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Mudra Loan

  1. Introduction:

Pradhan Mantri Mudra Yojana (PMMY) under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by Government of India for development and refinancing activities relating to micro units. It was announced by the Finance Minister while presenting the Union Budget for FY 2016. The purpose of MUDRA is to provide funding to the non corporate small business sector.

  1. Types:

Under the scheme, Pradhan Mantri Mudra Yojana three categories of interventions has been named which includes

  1. Shishu :- Loan up to 50,000
  2. Kishore :- Loan ranging from 50,000 to 5 lakh
  3. Tarun :- Loan above 5 lakh and below 10 lakh

    3. Documents required for Mudra Loan:

  1. Mudra application form
  2. BIL application form
  3. Photo identity proof
  4. Address proof
  5. Establishment proof
  6. Bank statement (last 12 months)
  7. Ownership proof of residence/office
  8. Proof of continuity of business
  9. Proof of qualification
  10. Trade references
  11. Business vintage proof
  12. Income tax return (last 2 years)