Mudra Loan Scheme
Mudra Loan or Mudra Loan Scheme in Andhra Bank, Eligibility, Document Required, Interest Rate & How to apply?: Government of India has launched Pradhan Mantri Mudra Yojana (PMMY) on 8th April 2015 with a concept of 'funding the unfunded' micro enterprises in the country. It is government's finance scheme to provide business loan to new or existing micro or small scales businesses from rural areas in India.
Mudra Loan Purpose Andhra Bank
To extend MUDRA Loans for following purposes:
- Loans sanctioned To Non-Farm Sector on or after 08.04.2015
- With Limit up to Rs. 10.00 lakhs
- For Manufacturing, Service and Trading activities
Mudra Loan Eligibility Andhra Bank
Mudra Loan Eligibility in Andhra Bank is mentioned below in full detail
- Applicant must be Indian Citizen, above 18 years old.
- All non-farm enterprises under Micro Enterprises and Small Enterprises segment
- Now allied agriculture activities have also been included under PMMY scheme w.e.f. 01.04.2016
- The applicant should be engaged in income generating activities
- The applicant should be engaged in manufacturing, trading and services
- The applicant should have credit needs up to Rs.10.00 lakhs
- The borrowers must be any of the following list:
- Any individual including women
- Proprietorship
- Partnership firms
- Company
- Association of persons (AOP)
- Limited Liability Partnership (LLP)
Mudra Loan Amount Andhra Bank
Rs. 50,000 to Rs. 10 lakh
Credit Facility
- Cash Credit - For meeting the Working Capital Requirement of the Business Unit
- Term Loan - For meeting different purposes that require longer loan tenure
Mudra Loan Margin
Margin will be taken is based on the policy framework of the bank, depending upon overall guidelines of RBI in this regard. Banks may not insist for margin for Shishu loans.
Further, margin depends upon activity of finance. Please contact your nearest bank branch for more details.
Mudra Loan Interest Rate Andhra Bank
Shishu Category
Interest Rate: MCLR i.e. 8.40%
Kishore & Tarun Categories
Interest Rate: MCLR + 1.80% p.a. + TP* i.e. 10.45% to 10.70%
* TP of 0.25 % is applicable for TLs with repayment period (including gestation period) above 36 months and up to 60 months and 0.50% for TLs with repayment period (including gestation period) of above 60 months.
Security for Mudra Loan
Collateral Security- Nil.
Mudra Loan Tenure Andhra Bank
1 year to 5 years
Guarantee
Nil
Mudra Loan Processing Charges
Shishu Category
Waived
Kishore & Tarun Categories
50% concession on applicable Processing/ Upfront fee
Mudra Loan Documents Required Andhra Bank
Mudra Loan Documents Required in Andhra Bank are mentioned below infull detail.
CHECK LIST: (The check list is only indicative and not exhaustive and depending upon the local requirements at different places addition could be made as per necessity)
- Proof of Identity: Self certified copy of Voter's ID card / Driving License / PAN Card / Aadhar Card/Passport.
- Proof of Address: Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter's ID card, Aadhar Card & Passport of Proprietor/Partners/Directors.
- Proof of SC/ST/OBC/Minority.
- Proof of Identity/ Address of the Business Enterprise: Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity and address of business unit.
- Applicant should not be defaulter in any Bank/Financial institution.
- Statement of accounts (for the last six months), from the existing banker, if any.
- Last two years balance sheets of the units along with income tax/sales tax return etc. (Applicable for all cases from Rs.2 Lacs and above).
- Projected balance sheets for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lacs and above).
- Sales achieved during the current financial year up to the date of submission of application.
- Project report (for the proposed project) containing details of technical & economic viability.
- Memorandum and articles of association of the company/Partnership Deed of Partners etc.
- In absence of third party guarantee, Asset & Liability statement from the borrower including Directors & Partners may be sought to know the net-worth.
- Photos (two copies) of Proprietor/ Partners/ Directors.
