Mudra Loan Scheme
Mudra Loan or Mudra Loan Scheme in Central Bank Of India, 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 Central Bank Of India
To provide funding to the Non-corporate Small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.
Mudra Loan Eligibility Central Bank Of India
Non-Corporate Small Business Segment (NCSB) comprising of millions of proprietorship / partnership firms running as Small Manufacturing Units, Service Sector Units, Shopkeepers, Fruits / Vegetable Vendors, Truck Operators, Food-service Units, Repair Shops, Machine Operators, Small Industries, Artisans, Food Processors and Others, in Rural and Urban Areas.
Mudra Loan Amount Central Bank Of India
Rs. 50,000 to Rs. 10 lakh
Credit Facility
Term Loan and Working Capital Loan facilities.
Mudra Loan Margin
Shishu: Nil & Kishore & Tarun: 25%
Mudra Loan Interest Rate Central Bank Of India
12.70%
Security for Mudra Loan
No Collateral Security or Third party Guarantee for loans up to Rs.10 lakh.
Mudra Loan Tenure Central Bank Of India
Up to 5 Years
Guarantee
No Third party Guarantee for loans up to Rs.10 lakh. All loans are covered under Credit Guarantee Fund for Mudra Loans.
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 Central Bank Of India
Mudra Loan Documents Required in Central Bank Of India 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.