Mudra Loan Scheme
Mudra Loan or Mudra Loan Scheme in Vijaya 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 Vijaya Bank
To provide working capital facility to micro enterprises through 'V-Mudra Card' and providing adequate timely financial assistance to the weavers to meet their credit requirements i.e. for investment purpose as well as for working capital requirements in a flexible and cost effective manner through V- Mudra Weavers Card.
Mudra Loan Eligibility Vijaya Bank
Mudra Loan Eligibility in Vijaya 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 Vijaya Bank
- Shishu: Loans up to Rs.50,000 provided to only startup businesses
- 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
- 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
Term Loan and Working Capital
Mudra Loan Margin
Upto 20% of project cost for investment credit.
Mudra Loan Interest Rate Vijaya Bank
V- Mudra Card: MCLR+1.30%=9.80%
V- Mudra Weavers' Card:
- Upto and inclusive of Rs.50,000/-: MCLR+1.50%=10.00%
- Above Rs.50000 and upto & inclusive of Rs.2.00 Lakhs: MCLR+2.00%=10.50%
- Above Rs.2.00 Lakhs and upto & inclusive of Rs.5.00 Lakhs: MCLR+2.75%=11.25%
Security for Mudra Loan
Hypothecation of moveable assets created out of loan
Mudra Loan Tenure Vijaya Bank
Upto 5 years
Guarantee
Waived
Mudra Loan Processing Charges
Nil
Mudra Loan Documents Required Vijaya Bank
Mudra Loan Documents Required in Vijaya 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.
Others
Mudra Card can be used to draw cash from any ATM or BC or make purchases using POS machine.
