How To Apply for MUDRA Loan with Banks ? – MUDRA loan is the new financing scheme launched by prime Minister Sri Narendra Modi for financing collateral/Security or Guarantee free loan up to Rs 10 lacs for various Non Corporate / non agriculture sector. This scheme is launched purely keeping in mind the small sector/House hold business.
There are many confusion among people about applying of loan with banks. Similarly confusion are also with Banks officer about different categories of loan to be financed. The simplest way to know about the various process of applying the MUDRA loan with different banking institution are listed here below :
For Bankers or Loan officers : Check out this link for various categories and process to finance the MUDRA Loan Click Here
Procedure for Applying MUDRA Loan
- Eligibility of Loan under MUDRA : All the applicant who are needed loan for non-farm income generating activities in manufacturing, trading and services with credit need of less than Rs.10 lacs.
- Where to Apply for MUDRA Loan : Any of the Public Sector Banks, Regional Rural Banks, State Cooperative Banks and Urban Co-operative Banks, MFI and NBFCs
- Application Form : Collect application form from requested bank for different categories of loan applied.
The procedure and formalities are very simple for loan of any categories . The Rate of interest is Base rate of the bank for the Shishu Categories loan up to Rs 50,000/- The different categories of loan are :
- SHISHU – covering loans up to Rs 50,000/-
- KISHOR – covering loans above Rs 50,000/- and up to Rs 5 lakh
- TARUN – covering loans above Rs 5 lakh and up to Rs 10 lakh
MUDRA Card : An ATM card will be given with limit of Max Rs 25,000 which can be used at any of the ATM center in India.