Bajaj Finserv Mudra Loan

What is Mudra Loan?

Pradhan Mantri Mudra Yojana (PMMY) has launched a funding scheme that offers assistance to non-farm income producing companies in the manufacturing and services sector. The credit requirement of these entities does not cross Rs. 10 lacs. The Mudra Loan is refinancing assistance offered by banks, NBFCs, MFIs and such other institutions. There are 27 public sector banks, 17 private sector banks and 25 Micro Finance Institutions that offer this loan on the basis of eligibility criteria.

Mudra Loan Yojana Schemes

Mudra Loan offers different loans under various schemes to suit different needs.

• Credit for Micro Business:  The main objective of this scheme is increasing the general population into the business segment. The loan under this scheme offers assistance to the textile sector, food producing and land transport.
• Women Enterprise Programme: This scheme is targeted to help women entrepreneurs and funds are provided at affordable interest rates with a concession up to 0.25%.
• Refinance scheme for banks: Under this scheme, banks are refinanced for loans up to Rs. 10 lacs that have been extended to MSMEs in the manufacturing and service sector.
• Mudra Card: A Debit card related to Mudra Loan is issued. The beneficiaries are able to access working capital, withdraw cash from ATMs and make payments.
• Equipment Finance Scheme: This scheme specifically helps the MSMEs to expand their operations and purchase quality equipment. The micro business units are able to increase their production and continue to make their businesses more sustainable.

Bajaj Finserv Mudra Loan – Features

Bajaj Finserv Mudra Loan is available to non-farming and non-corporate micro and small enterprises. Some of the key highlights of this loan are:

• The maximum loan amount that can be availed is Rs. 10 lacs.
• Both new and existing enterprises can apply for Bajaj Finserv Mudra Loan.
• The repayment period varies between 3 and 5 years.
• There are different categories of loan amount:

• There is no processing fee for loans under the categories of Shishu and Kishore. However, under the category of Tarun, 0.5% of the loan amount is charged as processing fee.
• The interest rate of the loan varies on the type of loan taken.

Bajaj Finserv Mudra Loan – Eligibility

The eligibility criteria for Bajaj Finserv Mudra Loan are:

• Small manufacturers
• Artisans
• Fruits and vegetables vendors
• Shopkeepers
• Agricultural business-like livestock, poultry etc.

Bajaj Finserv Mudra Loan - Documents Required

In order to apply for Bajaj Finserv Mudra Loan, the following documents are required to be submitted:

• Self-attested photocopies of:
• Aadhaar card
• PAN
• Voter’s ID
• Driving License
• Passport
• Valid photo ID card issued by a Government employer

Proof of address documents required for MUDRA loan include:

• Utility bill (electricity, telephone, water, gas, post-paid mobile phone, property tax)
• Aadhaar card
• Passport
• Voter’s ID
• Bank passbook or latest bank account statement attested by officials.
• Domicile certificate or certificate issued by a local government body (Municipality, Gram Panchayat, etc.)

Proof of business documents for MUDRA loan:

• Certificate, license, registration, or any other documents confirming the business existence, address, and ownership.
• Other MUDRA loan documents required
• Photos of the business owners, partners, etc.
• Proof of SC, ST, OBC, etc.
• Balance sheet of last 2 years
• Income/sales tax returns
• Bank account statements
• Partnership deed or memorandum and articles of association
• Sales made during the current FY and up to the loan application filing
• Estimated balance sheet for 1 year or for the loan tenor
• Business report certifying economic and technical viability of the business

FAQs