Mudra Loan Scheme
Mudra Loan or Mudra Loan Scheme in Idbi 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 Idbi Bank
Cash Credit / Overdraft - To meet Working Capital requirements.
Term Loan - To meet CAPEX including purchase of equipment/furniture or any such business requirements.
Mudra Loan Eligibility Idbi Bank
Individuals/ MSMEs engaged in non-farm entrepreneurial activities (manufacturing, trading and service enterprises including professionals rendering services) across the country (including rural, semi-urban, urban and metro centres).
Mudra Loan Amount Idbi Bank
No Minimum amount. Maximum Amount - Rs.10.00 lakhs.
Credit Facility
Term loan & Overdraft/ Cash Credit.
Mudra Loan Margin
Shishu: Nil & Kishore & Tarun: 25%
Mudra Loan Interest Rate Idbi Bank
12.75% to 13.75%
Security for Mudra Loan
No Collateral Security requirement.
Mudra Loan Tenure Idbi Bank
Overdraft & Cash Credit Limit - 12 months, repayable on demand.
Term Loan- Up to 5 years.
Guarantee
No third party guarantee requirement.
Mudra Loan Processing Charges
Nil for loan upto Rs. 5 lakh.
Up to 0.50% for others.
Mudra Loan Documents Required Idbi Bank
Mudra Loan Documents Required in Idbi 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.