Pradhan Mantri MUDRA Yojana is a scheme launched by the government to provide funding through all public and private sector banks for entrepreneurs. You can get up to Rs. 10 Lakhs under this loan scheme based on eligibility. MUDRA stands for Micro Units Development and Refinance Agency Ltd and is a Non-Banking Financial Corporation. MUDRA does not provide the loan directly to the micro entrepreneurs and individuals; the loan is provided through banks and Micro Finance Institutions (MFIs).
All small manufacturers, artisan, fruits and vegetable dealers, shopkeepers, people engagement in agriculture and allied activities, women entrepreneurs, micro units etc., are eligible to apply for this loan from any bank and MFIs. The individuals can directly visit the bank and seek the help of the bank’s executives to apply for the loan. You may have to carry the relevant documents while applying for the loan.
You can also apply online at the portal that is exclusively designed for MUDRA Yojana. You may have to register on the website by entering your personal details, contact details, loan amount, business plan, loan scheme etc., to apply for the loan. After you have successfully applied, the status of your approval will be declared to you personally or at the official website. Apart from the above-mentioned website, you can also apply directly at the bank’s website for the loan.
There are three plans under MUDRA scheme which provide different loan amount based on eligibility. The schemes are: Shishu- up to Rs. 50,000, Kishor- above Rs. 50,000 and up to Rs. 5 Lakhs, and Tarun- above Rs. 5 Lakhs and up to Rs. 10 Lakhs.
If you are looking for a business loan, check your eligibility at CreditMantri.