Once you apply a MUDRA loan, this will be updated in your credit report. And if you apply for another MUDRA loan under another lender, they would know that you had already applied for a MUDRA loan elsewhere. So that lender will most likely not approve your MUDRA loan application. And it is not advised to take two loans at a time because it would become hard to pay interest and EMIs. 

And applying for multiple loans should be avoided because it would cause too many hard inquiries. When you apply for credit, your lender will check your credit report to make sure you are credit responsible. Each time you apply for credit, your credit score will go down by a few points. So if you apply for loans unnecessarily, your credit score will go down. If you want extra cash on your existing loans you can always go for a top up loan. You would have to talk to your lender on needing extra funds.