Information About How To Get MUDRA Loan

The loan under the Pradhan Mantri MUDRA Yojana, commonly called as MUDRA Loan, is provided under three schemes – Shishu: Loans up to Rs 50,000; Kishor: Loans from Rs 50,000 to Rs. 5 lakh and Tarun: Loans from Rs 5 lakh to Rs 10 lakh. There is no processing fee or collateral requirement for obtaining MUDRA loan. The borrower has to move a bank branch or financial institution that provides the MUDRA Loan. The borrower has to submit his/her (i) identity proof like PAN/driving license, Aadhaar Card, passport etc, (ii) proof of address like recent telephone bill, electricity bill or property tax receipt, etc (iii) proof of identity/address of the business enterprise like copies of relevant licenses/registration and other documents pertaining to ownership, identity and address of the business unit, (iv) proof of category like SC, ST, OBC, MOBC, minority, if applicable, (v) statements of bank accounts for the last six months, (vi) report of the proposed project containing details of technical and economic viability and (vii) his/her photo copy not more than six months old.

After verification of the statements made in the application form, MUDRA loan takes two to 15 days to be processed and disbursed from the date of application.

Also Read: RBI cautions government over non-performing assets (NPA) spike in MUDRA loans

Also Watch: Man accused of raping minor in Nagaon garlanded with shoes | The Sentinel News | Assam News