||1 to 5|
|Vijaya Bank||13.7%||1 to 5|
|State Bank of Hyderabad||15.25% to 15.75%||1 to 3|
|State Bank of Bikaner and Jaipur||13.2% to 14.2%||1 to 5|
|South Indian Bank||14.80%||1 to 4|
|Oriental Bank of Commerce||11.2% to 12.95%||1 to 5|
|Karur Vysya Bank||13.9% to 16.40%||1 to 3|
|Indian Overseas Bank||14.70%||1 to 5|
|Indian Bank||12.65% to 13.65%||3|
|IDBI Bank||12.75% to 13.75%||1 to 5|
|Dena Bank||13% to 14%||1 to 3|
|Central Bank||12.70%||1 to 3|
|Canara Bank||13.65%||1 to 3|
|Bank of Baroda||14.15%||1 to 3|
|Allahabad Bank||13.70%||1 to 5|
|Aditya Birla Finance Ltd.||14%||1 to 3|
PM Mudra Loan Online Application Form 2019
There is no online method is available to apply for Pradhan Mantri Mudra Yojna. first of all, you need to download below given mudra loan application form 2019.
- Mudra Loan Application Form In Hindi 2019
- Mudra Yojna Application Form In English 2019
- Pradhan Mantri Mudra Yojna Online Application Form In Gujarati 2019
How to Apply for Pradhan Mantri Mudra Yojna Loan 2019?
Many people had a query that how can I apply for mudra loan yojna online? Actually, there is no provision for applying online to take this loan. if you are looking forward to applying for this loan follow the below given point.
- You need to download the application form in your respective language
- Fill out the form and reach your commercial or public sector bank
- After filling a form attached your business plan
- After the completion of the loan process, it’ll be permitted.
Pradhan Mantri Mudra Yojana Helpline Number
If you have any query and doubt, you can call on Pradhan Mantri Mudra Yojna Helpline Number 2019 officially provided by PMMY board.
- Toll-Free Number:
- 1800 180 1111
- 1800 11 0001