Mudra Loan : Documents required and Procedures

The Pradhan Mantri MUDRA Yojana (PMMY) provides loans up to Rs.10 Lakh to micro and small enterprises of non-corporate, non-farming origin. Borrowers will require specific MUDRA loan documents for availing the following loan schemes:

Types of Mudra Loan

1. Sishu
Loans up to Rs.50,000 for those that are starting their business or are in its initial stages.
2. Kishor
Loan up to Rs.5 Lakh for those that have an established business and are looking to expand it.
3. Tarun
Loans up to Rs.10 lakhs to those that satisfy specific eligibility criteria.

Eligibility Criteria
Indian citizens who have their own business plans for service sector activities, or trading or manufacturing activities and require amounts of up to Rs.10 lakh can apply for MUDRA loans.
Kinds of business components that can avail the MUDRA loan:

  • Self-proprietors, Partnerships
  • Micro manufacturing firms,Service sector firms
  • Owners of trucks, Foodservice businesses
  • Vendors (fruits and vegetables),Shops etc

What are the documents required for MUDRA loans?

Proof of identity
The MUDRA loan documents list includes self-attested photocopies of:
• Aadhaar card
• PAN
• Voter’s ID
• Driving License
• Passport
• Valid photo ID card issued by a Government employer

Proof of address
Proof of address documents required for MUDRA loan include:
• Utility bill (electricity, telephone, water, gas, post-paid mobile phone, property tax)
• Aadhaar card
• Passport
• Voter’s ID
• Bank passbook or latest bank account statement attested by officials.
• Domicile certificate or certificate issued by a local government body (Municipality, Gram Panchayat, etc.)

Proof of business
Proof of business documents for MUDRA loan:
• Certificate, license, registration, or any other documents confirming the business existence, address, and ownership.

Type of loan Documentation
Vehicle Loans
  • Mudra application form
  • Loan application form
  • Income proof
  • 2 passport-size colour photographs
  • Photo Identity proof
  • Address proof
  • Bank statement for the last 6 months
Business Instalment Loan
  • Mudra application form
  • Address proof
  • 2 years’ ITR
  • CA certified financials
  • Photo identity proof
  • Bank statement for the last 6 months
  • BIL application form
  • Proof of qualification
  • Establishment proof
  • Ownership proof of residence or office
  • Proof of business continuity
  • Trade references
Business Loans Group and Rural Business Credit
  • Mudra application form
  • BIL application form
  • Income tax return for the last 2 years
  • Photo identity proof and age proof
  • Address proof
  • Bank statement for the last 12 months
  • Business vintage proof
  • Ownership proof of residence or office

Bank Interest Rate Processing Fee Loan Amount Tenure
HDFC Bank 10.99% to 20.70% Up to 1.5% Maximum INR 15 lakhs 1 to 5 years
ICICI Bank 10.99% to 17.99% 2.25% Maximum INR 20 lakhs 1 to 5 years
Oriental Bank of Commerce 10.65% to 11.65% 0.5% INR 50,000 to INR 10 lakhs 1 to 5 years

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