Pradhan Mantri Mudra Yojna (PMMY) is launched by the government of India to support MSMEs and budding entrepreneurs. MUDRA stands for the Micro Units Development and Refinance Agency. Introduced by the honorable Prime Minister Narendra Modi on 8 April 2015 a loan that can serve the financial needs of businesses that are in manufacturing, servicing, retail and agriculture-allied activities.
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Age: The minimum age to apply for the mudra loan is 18 years and the maximum age for the same is 65 years.
Loan amount: The scheme approves loan amount up to Rs. 10 lakh.
Eligible business entities: Startups, Artisans, shopkeepers, vendors, manufacturers, MSMEs, Retailers, and Individuals.
Citizenship: The borrower should be an Indian citizen with no criminal record.
Eligible enterprises: Private and public companies, proprietorship (sole or partnership), LLPs, NGOs, Cooperative societies, and Trusts.
Availed by: Non-farm enterprises, businesses engaged in trading, manufacturing, and servicing domains.
Applicants: No previous experience as a defaulter from banks or NBFCs.
Documents Required
Submit the following documents along with the application form.
1. Identity Proof (Self-attested copy): Voter ID, Driving License, PAN Card, Aadhar Card, Passport.
2. Residence Proof: Telephone bill, electricity bill, VoterID, property tax report (previous two months), Passport, proprietor bank statement of (proprietor, partner), Domicile certificate, any certificate issued by the government authority including local panchayat, municipality, etc.
3. Recent photograph
4. Quotation of the machinery
5. Supplier name, machinery details, price, and items that are to be purchased.
6. Proof of the address and identity of business enterprises.
7. Proof the category (SC, ST, OBC, etc.)
Follow these tips to improve your Mudra Loan Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
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The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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