Looking for a business loan? We got you covered. You can apply for mudra loan online and get upto 10 lakhs with no collateral. This is now made possible with Pradhan Mantri Mudra Yojana (PMMY) Micro Units Development & Refinance Agency Limited, or MUDRA, a scheme launched to provide loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as Mudra loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs.
There are 3 eligibility categories for mudra loans under the PMMY scheme:
1)Shishu - covering loans upto Rs 50,000 to start your business.
2)Kishor- covering loans above Rs 50,000 and upto Rs 5 lakh for your existing business
3)Tarun- covering loans above Rs 5 lakh and upto Rs 10 lakh which is for your extension of your business.
You can now avail this loan by visiting the bank nearest to you or you can apply online here:
https://web.umang.gov.in/landing/department/pradhan-mantri-mudra-yojna-pmmy.html
Documents you need to apply for the mudra loan under the PMMY are Bank statements, Identity Proof, Educational Qualification. But to avail loans under the schemes Kishor and Tarun you need to submit documents such as your Balance sheet of past two years along with a projected balance sheet of the upcoming year.
Did you know about this PMMY scheme? Let us know in the comments section below.
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