Mudra Loan Eligibility | Eligibility for Mudra Bank loan
Mudra Loan Eligibility
Mudra Loan Eligibility has been described as follows covering Who can avail Mudra Loan? or Who can get Mudra Loan?
- 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
- Partnership firms
- Association of persons (AOP)
- Limited Liability Partnership (LLP)
What can Mudra Loan be availed for?
The question may arise in one's mind as to What can Mudra Loan be availed for? The borrowers can avail the Mudra Loan for any of the following purposes:
- Business Instalment Loan (BIL): Loan for working capital requirement, buying plant and machinery, renovating offices etc.
- Vehicle Loan (VL): Commercial vehicle loan, Car loan and Two-wheeler loan
- Transport Vehicle Loan: Auto-rickshaws, 3 wheelers, e-rickshaw, passenger cars, taxis etc.)
- Service Activities Loan: Ggymnasium, saloons, beauty parlours, tailoring shops, boutiques, dry cleaners, etc.
- Business Loans Group Loans (BLG) : Drop line overdraft, Overdraft facility or Working capital loans.
- Rural Business Credit (RBC): Drop line overdraft, Overdraft facility or Working capital loans
Who can avail Mudra Loan?
Following Segments can avail/ get Mudra Loan:
- Small Manufacturing Units
- Service Sector Units
- Fruits and Vegetable Vendors
- Food Processors
- Truck Operators
- Food service units (papad making, achaar making, etc.)
- Repair Shops
- Machine Operators
- Renovating the business unit
- Other industries in rural and urban areas