The age limit to apply for MUDRA loans varies from one bank to another. The general guideline is that the minimum age to apply for a Mudra loan is 18 years at the time of loan application and the maximum age is up to 65 years at the time of loan maturity. However, applicants should check with their preferred bank or lending institution before submitting the application.
MUDRA Loans are offered to Individuals/MSMEs engaged in non-farm entrepreneurial activities; This includes, manufacturing, trading and service enterprises including professionals rendering services across the country. The business setup could be in rural, semi-urban, urban or metro centres.
With a MUDRA loan, you will be able to get collateral-free loans of up to Rs.10 lakhs.
- Shishu scheme - Loan up to Rs.50,000
- Kishore scheme - Loan from Rs.50,000 to Rs.5 lakhs
- Tarun scheme - Loan from Rs.5 lakhs to Rs.10 lakhs
Additional Read: Mudra Loan Eligibility