Mudra Loan Scheme

Mudra Loan or Mudra Loan Scheme in Allahabad 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 Allahabad Bank

To extend loans upto Rs.10.00 lakhs to income generating micro enterprises engaged in non-farm enterprises in manufacturing, trading and service sector and also to activities allied to agriculture, like dairy, poultry, beekeeping, goatery, piggery, fishery, agriclinics and agri business centres, food & agro processing, etc.

Mudra Loan Eligibility Allahabad Bank

Entrepreneurs engaged in Non- farm income generating activities, under Manufacturing, Services and Trading sector and also to activities allied to agriculture like dairy, poultry, beekeeping, goatery, piggery, fishery, agriclinics and agri business centres, food & agro processing, etc and services supporting these activities which promote livelihood or are income generating. The entrepreneurs should not be defaulters to any bank/ FI.

Mudra Loan Amount Allahabad Bank

Rs. 50,000 to Rs. 10 lakh

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

Upto Rs.25000 – Nil
Above Rs.25000 – 10% to 25% (depending on activity of finance)

Mudra Loan Interest Rate Allahabad Bank

MCLR to MCLR+2.00% i.e. 8.25% to 10.25% (depending on activity of finance).
0.50% relaxation in rate of interest will be allowed to Women Beneficiary, subject to minimum of MCLR.

Security for Mudra Loan

Collateral Security- Nil. However, assets created out of bank finance would be charged with the Bank.

Mudra Loan Tenure Allahabad 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

For loans upto Rs.5.00 lakh: Nil.

Mudra Loan Documents Required Allahabad Bank

Mudra Loan Documents Required in Allahabad 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

Simplified loan application form for Shishu category and Standardized loan application form (alongwith Checklist of documents) for Kishore & Tarun category of Mudra loans is available.
MUDRA Cards are issued to Mudra loan beneficiaries for utilization of their working capital limit. It has the flexibility of being used on all delivery channels.