Mudra loan eligibility & Procedure

Pradhan Mantri Mudra Yojana is the scheme that is initiated by the Indian Government for the people who wants to start and raise their business. The scheme provides and helps the Indian citizen funds that are differentiated under some conditions and eligibility. Thus for the one who is really interested to know Pradhan Mantri Mudra Yojana Eligibility can go through this piece of article.

Eligibility for Mudra loans:

  • The applicant must be a citizen of India.
  • His/Her income must be nonfarming based.
  • Uncooperative Entities.
  • Mudra Bank loan Yojana is also eligible for Vegetable vendors, truck operators, fruit vendors, shopkeepers, repair shops, paper/food processing units, artisans etc.
  • The funds of Mudra Yojna are especially invested for business.

Eligibility Criteria For Pradhan Mantri Mudra Yojana Documents Required for Pradhan Mantri Mudra Yojana

Vehicle Loans 

  • Mudra application form
  • Vehicle loan application form
  • 2 passport size colour photographs
  • Photo Identity proof
  • Address proof
  • Income proof
  • Bank statement (last 6 months)

Business Installment Loan

  • Mudra application form
  • BIL application form
  • Photo identity proof
  • Address proof
  • Establishment proof
  • Bank statement (last 6 months)
  • Ownership proof of residence/office
  • Proof of continuity of business
  • Proof of qualification
  • Trade references
  • 2 years ITR
  • CA certified financials

Business Loans Group and Rural Business Credit

  • Mudra application Form
  • BIL/RBC application form
  • Photo identity and age proof
  • Address proof
  • Ownership proof of residence/office
  • Business vintage proof
  • Bank statement (last 12 months)
  • Income tax return (last 2 years)

This Yojna provides a loan to various newbie entrepreneurs for multiple purposes such as purchasing machinery, commercial purposes, for business installments loans, renovation of infrastructure.

Pradhan Mantri Mudra Yojana MUDRA Loan: Eligibility & Documents required 

  • Identity proof: Voter ID, Driving licenseAadhar card, PAN card, Passport
  • Address proof: Electricity bill, Aadhar card, Recent telephone bill, property tax, Voter ID, passport etc.
  • Cast certificate
  • Print or photocopy of registration certificates/ relevant licenses/ other documents.
  • Your identity proof and company address proof.
  • You need to provide the balance sheet, IT returns and sales tax returns of the previous 3 years.
  • Provide the loan details that are registered on your company or business name of 2 years balance sheet.
  • If you have to purchase any machinery, provide the details of the Supplier name, Machinery price, and Machinery details.

Few More Eligibility Criteria:

  • The annual income of the applicant must be above INR 17,000 to INR 15 lakhs. After calculating the annual profit, the non-individual should have Rs 1lakh per year and self-employed should get Rs 2 lakh approximately.
  • The age of the applicant must be 23-28 while applying and at the time of loan sanctioned. It must not exceed more than 65 years at the loan maturity time.
  • The applicant must spend at least one year and continue the service with the bank for the application of loan.
  • The one applying for a loan has to show their stability to be eligible. So the salary based individual must be having 2 years of duration, business stability must be 5 years and 3 years of service stability for doctors.

Organizations Eligibility:

The government of India has made criteria for the specific organizations to get participated in the scheme. Well, here the list is given below for the organizations that can participate:

  • Rural banks from regional sector
  • State-operated cooperative banks
  • Banks in the public sector
  • Financial companies other than banks
  • Banks in the private sector
  • Institutions offering microfinance

Each and Every Indian citizen that can meet this eligibility criterion can apply for the scheme. Whether the men or women, all have rights to apply for the loan for a private limited company, proprietary concern, partnership firms, and other entities through the Pradhan Mantri Mudra Yojana scheme.