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].
2018 December 18 is a bank holiday in Meghalaya due to Death Anniversary Of U SoSo Tham.
2018 December 19 is a bank holiday in Goa due to Goa Liberation Day.
2018 December 24 is a bank holiday in Meghalaya due to Christmas Festival.
2018 December 25 is a bank holiday in Andaman And Nicobar Island due to Christmas.
2019 January 01 is a bank holiday in Manipur due to New Year's Day.
2019 January 01 is a bank holiday in Nagaland due to New Year Day.