Mudra Loan or Mudra Loan Scheme in Bank Of India, 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.
For setting up of new/ upgrading existing Micro business enterprises in the manufacturing, processing, trading and service sector and carrying out activities allied to agriculture, financing to weavers and artisans (income generating activity).
Any individual including women, proprietary concern, partnership firm, private limited company or any other entity are eligible applicant under PMMY loans.
Term Loan and/ or Working Capital up to maximum Rs.10 lakhs under 3 categories Shishu, Kishore & Tarun.
Shishu: Nil & Kishore & Tarun: 15%
9.30% to 10.30%
Primary Security: Hypothecation of all assets acquired out of bank finance & Personal guarantee of promoters/ directors
Collateral Security: NIL
Maximum - 36 months for Demand Loan and 84 months for term loan including moratorium. Interest to be serviced as and when charged.
No requirement of third party guarantee.
Banks may consider charging of upfront fee as per their internal guidelines. The upfront fee/ processing charges for Shishu loans are waived by most banks.
Please contact your nearest branch for getting more details.
Mudra Loan Documents Required in Bank Of India 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)
All eligible activity would be covered under the guarantee cover of NCGTC under 'Credit Guarantee Fund for Micro Units'.
[No collateral security/third party guarantee to be obtained].
2019 February 23 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 March 04 is a bank holiday in Andaman And Nicobar Island due to Maha Shivratri.
2019 March 04 is a bank holiday in Chandigarh due to Maha Shivaratri.
2019 March 09 is a bank holiday in Andaman And Nicobar Island due to 2nd Saturday Bank Holiday.
2019 March 20 is a bank holiday in Assam due to Dol Jatra.
2019 March 20 is a bank holiday in Jharkhand due to Holika Dahan.