Mudra Loan Scheme

Mudra Loan or Mudra Loan Scheme in Punjab National 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 Punjab National Bank

Bank provides financial assistance upto Rs.10 lakh to non-farm enterprises for manufacturing, trading and services activities, as well as to Activities allied to Agriculture for income generation purpose.

Mudra Loan Eligibility Punjab National Bank

Any individual / proprietary concern / partnership firm / company / association of persons (AOP) / limited liability partnership (LLP) / etc., not a defaulter to any Bank / Financial Institution is eligible for Mudra loan .

Mudra Loan Amount Punjab National 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

1. Cash Credit - For meeting the Working Capital Requirement of the Business Unit
2. 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 Punjab National Bank

MCLR to MCLR +2.25% i.e. 8.30% to 10.55% (subject to change, as per Govt /RBI guidelines, issued from time to time)

Security for Mudra Loan

• Primary Security:
  1. Assets created out of the Bank's finance.
  2. Personal guarantee of promoters/directors.
• Collateral Security: No collateral security.

Mudra Loan Tenure Punjab National Bank

• For cash credit or overdraft: Repayable on demand. Renewal and Annual Review as per internal guidelines of the Bank.
• For Term Loan: Please contact your nearest bank branch.

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 Punjab National Bank

Mudra Loan Documents Required in Punjab National Bank are mentioned below infull detail.

Documents Required for Mudra Loan under SHISHU Category

• Duly filled in Pradhan Mantri Mudra Yojana Application Form
• 2 passport size photos of the borrower i.e. applicant / Proprietor / Partners / Directors not older than 6 months
• Photo Identity Proof (any one: must be self certified copy): Passport, Driving License, PAN Card, Post Office ID card, Bank Account Passbook containing the photo with verification by the concerned Bank official, photo ID card issued by the Ministry of Home Affairs of Centre/ State Governments, any Government issued picture ID card
• Address Proof (any one: must be self certified copy): Aadhar card, Voter's ID card, water bill, latest electricity or latest landline bill, Property tax receipt, Passport of Individual / Proprietor / Partners, Certificate issued by Govt. Authority/Local Panchayat / Municipality, etc.
• Proof of SC/ST/OBC/Minority, if applicable
• Proof of Identity / Address of the Business Enterprise: Copies of relevant Licenses, Registration Certificates, lease or Rent agreement, Other Documents pertaining to the ownership, identity of address of business unit, Udyog Aadhaar Memorandum, etc.
• Certificate of Incorporation or Memorandum of Association or Recognized Partnership Deed or Business License
• Last 12 month's Bank Statement
• Quotation of Machinery / other items, to be purchased
• Any other document as required by the lender, if needed

Documents Required for Mudra Loan under KISHORE or TARUN Categories

• Duly filled in Pradhan Mantri Mudra Yojana Application Form
• 2 passport size photos of the borrower i.e. applicant / Proprietor / Partners / Directors not older than 6 months
• Photo Identity Proof (any one: must be self certified copy): Passport, Driving License, PAN Card, Post Office ID card, Bank Account Passbook containing the photo with verification by the concerned Bank official, photo ID card issued by the Ministry of Home Affairs of Centre/ State Governments, any Government issued picture ID card
• Address Proof (any one: must be self certified copy): Aadhar card, Voter's ID card, water bill, latest electricity or latest landline bill, Property tax receipt, Passport of Individual / Proprietor / Partners, Certificate issued by Govt. Authority/Local Panchayat / Municipality, etc.
• Income Proof
• Proof of SC/ST/OBC/Minority, if applicable
• Proof of Identity / Address of the Business Enterprise: Copies of relevant Licenses, Registration Certificates, lease or Rent agreement, Other Documents pertaining to the ownership, identity of address of business unit, Udyog Aadhaar Memorandum, etc.
• Certificate of Incorporation or Memorandum of Association or Recognized Partnership Deed or Business License
• Last 12 month's Bank Statement
• Last 2 years Income Tax Return Document
• Business Vintage Proof
• Ownership Proof or Office and Residence: Recent telephone bill, recent electricity bill, property tax receipt (not older than 2 months), Aadhar Card, Voter's ID Card, Passport of Proprietor/ Partners/ Directors
• Rent Agreement, in case of rented office and residence
• Any other document as required by the lender, if needed

Note: The above list of documents is only indicative in nature and not exhaustive. Additional documents be obtained as per necessity on merit of each case, depending upon the local requirements. This is a list of documents required under Mudra Loan covering all the categories. Actual documents required with the application form may vary on case to case basis, i.e. whether the borrower is individual, proprietor, partner, company, etc. The main point to be noted is that the applicant should not be a defaulter in any Bank/Financial institution.