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:
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Individuals have to follow the steps mentioned below to apply for MUDRA loan:
Under the PMMY scheme, one can apply for 3 types of MUDRA loans:
Once you’ve followed the above steps, the bank or financial institution will sanction the MUDRA loan into your account.
Some lending institutions also provide the option of Mudra Loan Online ApplyLeading NBFCs like Bajaj Finserv offer similar business loans for MSMEs up to Rs.30 lakh which can easily be applied for online. Such loans can be availed whenever there is a shortage of working capital, need to buy improved machinery & equipment, need for debt reconciliation, etc. These loans are quick to avail and can be used to address multiple financial requirements.
Funds to upgrade machinery
Up to Rs. 32 lakh | Pay only interest as EMI
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Manage operational expenses
Up to Rs. 32 lakh | Flexible tenor options
Avail customized loans
Up to Rs. 32 lakh | Minimal documentation