Mudra Bank Loan Scheme : MUDRA, which stands for Micro Units Development & Refinance Agency Ltd, is a financial institution being set up by Government of India for development and refinancing micro units enterprises. PRADHAN MANTRI MUDRA YOJANA (PMMY), Government of India, was launched on 8th April, 2015 by the Hon’ble Prime Minister to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them. To provide funding to the non-corporate, non-farm sector income generating activities of micro and small enterprises whose credit needs are below 10 Lakh.
Eligible for Mudra Bank loan :
All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or 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, food processors and others in rural and urban areas, are eligible for assistance under Mudra.
MUDRA Bank Loan Scheme :
Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has created three products i.e. ‘Shishu’, ‘Kishore’ and ‘Tarun’ as per the stage of growth and funding needs of the beneficiary micro unit. These schemes cover loan amounts as below:
Shishu: covering loans up to 50,000
Kishore: covering loans above 50,000 and up to 5,00,000
Tarun: covering loans above 5,00,000 and up to 10,00,000
At the same time, there is a need to develop and expand the delivery channel at the ground level. In this context, there is already in existence, a large number of ‘Last Mile Financiers’ in the form of companies, trusts, societies, associations and other networks which are providing informal finance to small businesses.
Requirements Document For Mudra Bank Loan :
1. Proof of identity – Self certified copy of Voter’s ID card / Driving License / PAN Card / Aadhar Card/Passport.
2. Proof of Residence – Recent telephone bill, electricity bill, property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card & Passport of Proprietor/ Partners.
3. Proof of SC/ST/OBC/Minority.
4. 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.
5. Applicant should not be defaulter in any Bank/Financial institution.
6. Statement of accounts (for the last six months), from the existing banker, if any.
7. 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).
8. 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).
9. Sales achieved during the current financial year up to the date of submission of application.
10. Project report (for the proposed project) containing details of technical & economic viability.
11. Partnership Deed etc.
12. In absence of third party guarantee, Asset & Liability statement from the borrower including Partners may be sought to know the net-worth.
13. Photos (two copies) of Proprietor/ Partners.
For More details, visit official website : http://www.mudra.org.in/.