Mudra loan for small business

The basic eligibility criteria for Mudra Loans are

• Indian citizens
• Non-farm income generating activities
• Non-corporate entities
• Funds to be invested for business activities
• Small business owners like truck operators, vegetable vendors, shopkeepers, fruit vendors, repair shops, artisans, paper/food processing units etc. are all eligible for Mudra Loans.

On top of the basic criteria set by the government, lending institutions will have their own norms and guidelines for providing loans under the scheme. As such, you need to read the terms and conditions of your particular lender to ascertain the extra eligibility conditions that they might have put in place. You can check sample requirements for the Mudra Loan below

A versatile loan as this has the following criteria to be met in order for the applicant to avail the loan

1. The age of the applicant should be 23 years to 28 years at the time of the loan sanction and should not be more than 65 years at the time of the loan maturity
2. The applicant should have monthly income above INR 17000 or INR 15 lakhs or more as annual turnover. The minimum profit after tax for non-individuals should be INR 1 lakh per year and for proprietorship/self-employed, it is INR 2 lakhs
3. In case of salaried individuals, the minimum occupational stability should be 2 years and business stability should be at least 5 years, with 3 years’ service stability for doctors
4. Applicants either have to have spent a year in the current residence or have a 1 year service relationship with the bank through which they are applying for the loan.

Based on the different options available under the scheme, differing rates of interest and repayment tenures are available for loans availed under Pradhan Mantri Mudra Yojana (Mudra Bank Loan). Aimed to facilitate growth and prosperity of businesses and enterprises in the micro segment, these loans can be very helpful to ease any kind of financial crunches.

So you can take mudra loan. first contact to any bank,prefer to contact the bank where you have your bank account. and ask them about Mudra Loan. 

They will provide you details and  other requirements.

Normally you shpild have-

1) PAN Card

2) Aadhar

3) Photos

4) Registration of firm

5) Two or three year ITR,Computation & Balance Sheet

6) Estimated and projected balance sheet

7) A Short description about your shop or your project.