Mudra Loan Scheme

Mudra Loan or Mudra Loan Scheme in Kerala Gramin 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 Kerala Gramin Bank

To provide loan 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)

Mudra Loan Eligibility Kerala Gramin Bank

1. Any individual including women
2. Proprietary concern
3. Partnership firm
4. Private limited company or any other entity are eligible applicant under PMMY loans

Mudra Loan Amount Kerala Gramin Bank

1. Shishu: Loans up to Rs.50,000 provided to only startup businesses
2. Kishore: Loans above Rs.50,000 and up to Rs.5 lakh provided to only those businesses that have already started up but need financial aid for establishing
3. Tarun: Loans above 5 lakh and up to Rs.10 lakh provided to only those business that are already established but require funds for expansion

Credit Facility

Cash Credit / Overdraft - To meet Working Capital requirements
Term Loan - To meet capital expenditure including purchase of equipment / furniture or any such business requirements

Mudra Loan Margin

Shishu: Nil & Kishore & Tarun: 15%

Mudra Loan Interest Rate Kerala Gramin Bank

10.50% to 11.50%

Security for Mudra Loan

1. Hypothecation of assets created out of the Bank's finance.
2. No collateral security is required
3. All eligible activity would be covered under the guarantee cover under Credit Guarantee Fund for Micro Units.

Mudra Loan Tenure Kerala Gramin Bank

1. Maximum of 36 months for demand Loans
2. Interest to be serviced as and when charged.
3. Maximum 84 months for term loans (including moratorium period, if any).

Guarantee

No requirement of third party guarantee.

Mudra Loan Processing Charges

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 Kerala Gramin Bank

Mudra Loan Documents Required in Kerala Gramin 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.