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The Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana, also known as the PMMY<\/a>, was launched by the Government of India on 8 April 2015. This scheme aims to make loans more accessible to small businesses and entrepreneurs, staying true to its slogan- \u2018Funding the Unfunded.\u2019<\/p>\n\n\n\n Under this, businesses can get a loan of up to Rs 10 Lakh. If you\u2019re curious about this loan and don\u2019t know how to apply for a Mudra loan, look no further.<\/p>\n\n\n\n Here, we discuss everything you need to know about Mudra loan: how to apply for a Mudra loan, the documents required, its various schemes, and, most importantly, how to easily track the status of your loan. There are two ways that loan seekers can apply for a loan under the PPMY: online apply and offline. We discuss both these modes of the Mudra loan application process here.<\/p>\n\n\n\n You can apply for the Mudra loan without stepping out of the comfort of your home. For Mudra loan yojana online apply, follow the steps below:<\/p>\n\n\n\n Step 1:<\/strong> Download the loan application form by visiting the official website of the eligible financial institution that offers Mudra loans as per RBI guidelines.<\/p>\n\n\n\n Step 2:<\/strong> Complete the downloaded application form with all required details. Be sure to enter the correct information. Attach all relevant documents as well. We\u2019ll discuss the list of required documents further in the article.<\/p>\n\n\n\n Step 3:<\/strong> Submit the duly filled application form online on the website of the financial institution from which you downloaded the application form. Once submitted, you will receive a reference ID or number.<\/p>\n\n\n\n Step 4:<\/strong> The financial institution\u2019s representative will contact you to take the process forward. Be sure to keep your reference ID at hand during the formalities.<\/p>\n\n\n\n Step 5:<\/strong> Once your application form and attached documents are processed and verified by the financial institution, the loan amount will be disbursed directly into your account.<\/p>\n\n\n\n If you want to apply for the Mudra loan offline, here are the steps to follow:<\/p>\n\n\n\n Step 1:<\/strong> Visit the PMMY-authorised financial institution\u2019s nearest branch.<\/p>\n\n\n\n Step 2:<\/strong> Complete the application form and attach all necessary documents before submitting it to the financial institution. We\u2019ll be discussing the list of documents required further in the article.<\/p>\n\n\n\n Step 3:<\/strong> Complete all other formalities directed by the financial institution.<\/p>\n\n\n\n Step 4:<\/strong> Once the application form and the documents are processed and verified by the financial institution, the loan amount will be disbursed directly into your account.<\/p>\n\n\n\n And that\u2019s it. Applying for your Mudra loan is easy and straightforward, and it is even more convenient if you decide to apply online.<\/p>\n\n\n\n Also, read – Top 5 Benefits Of Pradhan Mantri Mudra Yojana<\/a><\/p>\n\n\n\n Want to get a Mudra Loan online? Apply easily using these steps:<\/p>\n\n\n\n Step 1: Visit the Official Portal<\/strong><\/p>\n\n\n\n Start by opening the official Mudra Loan website or a bank\u2019s Mudra loan page. Register using your mobile number and email ID to create your login.<\/p>\n\n\n\n Step 2: Fill in Business Details<\/strong><\/p>\n\n\n\n Enter basic information about your business, such as business type, industry, and how long you have been operating. Mention the loan amount you need and your own investment, if any.<\/p>\n\n\n\n Step 3: Upload Required Documents<\/strong><\/p>\n\n\n\n Upload clear scanned copies of documents like Aadhaar card, PAN card, and business proof. Some portals may also ask for income or sales details.<\/p>\n\n\n\n Step 4: Select the Loan Category<\/strong><\/p>\n\n\n\n Choose the correct Mudra loan type – Shishu, Kishor, or Tarun, based on your funding requirement.<\/p>\n\n\n\n Step 5: Online Verification and Submission<\/strong><\/p>\n\n\n\n Complete verification using Aadhaar, PAN, and GST details if applicable. Review the form and submit it.<\/p>\n\n\n\n Step 6: Approval and Disbursement<\/strong><\/p>\n\n\n\n After approval, the loan amount is directly credited to your bank account. Some borrowers may also receive eligible subsidies.<\/p>\n\n\n\n You should meet these eligibility criteria for the Mudra loan<\/a> online apply process:<\/p>\n\n\n\n Also, read – Mudra loan for New Business<\/a><\/p>\n\n\n\n Along with the application form, you will need to submit certain documents. Here\u2019s a concise list to help you prepare beforehand and ensure the entire application process is smooth.<\/p>\n\n\n\n 1. KYC documents such as Passport, Voter ID card, Driving License, Aadhaar card, Utility Bills (water or electricity), and PAN card<\/p>\n\n\n\n 2. Documents in case the applicant belongs to SC\/ST\/any other special category<\/p>\n\n\n\n 3. Proof of current address<\/p>\n\n\n\n 4. Proof of income<\/p>\n\n\n\n 5. Bank statement for the last six months<\/p>\n\n\n\n 6. Business establishment certificate<\/p>\n\n\n\n 7. Proof of continuity of business<\/p>\n\n\n\n 8. Any other documents required by the financial institution<\/p>\n\n\n\n Under the PPMY scheme, loan seekers can apply for collateral-free business and working capital loans of up to Rs 10 Lakh with a repayment tenure of up to five years. Individuals, self-employed professionals, MSMEs, and other business entities are eligible for this loan.<\/p>\n\n\n\n Further, financial institutions charge nominal processing and foreclosure charges on these loans.<\/p>\n\n\n\n The Mudra Yojana loans are classified into three loan schemes. These are as follows:<\/p>\n\n\n\n Applicants can apply for a loan amount of up to Rs 50,000. These are ideal for start-ups and new businesses.<\/p>\n\n\n\n Applicants can apply for a loan amount between Rs 50,001 and Rs 5,00,000. This is ideal for meeting expenses such as purchasing equipment, machinery, and raw materials and for expenses arising from business expansion.<\/p>\n\n\n\n Applicants can apply for a loan amount between Rs 5,00,001 and Rs 10,00,000. This is ideal for established businesses and enterprises.<\/p>\n\n\n\n Applicants can choose to apply for a Mudra Yojana loan under any of the above three schemes, depending on the loan amount required and repayment capacity.<\/p>\n\n\n\n Also, read – What is the Tarun Mudra Loan Scheme? Public, private and regional rural financial institutions are eligible to provide Mudra loans. This is to ensure that these loans are easily accessible to all. Here is a list of financial institutions that offer Mudra loans:<\/p>\n\n\n\n 1. Non-Banking Financial Companies (NBFCs)<\/a><\/p>\n\n\n\n 2. Public and private financial institutions<\/p>\n\n\n\n 3. Regional Rural Banks (RRBs)<\/p>\n\n\n\n 4. Small Finance Banks (SFBs)<\/p>\n\n\n\n 5. Micro Finance Institutions (MFIs)<\/p>\n\n\n\n The financial institution must meet the following criteria to be able to offer loans under the PMMY scheme:<\/p>\n\n\n\n 1. It must have generated profits in the last two years.<\/p>\n\n\n\n 2. In case it is a public, private or regional rural financial institution, its net performing assets must be greater than 15%, 10%, and 6%, respectively.<\/p>\n\n\n\n 3. The net worth must be above Rs 250 Crore in case it\u2019s a private or public financial institution. In the case of a rural bank, the net worth must be above Rs 50 Crore.<\/p>\n\n\n\n Applying for a Mudra loan can be done either online or offline, depending on your convenience.<\/p>\n\n\n\n Online applications let you apply from home. You download the form from the official portal, fill in the details, attach documents, and submit it. You receive a reference ID, and a bank representative contacts you to complete verification. Once approved, the loan is directly credited to your account.<\/p>\n\n\n\n Offline applications require visiting the nearest authorised bank branch. You complete the form, attach documents, and follow the bank\u2019s formalities. The bank processes your application and disburses the loan to your account once verified.<\/p>\n\n\n\n Online applications are faster, more convenient, and save travel time, while offline applications are better if you are less comfortable with digital processes or prefer in-person guidance.<\/p>\n\n\n\n To improve your chances of getting a Mudra Loan online, apply by following these key tips:<\/p>\n\n\n\n Common mistakes to avoid during the Mudra loan application process include:<\/p>\n\n\n\n The method to check your Mudra loan application status differs with each financial institution. Several financial institutions allow applicants to check the status online, without requiring a visit to their branch. It\u2019s best to visit your chosen financial institution\u2019s website for the same.<\/p>\n\n\n\n Alternatively, you can also verify your Mudra loan status through SBI e-Mudra by dialling 1800-11-2211 (toll-free). Be sure to keep your reference ID or number at hand for a smooth process.<\/p>\n\n\n\n Businesses looking to raise funds can follow the steps above for the PM Mudra loan\u2019s online application and offline application process. Further, once you submit the application, you can check the status of your loan through the ways mentioned above.<\/p>\n\n\n\n However, if you\u2019re looking for alternate financing or require loans greater than 10 Lakhs, consider applying for a business loan<\/a> with Tata Capital<\/a>. With attractive interest rates, easy eligibility criteria, minimal documentation, and quick approvals, you can give your business the wings it deserves in no time. What\u2019s more, you can apply for your Tata Capital business loan right from the comfort of your home!<\/p>\n\n\n\n To learn more, visit the Tata Capital website or download the Tata Capital business loan App<\/a> now!<\/p>\n\n\n\n
<\/p>\n\n\n\nMudra Loan Apply: Step-by-Step Online & Offline Process<\/strong><\/h2>\n\n\n\n
Mudra Loan Online Apply: Digital Application Process<\/strong><\/h3>\n\n\n\n
Mudra Loan Offline Apply: Bank Branch Application Guide<\/strong><\/h3>\n\n\n\n
Mudra Loan Online Application Process: Portal Navigation Guide<\/strong><\/h2>\n\n\n\n
Eligibility Criteria for Mudra Loan Apply Online<\/strong><\/h2>\n\n\n\n
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Documents Needed for Mudra Loan Online Application Process<\/strong><\/h2>\n\n\n\n
Also, read – A Guide on MSME Loan without Collateral<\/a><\/p>\n\n\n\nPM Mudra Yojana Loan Schemes<\/strong><\/h2>\n\n\n\n
1. Shishu Loan Scheme:<\/strong><\/h3>\n\n\n\n
2. Kishore Loan Scheme:<\/strong><\/h3>\n\n\n\n
3. Tarun Loan Scheme:<\/strong><\/h3>\n\n\n\n
<\/a><\/p>\n\n\n\nWho Offers PM Mudra Yojana Loans?<\/strong><\/h2>\n\n\n\n
Also, read – Top Government Schemes for Startups and MSMEs in India<\/a><\/p>\n\n\n\nComparing Mudra Loan Apply Online vs Offline: Which to Choose?<\/strong><\/h2>\n\n\n\n
Top Tips for Mudra Loan Online Application Process Success<\/strong><\/h2>\n\n\n\n
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Common Mistakes to Avoid During the Mudra Loan Application Process<\/strong><\/h2>\n\n\n\n
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How to Track Mudra Loan Application Status Online<\/strong><\/h2>\n\n\n\n
Final Thoughts<\/strong><\/h2>\n\n\n\n