The Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015, provides loans to small business owners up to the amount of Rs.10 Lakh.
Following are the individuals who need to know how to apply for MUDRA loan under this scheme:
1. Small manufacturing business owners
2. Fruit and vegetable sellers
5. Those associated with various agriculture activities like livestock, dairy, pisciculture, poultry, fishery, etc.
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Individuals have to follow the steps mentioned below to apply for MUDRA loan:
Step 1. Keep the necessary documents ready
Applicants need to have the necessary documents required to avail a MUDRA loan. These include identity proof (Aadhaar, Voter ID, PAN, Driving License, etc.), address proof (electricity bill, telephone bill, gas bill, water bill, etc.), proof of business (business registration certificate, etc.).
Step 2. Approach a financial institution
Individuals can apply for a MUDRA loan with almost all leading financial institutions in India.
Step 3. Fill in the loan application form
Applicants then have to fill the MUDRA loan application form and furnish their personal and business details. They also have to ascertain the amount they want to avail before knowing how to apply for MUDRA loan scheme.
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