Mudra Yojana Scheme for Women

Mudra Yojana Scheme for Women

Mudra Yojana Scheme for Women:

Mudra Yojana Scheme is the most awaited scheme for women launched by Prime Minister Narendra Modi. The objective of the Scheme is to inspire and motivate small and independent entrepreneurs in India.

The Pradhan Mantri MUDRA Loan Yojana was launched in April of 2015 and is now available for small businesses. With Rs. 20,000 crores, the Mudra Yojana Scheme aims to serve 5.77 crore small businesses that are present in a large spectrum of financial activities like manufacturing, retail, trading, etc.

Eligibility Criteria for Mudra Yojana Scheme:

Mudra Yojana Scheme for Women
Image Source: financialexpress.com

To Attain MUDRA Loan from freshly started MUDRA banks, the candidate must be in the eligibility criterion which is different from General Loan availing procedures.

  • The Applicant of the Loan must be an Indian Citizen
  • These loans can be only availed by micro and small scale businesses from villages
  • Proper Identity Proof, Residence Proof along with two sets of Partners/Proprietors/Directors photos
  • The amount of the Loan must be quoted under the maximum limit of Rs. 10 Lakhs

How to Apply for MUDRA Loan?

  • First, the candidate who is interested to apply MUDRA Loan must approach any of the banks listed by the scheme
  • Then, provide your complete business details to the bank, for the bank to categorise your business into one among the three categories determined in the scheme:

    Mudra Yojana Scheme for Women
    Image Source: planmoneytax.com

  1. Shishu Loan: Maximum Loan Amount of Rs. 50,000 would be provided
  2. Kishor Loan: Maximum Loan Amount of Rs. 5 Lakh would be provided
  3. Tarun Loan: Maximum Loan Amount of Rs. 10 Lakh would be provided
  • Then fill the MUDRA Loan Form, along with present opening in the bank
  • The loans provided under this Scheme are collateral free loans

Interest Rates of MUDRA LOAN:

  • 10% to 12 % interests if loan attained under MUDRA SHISHU up to Rs. 50,000
  • 14% to 17% interests if loan attained under MUDRA KISHOR up to Rs. 5,00,000
  • 16% and more interest rates if loan attained under MUDRA TARUN with a 5L to 10L margin

List of Documents required availing MUDRA Loan:

Here is the List of Documents to apply for MUDRA Yojana Scheme:

Mudra Yojana Scheme for Women
Image Source: mudrahome.com
  • Proof of Identity, Residence Proof and establishment proof or business address
  • Last three years Balance Sheets, Sales Tax/ Income Tax returns (if applicable)
  • A Written Proposal or Partner’s Partnership Deed of Company is required
  • Latest Assets and liabilities statement including income tax return of guarantors and promoters
  • A agreement of rent, if the business runs on rent
  • SSI/MSME registration forms, if applicable
  • Projected balance sheet for upcoming 2 years if possessing any working capital limits and projected balance sheet for the term loan period if having loan, for 2 lakhs and above cases

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