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In an effort to boost the small and micro enterprises sector, the Government of India launched a special financial scheme exclusively for this sector in 2015. This flagship scheme is called Pradhan Mantri Mudra Yojana scheme (PMMY) and is offered by Axis Bank under the Mudra Loan product. The main objective of this scheme is to offer financial assistance to the non-corporate sector engaged in manufacturing, trading and service business. It also offers funding to the allied agricultural activities sector. More details on the loan can be found below.
About Axis Bank Mudra Loan
Mudra stands for Micro Units Development & Refinance Agency Ltd. It is a financial institution set up by the Government of India for developing and offering financial support to micro units. This initiative was announced in the Union Budget of FY 2016 by the Finance Minister. The main objective of Mudra Loan is to provide funds to non-corporate small business sector through various financial institutions like Banks, NBFCs and MFIs.
Mudra Loan is a refinancing product and does not provide financing assistance directly to entrepreneurs or individuals. The loan can be availed from the nearest office or banks, NBFCs etc. Mudra Loans should not be taken from middlemen or agents as it is not legal. There is an option to apply online for Mudra loan on Udyamimitra portal. The loan can be utilized by micro units for many purposes of income generation and employment in sectors such as manufacturing, services, retail and agriculture allied activities. PMMY loans sanctioned in the financial year 2018-19 alone was approximately 5.9 crores.
The key features of Axis Bank Mudra Loan are:
The following are the eligibility criteria for applying to Axis Bank Mudra Loan:
The indicative list of documents required for applying to Axis Bank Mudra Loan are:
1. What is Axis Bank Mudra Loan?
Axis Bank Mudra Loan operates under the scheme of Pradhan Mantri Mudra Yojana Scheme wherein non-corporates like small and micro enterprises can receive financial assistance.
2. What are the eligibility criteria to apply for Axis Bank Mudra Loan?
The eligibility criteria for Axis Bank Mudra Loan are:
3. What is the limit of Axis Bank Mudra Loan?
The loan is available to a maximum amount of Rs. 10 lacs.
4. What are the documents required for applying to Axis Bank Mudra Loan?
The following documents are required for applying to Axis Bank Mudra Loan:
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