Mudra Loan Scheme
Mudra Loan or Mudra Loan Scheme in Bank Of Maharashtra, 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 Bank Of Maharashtra
To extend Term loan & Cash Credit facility up to 10.00 lakh to nonfarm units engaged in Manufacturing, trading & service activities.
Food products sector, activities allied to agriculture and services in these area up to Rs.10.00 Lakh included under PMMY.
Mudra Loan Eligibility Bank Of Maharashtra
Mudra Loan Eligibility in Bank Of Maharashtra 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 Bank Of Maharashtra
- 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 & Cash Credit facilities. Overdraft facility extended for eligible PMJDY beneficiary will be covered under PMMY.
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 Bank Of Maharashtra
MSE Loans up to Rs.10.00 lakh : @MCLR+1.75%+BSS i.e. 10.65%
Agricultural allied activity, food processing etc. up to Rs.10.00 lakh : @MCLR+2.00%+BSS (at Simple Interest) i.e. 10.90%
(BSS is Business Strategy Spread which is at present: 0.25%)
Security for Mudra Loan
No collateral & third party guarantee.
Mudra Loan Tenure Bank Of Maharashtra
1 year to 5 years
Guarantee
No 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 Bank Of Maharashtra
Mudra Loan Documents Required in Bank Of Maharashtra 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 Debit Card will be provided to all Cash Credit account holders under PMMY.
