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Mudra is a refinancing scheme, offered to banks and microfinancing institutions. This scheme is an entirely-owned subsidiary of SIDBI and provides banks and microfinancing institutions with refinancing facilities against the loans they have provided to small businesses to promote the development of these micro-units. This scheme is primarily aimed at MSME units across the country. It was established with the sole purpose of funding and saving small entrepreneurs from abuse by money lenders and helping 1.5 crore new entrepreneurs in developing small businesses.
The Mudra scheme offers loans that do not need collateral. Under this arrangement, there is no fixed rate of interest on the loans availed. Interest is charged at the base rate plus 1–7%. This can also be higher, depending on the risk involved and the profile of the customer.
Loans of up to Rs.10 lakhs are available through Commercial Banks, RRBS, Cooperative Banks, NBFC, MFI, etc. to eligible companies. The borrowers can approach nearby branches of the lending institutions or apply online for loans under the MUDRA scheme.
The MUDRA scheme has been a boon to the MSME sector by giving collateral free financing to these budding enterprises.
About How To Apply For Mudra Loan Online
There are two ways to apply for a MUDRA Loan:
Offline through the Bank or Financial Institution where you want to avail the loan from. You fill in the details on a paper form and submit the documents physically at your nearest branch.
Online on the Udyami Mitra Portal / Mudra Mitra Portal or the official websites of banks and NBFCs offering this scheme. You fill in the details and upload the documents online.
This article will talk about online application for MUDRA Loan.
Online application for MUDRA Loans
As stated earlier, there are 3 different schemes under the MUDRA Loan. You need to determine which scheme you will be applying under, before you start the application process. Based on the loan amount, you can choose the category under which the loan will be processed – Shishu, Kishor or Tarun. Keep all the necessary documents ready before starting the application process (For the list of necessary documents, refer to the “List of Required Documents” section below)
Step 1: Business Information
Step 2: Background Information of Proprietors / Directors
Step 3: Names of Associate Concerns and Nature of Association; Banking/Credit Facilities Existing; Credit Facilities Proposed
Step 4: Future Estimates; In case of working capital: Basis of cash credit limit applied; In case of term loan requirements: details of machinery/equipment
Step 5: Status regarding statutory obligations; Document attachments; Preferred Lender
Step 6: Declaration and the Submit button
Upon submission of the documents, the bank will verify the documents. Shishu loans are usually disbursed within 7-10 days. Kishor and Tarun loan turnaround time varies based on the lender.
Once you are deemed eligible by the bank to secure a loan under the Mudra Scheme, the loan is disbursed in the form of a pre-loaded Mudra Card that comes personalized with your name on it. This is a RuPay debit card that is attached to the Pradhan Mantri Jan Dhan Yojana Savings Account and allows you to conveniently withdraw from any ATM when purchasing for your business. The cash withdrawal limit is set at Rs. 25,000 per day and includes cash credit and current deposit accounts as well.
Some pointers to help you fill in the MUDRA Loan application form
1. Is Mudra loan available in all the banks in India?
Yes, they are offered by almost every private sector and public sector bank and a few NBFCs in India.
2. What is MUDRA Card?
MUDRA Card is a creative credit product that allows the borrower to make free and easy use of credit. Since MUDRA Card would be a RuPay debit card, it can be used to draw cash from ATMs or Business Correspondents or to make transactions using Point of Sale (POS) computer. There is also the facility to repay the sum, when and when excess cash is available, thereby reducing the interest costs.
3. Can MUDRA Cards be used in ATMs?
Yes, MUDRA beneficiaries are issued a Rupay card for their day to cash needs, within the limit allocated in their loans. It allows you to conveniently withdraw from any ATM when purchasing for your business. The cash withdrawal limit is set at Rs. 25,000 per day and includes cash credit and current deposit accounts as well.
4. What is the rate of interest charged by MUDRA?
Interest rates are deregulated, and banks have been told under the overall RBI guidelines to charge fair interest rates.
5. What are the activities covered under MUDRA?
All activities including Manufacturing, Trading & services along with Allied Agriculture activities (Non-Farming) are covered under MUDRA.
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Mudra Loan Application Form
Mudra Loan Documents
Mudra Loan Eligibility
Mudra Loan Interest Rates
Project Report Under Mudra Loans
SBI Bank Mudra Loan
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