The Pradhan Mantri Mudra Yojana (PMMY) was launched by our honorable prime minister Shri Narendra Modi on 8th april 2015:
Any Citizen of our country aged between 18 and 60 years, having a business plan for income-generating activity, can apply for MUDRA loan. The loan proposal should be for setting up a new/upgrading an existing Micro business enterprise in the manufacturing, processing, trading and service sector. Existing customers of any Public Sector Bank maintaining Saving Bank or Current Account (Individual), can easily avail MUDRA loan amount up to Rs. 50,000 online on their official website or by clicking on Bank’s Mobile App. No collateral is required for these loans. The Mudra loan scheme is the best government scheme that offers loans to any entrepreneurs or existing Businessmen for businesses without ITR. The scheme has three products under it:
- Shishu: Offers loan up to Rs.50000 to individuals that are looking to start a new business or are in the early stages of operation.
- Kishore: Offers loan up to Rs. 5 lakh for established businesses looking for additional financing for expansion.
- Tarun: Offer loan up to Rs. 10 lakh to fully established businesses.
Documents Required to get instant loan through Bank’s App or their site of State Bank of India, Punjab National Bank, Union Bank of India, Canara Bank, Bank of Baroda, Bank of India, Central Bank of India, etc.
- Valid photo identity proof.
- Current address proof.
- Proof of income – Latest ITR Financial Docs of Income.
- Last 6 months Bank statement.
- Loan application form.
- Ownership proof of residence/office.
- Proof of continuity of business.
- Trade references.
We are here to guide and support you for instant credit of MUDRA Loan by your preferred Bank. Contact us for any help.