MUDRA - Micro Units Development and Refinance Agency Limited
The launch of Pradhan Mantri MUDRA Loan Scheme in April 2015, aims to provide Collateral-free Loans upto Rs. 10 Lakhs to small businesses engaged in economic activities like retail, manufacturing, trading etc.
TYPES OF MUDRA LOAN
Procedure for application of Mudra
- Loan applicant must be an Indian Citizen
- Loan can be availed only for micro or small scales businesses from rural areas.
- Loans can be availed by non-farm income-generating businesses in trading, manufacturing and services.
- Loan amount should be quoted under the maximum limit Rs. 10,00,000/-
- Identity proof, Residence proof, and Business address proof
- Income Tax Returns and Financial Statements of last three years
- Written proposal of Company or Partnership Deed
- Latest Assets and Liabilities statement and income tax returns of promoters and Guarantors.
- Rental agreement (if any)
- Registration forms of SSI/MSME, if applicable.
- Projected Financial Statements for the coming two, for cases involving Rs. 2 lakhs and above.
Benefits of Attaining MUDRA Loan
- Finance range : Rs. 50, 000 to Rs.10,00,000/-
- No processing fee
- Focus on small and micro level businesses
- Low Interest rates
- By Harshali Ahire