Mudra Loan:- This loan is for those people who want to start their business. But they do not have that much money in sufficient quantity, they can take advantage of loan.
Mudra loan is a loan easily available by getting credit from them. It does not require any kind of guarantee. This loan can be taken by a person of any age. Mudra Loan up to a maximum of ₹ 10 lakh will be available.
The government has started the Mudra scheme keeping in mind the economic condition of the people so that people will be able to become self-reliant. The tenure of the loan is 5 years.
There are different types of Mudra loans. Come friends, let us tell you about the types of Mudra loans.
Mudra Loan Types
There are three main types of Mudra loans.
1) Shishu stage loan 2) Kishore stage loan 3) Tarun stage loan
1) Shishu stage Loan:- Shishu Stage Loan is for that beneficiary who want to start their business now. They get Mudra loans of up to 50,000 thousand from the government. This interest rate is charged at the rate of 10% – 20% per annum.
2) Kishor Stage Loan:- Kishor Stage Loan is for the beneficiary who has started the business. When they need money to pursue their business, then they get a loan from 50,000 to 5 lakh by the government. Interest rates differ in different banks.
3) Tarun Stage Loan:- Tarun Stage Loan can be availed by those people who want to buy a house or any place from their business. Then the government gives them a loan of loan from 5 lakh to 10 lakh.
Purpose of Mudra Loan
The main purpose of Mudra loan is that the middle-class people like auto-rickshaw, tractor, 3-wheeler who do not have much money. Those whose financial condition is not good can become self-reliant by taking advantage of this scheme.
This loan is available without any guarantee.
Any person in the country who wants to do his own business can get a loan under Mudra Loan.
No processing fee is also levied while taking this loan.
While taking a Mudra loan. A Mudra card is also available, with the help of which we can withdraw money.
Documents Required for Mudra (Eligibility)
- Passport Size Photo (2)
- Application Form for Application.
- Certificates- Voting Card, Passport, Light Bill and Telephone Bill etc.
- Identity Card- Aadhar Card, Voter Id, Passport and Driving License.
- Business address and bank details of last 6 months.
- Business proof for the sales tax return, registration, and ITR etc.
Who can avail Mudra Loan
- Service sector companies.
- Micro industry workers.
- Owners of tractors and trucks.
- Food-related business.
- Agribusiness (Farmer)
- Commercial Vehicle Owners.
Mudra lending banks
- ICICI Bank
- HDFC Bank
- Andhra Bank
- State bank
- Bank Of Baroda
- Axis Bank
- UCO Bank
- Canara Bank
- Indian Bank
- federal bank
- Kotak Mahindra Bank
Mudra Card:- Mudra card works like a debit card. The bank also gives a Mudra card to the person taking the Mudra card. With the help of a Mudra card, you can withdraw money whenever you want. The bank’s Mudra also gives the password for the card, which only you should know.