The MUDRA scheme provides loans to people who are looking forward to starting a business or expanding their business. There are three categories under the MUDRA scheme: Shishu, Kishore and Tarun. Under the Shishu category, people needing funds to start a business can avail a loan. Since they are start ups, lenders might not expect people to submit income proofs. But for the Kishore and Tarun categories, people would already have their businesses established and they would be opting for a higher amount of funds, they would need to submit the proof of business establishment.
The terms and conditions of the documents that are required depend on the lending institute and guidelines of RBI. But the basic documents that will be asked by your lender will be:
- Filled application form of Pradhan Mantri Mudra Yojana and business instalment loan form
- Address proof, ID proof
- Proof of business establishment
- Proof of ownership of the company
- Proof of business continuity
- Last 6 months bank statements
- Proof of qualification