Mudra Loan How To Apply

Mudra Loan How To Apply

Mudra loans are like other business mudra loan how to apply and provided to the MSME (Micro Small Medium Enterprises) sector to reduce the difficulties associated with a liquidity crisis. By connecting with various banks and other financial institutes. These loans are microloans and easily and quickly available and widely accessible. The mudra loan is provided under the scheme Pradhan Mantri Mudra Yojana (PMMY). The loans under this plan can be classified into three types based on the phase of a company’s development and the amount of loan required by the borrower. The maximum loan amount available under the PMMY is Rs. 100,000.

Mudra Loans cannot be taken for personal needs, and you must have a genuine business plan before applying for the loan.  

Anyone can apply for Mudra Loan online or offline.  

For the online process, you can simply visit the official website of the authorized banks. You must fill in the online application form for either the Shishu, Kishore, or Tarun loan scheme, depending upon your needs and the scale of your operations.

For the offline process, visit a PMMY-authorized bank or NBFC (Non-Banking Financial Company) of your choice, with your business plan. Fill out the Mudra loan application form with the details asked for. Submit the application form along with passport-size photographs and required documents. Once all the documents have been verified successfully, the loan will get sanctioned, and the desired amount will be disbursed to the mentioned bank account.