How to apply for a MUDRA loan?
The Pradhan Mantri MUDRA Yojana (PMMY), launched on 8th April 2015, provides loans to small business owners up to Rs. 10 lakh. Here are the steps to follow to apply for a MUDRA loan at a financial institution:
Step 1. Keep the necessary documents ready:
- ID proof (Aadhaar, Voter ID, PAN card, 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 have to fill the MUDRA loan application form and furnish their personal and business documentation.
PMMY loans have a maximum sanction of Rs. 10 lakh; however, you may require a higher amount to fund your needs. In such cases, Bajaj Finserv offers similar business loans for MSMEs where you can get approved for up to Rs. 50 lakh without collateral. These loans are easy to avail, offer quick funding, and can address multiple financial requirements with ease.
We have discontinued this product (MUDRA Loan) at this time. Please reach out to us on +91-8698010101 to know more about the current financial services provided by us.