How to get Pradhan Mantri Mudra Loan
There is no standard way to apply for Mudra Loan from any bank. You need to visit the banks providing Mudra Loan along with a detailed description of your business. You will get a Mudra Loan Application Form from that bank. If the bank where you have your current account, also extend Mudra Loan then it will help your application will be processed swiftly and easily.
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Any Indian Citizen who has a business plan for income generating micro/small business activity in manufacturing, processing, trading or service sector, and whose credit need is less than Rs. 10 lakh can approach a Bank/ MFI for availing of MUDRA loans under PMMY, or can apply online through website of standup India (https://www.standupmitra.in/)
Step by Step Process to Apply for Mudra Loan offline
One can apply for loan from mudra bank by visiting the lender personally. Here is Step by Step Process to Apply for Mudra Loan offline.
- Prepare a business proposal having a detailed description of your business
- Select your business category (Shishu, Kishore, Tarun)
- Visit/ contact a bank which provides Loan under the Mudra Scheme. Prefer a bank where you have your current account.
- Ask for a Mudra Loan Application Form. Shishu loan form has 1-page form with a shorter document list while Kishore and Tarun loan forms have a common 3-page form with a longer requirement list.
- Submit filled up Loan Application form along with following documents:
- Recent passport size photographs
- Proof of identity
- Proof of address
- Any other document, as required by the bank
Further, if you have a good credit score or good credit history then you are also eligible for getting a collateral free loan under Mudra Loan Scheme.
Step by Step Process to Apply for Mudra Loan Online
You can apply for Mudra Loan either offline i.e. by visiting the bank/ lender or apply for mudra loan online through web portal mudramitra.in.
You need to follow below mentioned steps, in case you want to apply for Mudra Loan online. Find below Step by Step Process to Apply for Mudra Loan online:
- Visit website mudramitra.in
- Register on the website: Click on link "New User". For registration purpose, you need to enter all the details about yourself such as:
- Mobile Number
- E-mail id
- ID/ address proofs and ID/ address proof numbers
- Then you need to choose a username for your account.
- After that, you will receive an e-mail containing a password for your user account.
- Now login into to the portal with your username and password
- Fill up the loan application form.
- First of all, enter your Business Information
- Then enter the information about yourself /and other partners/ other directors
- Then fill up the details about your current banking facilities like type of facilities allowed, Limit availed, bank that the business is associated with, etc.
- Enter business registration details such as Date of commencement of business, registration number, registered office address, etc.
- Enter business performance details like Sales, profit, capital, etc.
- Upload documents required
- Select the lender
- Check the box of declaration
- Once again check your application form thoroughly, whether everything is complete
- Submit your application by clicking on Submit button
Your application will be forwarded to the bank and the bank will act on your application. It is not necessary that you will get Mudra Loan, the bank has the right to decide whether to process your loan application and lend to you.
Important Point: In case you are finding it difficult or getting confused to fill up the online form, then you can take a support by selecting an option for support. The web portal will provide you virtual handholding support to fill up your application form in an easy way.