Pradhan Mantri Mudra Loan Yojana Scheme – Another excellent initiative by PM Narendra Modi – Objective, Key Features, Application form for Shishu, Kishor, Tarun , procedure and how to apply for Mudra Loan, Different Stages under Mudra Bank Loan Scheme, : Our Prime administrator Narendra Modi has constantly emphasized on banking the unbanked population. He, in every one of his speeches, underlines the significance of bringing the unbanked individuals under the standard banking to make the disregarded segment of population independent and self dependent. Mudra Bank Loan yojana comes as a dream from the Prime Minister by the motto, ‘Fund the Unfunded’. MUDRA stands for Micro Units Development and Refinance Agency. This activity has been begun after the accomplishment of PM Jan Dhan Yojana.
What is PM Mudra Loan Yojana / Scheme – Key Features and Highlights & Application Form
Primary objective to finance small scale businesses
Population occupied with small scale businesses, dependably, requires finance to encourage their business and everyday business needs. PM Mudra Bank Yojana would help in encouraging small scale credit up to Rs 10 lakh to such small entrepreneurs. PM Mudra Bank as of now has an amount of more than Rs 70,000 CR and this sum would help in expanding the small businesses’ turnover and creation of new jobs.
Key Highlights of the Scheme :
Stages under PM Mudra Loan Yojana Scheme
Mudra Loan Yojana Interest Rate
The interest rate, under this scheme, will not be fixed and would depend on the type of the business and the bank. Different banks will have different criteria. Government may give some subsidy on the interest for some businesses but the percentage is still to be declared. For more information please visit the official site http://www.mudra.org.in/
As per information up to now, corporation bank has offered Mudra Loan at interest rate of 11-12%.
How to apply for Mudra Loan – application form for PM Mudra Loan Scheme
There is not any formal application procedure for a MUDRA loan. There is a list of banks which can be approached for the same giving them detailed description of your business. They, in turn, will ask you to fill the Mudra form. Your application will get processed quickly if you are having a current account with the same bank. If you need any machinery for your business, it is ideal to carry the invoice for the same. This loan is collateral free, so, having a good credit history will help.
Download PM Mudra Loan Application form for Shishu Loan under Rs 50000 Inr
Download MUDRA Bank Loan Application Common Form for Shishu, Kishor and Tarun loan : Click Here
The recovery method (repayment term for PM Mudra Loan Scheme)
There will be an accurate and efficient recovery method which will be followed by the banks so as to craft a justifiable and balanced credit system. The repayment term of the loan shall range from 5 to 7 years.
Mudra Loan – Eligibility Criteria
This loan is meant for small entrepreneurs. The Government has not defined any exact criteria for availing the loan. If you have a high turnover, you cannot get the loan. Also, all persons above 18 years age can apply for Mudra Loan.
Here is a list of requirements for which Mudra Loan cannot be taken:
Mudra Loan Card
Mudra loan card will be issued to the individuals who are able to get MUDRA loan. The layout of the card is the approved design by DFS, Gol: This card will work with RuPay and can be used at Point of Sales terminals, to withdraw cash from ATMs and also as a credit card to get the overdraft facility.
List of banks which have come up with MUDRA card:
- Corporation Bank
- Punjab National Bank
- Allahabad Bank
- Kotak Mahindra Bank
- Canara Bank
- Axis Bank
- State Bank of India
- Vijaya Bank
MUDRA helpline/contact numbers
For information on MUDRA products and for any kind of assistance, the borrower can either directly contact MUDRA office at Mumbai or the identified MUDRA Nodal Officers. MUDRA has got 97 Nodal officers at various Regional offices/branches of SIDBI and these offices shall act as “first contact persons” under MUDRA loan scheme.