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The processing time for MUDRA loans depends on the category under which you’re applying. Shishu loans up to Rs. 50,000 are processed quicker than the other two categories. You can expect the loan amount to reach you within 7 - 10 days of submitting the application.
The PMMY (Pradhan Mantri MUDRA Yojana) was introduced in April 2015 to help businesses and self-employed individuals avail loans at attractive interest rates. The first step to securing MUDRA loans is to check your eligibility. Once you have verified that you’re eligible, you can follow the steps listed below to secure the loan.
The maximum loan amount one can borrow under the MUDRA scheme is up to Rs. 10 lakhs and with a maximum repayment tenure of 5 years. The MUDRA scheme offers refinance support to banks and NBFCs that offer loans to MSMEs under the Pradhan Mantri MUDRA Yojana.
The PMMY (Pradhan Mantri MUDRA Yojana) was launched in April 2015 by the Honorable Prime Minister of India. The aim of the MUDRA loans is to help micro, small and medium enterprises access formal loans quickly and easily. Eligible business owners and self-employed individuals can avail loans up to Rs. 10 lakhs under the PMMY.
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.
MUDRA loans are provided to people who are looking forward to starting activities in the food product sector like papad making, achaar making, jam/jelly making, agricultural produce preservation at rural levels.
The turnaround time for processing and disbursing the Shishu loans is 7-10 days. For the other two categories of MUDRA loans, Kishore and Tarun, the processing period is different from lender to lender.
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
Any Indian citizen who has business plans for a non-farming sector income generating activity in manufacturing sectors or in the service sectors. Since goat farming will come under the farming sector, you might not be able to avail a MUDRA loan. But there are government backed schemes that provide funds to farmers for their goat farming activities. To encourage farmers, the central and state governments are providing loans and subsidies to start goat farming.
Individuals who are in need of funds for activities allied to agriculture are eligible for a MUDRA loan. Activities allied to agriculture are
The MUDRA scheme provides loans for vendors, traders, shopkeepers and other service sector activities. So if you are in need of funds for your hardware shop you can avail a loan under the MUDRA scheme. MUDRA schemes provide funds of up to Rs. 10 lakhs. According to the amount you need you can choose your MUDRA loan scheme categories: Shishu, Kishore or Tarun.
If you are an Indian citizen having a business plan for a non-farm income generating activity, you are eligible for a MUDRA loan. The manufacturing sector or the service sector needing loans up to Rs. 10 lakhs can get a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The age limit for applying for a MUDRA loan is between 23 and 28 years. The applicant should not be more than 65 years of age, when the loan matures. There might be terms and conditions that your lender would want you to follow.
Before applying for a MUDRA loan, it’s always better to check the eligibility criteria with as many lenders as you can. After checking, apply for the loan with the lender who can provide you with the best loan offer and fits your eligibility. If at all your loan proposal gets rejected, you can figure out why and work towards correcting what went wrong. For example, if your credit score is not what your lender expects, you can try to improve your score.
Indian citizens having a business plan for a non-farm income generating activity is eligible for a MUDRA loan. Businesses from the manufacturing sector or the service sector with loan need up to Rs. 10 lakhs can approach their respective lenders for availing a MUDRA loan under the Pradhan Mantri MUDRA Yojana(PMMY). While the age limit set for applying for a MUDRA loan is between 23 and 28 years, the person should not be more than 65 years of age when the loan matures. The terms and conditions of your lender would have to be followed for availing a loan under PMMY.
There are several banks that provide MUDRA loans all across the country. Your MUDRA loan offer will depend on your lenders flexibility. If you have been a previous customer of the bank from where you are seeking a MUDRA loan, you will be able to negotiate lower interest rates and tenures. But your credit score will play an important role in getting the best offers. That is why having a good credit score is essential.
Indian citizens who have business plans for any non-farm income generating activities are eligible for a MUDRA loan. Manufacturing sectors and service sectors needing credit up to Rs. 10 lakhs can approach either a bank or an NBFC for availing a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The eligibility criteria set by your lender would also have to be followed to qualify for the loan.
Anyone who needs a MUDRA loan can approach a bank, NBFC or an MFI directly and apply for the loan. Borrowers also have the option of applying through an online portal. You would need to have your necessary documents ready before approaching your lender for applying for a loan.
Mudra loan is a Government of India undertaking, which was started to provide financial support to small businesses in the country. Under this scheme, loans are provided by banks to non-corporate, non-farm sectors whose credit needs are upto Rs. 10,00,000.
Mudra loan is a Government of India undertaking, which was started to provide financial support to small businesses in the country.
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