PM Mudra Loan Eligibility Criteria 2024: Which Bank to approach? Documents Required!
PM Mudra Loan Eligibility Criteria 2024: In today’s world, many people want to make money, and a common option is to go for a government job. But with more people looking for jobs, it’s getting harder to land a government gig. If you’re without work and thinking about making some money, don’t wait. Take action now. Here is the PM Mudra Loan Eligibility Criteria 2024.
The name of this scheme launched by the government is PM Mudra Loan Scheme, under which a large amount of loan is being provided. PM Mudra Loan Scheme run by the Central Government is continuously working to make everyone wealthy, under which a scheme has been launched to help the needy and start non-corporate small enterprises in rural areas. According to this strong scheme, loans up to Rs 10 lakh are being provided to the people, and people have been taking its benefits since 2015.
PM Mudra Loan Eligibility Criteria 2024:
If you’re an Indian citizen with a business idea for a non-farm sector, like making things, trading, or providing services, and you need less than Rs. 10 lakh, you can go to a bank, MFI, or NBFC to get a Mudra loan. It’s open to anyone with a plan to generate income in these areas. In the PM Mudra Loan Scheme, money is being provided category-wise, so that there will not be any difficulties. Under this, you can get a loan of up to Rs 50,000 under the Shishu Loan. If you want to avail the benefits of the Kishore Loan, then you are being provided a loan amount up to Rs 5 lakh.
To get a PM Mudra Loan in India, your eligibility depends on the type of institution you approach. If it’s a bank, there are specific limits based on their approved exposure. For Small Finance Banks, they need to have made a profit in the last two financial years. Urban Cooperative Banks must be listed in the Second Schedule of RBI Act 1934 and should not have faced regulatory issues in the past two years. Non-Banking Finance Companies (NBFCs) need to be registered with RBI and have a profitable track record for at least three years.
PM Mudra Loan Eligibility Criteria 2024: Eligible Member Lending Institution:
Micro Finance Institutions (MFIs) must be registered legal entities with a profitable track record for the past two years. They should have been in the microfinance business for at least three years. The eligibility also considers factors like the number of existing borrowers, capacity assessment grading, internal rating norms, and compliance with RBI guidelines. It’s essential to follow the guidelines and upload necessary data on MUDRA’s Online Portal regularly. These criteria, as of May 12, 2022, are reviewed at least annually.
Eligibility for the Pradhan Mantri Mudra Yojana is open to a variety of borrowers, including individuals, proprietary concerns, partnership firms, private limited companies, public companies, and other legal entities. Applicants must have a clean financial history without any defaults to banks or financial institutions, maintaining a satisfactory credit track record.
For individual borrowers, possessing the necessary skills, experience, and knowledge relevant to their proposed business activity might be required. Additionally, educational qualifications, if needed, are evaluated based on the nature of the proposed activity. These eligibility criteria aim to ensure responsible borrowing and align qualifications with the requirements of the chosen business endeavor.
PM Mudra Loan Eligibility Criteria 2024: Eligible Member Lending Institutions
| Public Sector Banks |
| Private Sector Banks |
| State Operated Cooperative Banks |
| Rural Banks from Regional Sector |
| Micro Finance Institution (MFI) |
| Non-Banking Finance Company (NBFC) |
| Small Finance Banks (SFBs) |
| Other Financial Intermediary |
PM Mudra Loan Eligibility Criteria 2024: How much will the interest be in this Scheme?
With Tarun Loan, loans up to Rs 10 lakh are being provided to people, which is no less than a great gift. You have to apply to get a loan, and there is no fee for the application process. The interest rate may vary from bank to bank, but the official interest rate is 9% to 12% annually.
PM Mudra Loan Eligibility Criteria 2024: How to apply for this Scheme?
Applying for the Pradhan Mantri Mudra Yojana is a simple online process. Gather essential documents like ID proof, address proof, a passport-size photo, and your signature. Visit the official PM MUDRA website and go to the Udyamimitra portal. Click “Mudra Loan Apply Now,” choose your status (New Entrepreneur, Existing Entrepreneur, or Self-employed Professional), and provide basic information.
After successful registration, complete the application by giving personal and professional details. Choose hand-holding agencies if needed, select the loan type (Mudra Shishu, Mudra Kishore, or Mudra Tarun), fill in business details, and attach the required documents. Upon submission, you’ll receive an Application Number for reference, allowing you to track your application status.
PM Mudra Loan Eligibility Criteria 2024: Documents Required for this scheme:
To qualify for the Pradhan Mantri Mudra Yojana in 2024, applicants must submit specific documents based on the loan category. For Shishu Loans, individuals need to provide a self-attested copy of proof of identity, such as a Voter’s ID, Driving Licence, PAN Card, Aadhaar Card, Passport, or government-issued photo ID.
Proof of residence options includes recent utility bills or official documents for the individual or business, along with two recent colored photographs of the applicant. Additionally, quotations for machinery or items to be purchased, specifying supplier details and prices, are required.
Kishore and Tarun Loans necessitate the same documents as Shishu Loans, with the addition of the applicant’s financial statements, projected balance sheets, sales records, and a comprehensive project report outlining technical and economic viability. Applicants mustn’t be defaulters in any financial institution, and in the absence of a third-party guarantee, an asset and liability statement should be submitted to ascertain the net worth of the borrower, including directors and partners.
PM Mudra Loan Eligibility Criteria 2024: Watch and check if you can avail Mudra Loan for your business:
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