Mr. Narendra Modi, the Prime Minister of India, launched the Pradhan Mantri MUDRA Yojana on 8th April 2015 and MUDRA (Micro Units Development and Refinance Agency Ltd.) loan scheme comes under this. It’s a big effort to help MSMEs. This government scheme’s main target is to finance the small, high-risk businesses. MSMEs, non-farm sectors and non-corporate sectors can avail up to 10 lakhs through this scheme. And to borrow a MUDRA loan, an applicant can approach any lending institution, such as MFIs, Co-operative banks, Commercial Banks, RRBs, Small Finance Banks, and NBFCs like Indifi. Moreover, you can apply online through these platforms.
Also Read: Why to Choose NBFCs Over Banks For A Business Loan In India
You must have a rock-solid business strategy to borrow a MUDRA loan. This loan cannot be taken out for any personal need like purchasing a vehicle or even in case you are a rich business person. Under following cases, a business owner can take out MUDRA loan:
· Workplace renovation
· Overdraft facility
· Agriculture-related activities
· Buying equipment and other resources
· Buying commercial vehicles
· Dropline overdraft
Also Read: Business Loan Denied? Here’s What You Should Do Before Applying
The Businesses Which Can Avail The MUDRA Loan Include:
· Service sector companies
· Self-proprietors
· Micro-manufacturing companies
· Micro industries
· Partnerships
· Vendors (fruits and veggies)
· Repairing stores
· Foodservice businesses
· Truck owners
Also Read: Business Loan Vs. The Line Of Credit
Documents Needed For Availing The MUDRA Loan
· Proof of business address
· Evidence of business identity
· Passport size photographs
· Equipment and other product quotations
· Residential evidence
· Proof of business owner’s identity
Also Read: Best Ways Woman Entrepreneurs In India Can Avail Business Loans
How To Apply For The MUDRA Loan Online
You can apply online for the MUDRA loan by visiting its or registered bank or any NBFC’s official website. The online form is available on the website. You just need to fill the application form, be it for the Shishu loan, Tarun loan, or Kishor loan. First, download the application form. Applying for the MUDRA loan online is really convenient as this avoids all the hassles of visiting the lender personally, waiting in the queue, and then borrowing the loan application form. Here are steps to follow to apply for the MUDRA loan online:
1. Choose the lending institution.
2. Download the application form.
3. Fill all the details precisely.
4. Upload all required documents.
5. Finish all formalities by the lending institution.
6. Get the loan approved after this procedure is done.
Also Read: The Steady Rise Of Women Entrepreneurs In India
Types Of MUDRA Loan Available For Small Businesses
Based on the pace of development and growth stage of a business, alongside the financial requirement, these 3 types of MUDRA loans are provided:
1. Shishu loan – Under this scheme, you can borrow up to INR 50,000. This loan is available for people who need lesser finances. It is provided to start-up companies who require funds.
2. Kishor loan – Under this scheme, you can borrow a loan between INR 50,000 and INR 5 lakhs. This loan is perfect for applicants who already have an existing business but require more funds for development. The rate of interest depends on the lender. Personal credit is important for this loan for deciding the interest rate. The lender also decides the payback period.
3. Tarun loan – Under this scheme, you can borrow a loan from INR 5 lakhs to INR 10 lakhs. This loan provides the highest amount considered to businesses under the MUDRA scheme. It is offered to businesses which are already established but require funds for maximization. The credit history is important in deciding the payback duration and rate of interest.
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Repayment Tenure for MUDRA Loan
Applicants will get the loan amount for the duration of 5 years. He/she can pay the lender through installments. The installment process is easy as rates of interest are low. Hence, a MUDRA loan helps small businesses to develop without putting much pressure and hassles to their regular routine and funds.
In case you are seeking a higher amount of funds with an easy borrowing encounter, choose a business loan from Indifi which is particularly crafted for your SME. We offer custom solutions to clients to ease the application procedure and access to immediate business finances.
Mohammed harun
Lonan
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
Manoj Meena
Dear sir me ek village se hu or rojgar ki talash Kar raha hu ek Mene chhota Sha bijnens khola dodh DEARe ka or use badane ke liye lon jarorat hai Kya mujhe mudra lon mil Shakta hai please call me my mo Na 9981249724 mp
indifi
Sir, hum Mudra loan nhi dete, lekin agar app apne business ko badana chahte h toh aapko hum business loan de sakte h. Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.
Thank You
Sunil patil
I want lone for growth for my business
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
Sunil patil
I want loan for my busines growth so please help me
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
AMRUL KAYESH KHAN
MUDRA LOAN
indifi
Sorry, Sir, We don’t provide Mudra loan, but if in case you are looking for a business loan, you can visit our website https://www.indifi.com/ and fill the application form. Our customer care executive will contact you for further queries and documents.
indifi
Sorry, Sir, We don’t provide Mudra loan, but if in case you are looking for a business loan, you can visit our website https://www.indifi.com/ and fill the application form. Our customer care executive will contact you for further queries and documents.
indifi
Sir, hum Mudra loan nhi dete, lekin agar app apne business ko badana chahte h toh aapko hum business loan de sakte h. Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.
indifi
Sir, hum Mudra loan nhi dete, lekin agar app apne business ko badana chahte h Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.
Ashish Awadhiya
Sir ples business progress to the lone reqwrement
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
indifi
Sir, visit our online website and fill the online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
Govind
Lons200000
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
indifi
Sir, visit our online website and fill the online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
Rubesh Kumar
Loan chahiye
indifi
app apne business ko badana chahte h toh aapko hum business loan de sakte h. Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.
Rubesh Kumar
Mudra loan chahiye
indifi
Sir, hum Mudra loan nhi dete, lekin agar app apne business ko badana chahte h toh aapko hum business loan de sakte h. Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.
Rohit mehrotra
Plzzzz ur contact no in kanpur u.p
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
ANJANI KUMAR TIWARI
Mujhe loan chahiye proparti par business krne ke liye kya mujhe mudra loan mil skta h
ANJANI KUMAR TIWARI
300000
indifi
Sir, you can apply for a business loan through our online application form on https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
indifi
Sir, Visit our website https://www.indifi.com/
After filling the form our customer care executive will contact you for further queries and documents.
indifi
Sir, hum Mudra loan nhi dete, lekin agar app apne business ko badana chahte h bina koi property dikha kar toh aapko hum business loan de sakte h. Uske lie hamari website pe jaiye https://www.indifi.com/ or application form bhairie, hamari taraf se apko call ayega, jab aap woh form bharoge.