A MUDRA loan can be borrowed from most of the lending banks and NBFCs in India. Pradhan Mantri MUDRA Yojana (PMMY) is a scheme that was launched to provide loans up to Rs. 10 lakhs to the non-corporate, non-farm small/micro enterprises. You can borrow MUDRA loans from any lending institution that provides the same or you can apply online through the portal provided on the official MUDRA website.
You can apply for a MUDRA loan by following these steps
- Register on MUDRA’s official website
- Choose a hand holding support, where the applicant can choose to be guided through the process of applying
- Fill up an application form
- Apply to preferred lenders
You would have to prepare a business plan and should have required documents. The financial institution where you applied the loan from will process the MUDRA loan application as per their terms and conditions. If your application is processed, you will be sanctioned the loan and be provided with a MUDRA card.
Additional Reading: Can loans under Mudra Yojana be availed for taking commercial vehicle?