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. SishuLoans 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 |
|
| Business Instalment Loan |
|
| Business Loans Group and Rural Business Credit |
|
| 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 |