Mudra Loan in Bihar empowers small entrepreneurs and micro-businesses by providing easy access to credit without the need for collateral. This initiative under the Pradhan Mantri Mudra Yojana (PMMY) supports business growth by offering affordable financing options tailored to the needs of startups, small enterprises, and self-employed individuals across Bihar. For businesses seeking broader financing options, you can also check your business loan eligibility to explore flexible funding solutions that suit your growth plans.
Types of Mudra Loans available in Bihar
Mudra loans are categorised into 3 types based on the stage and size of the business:
- Shishu Mudra Loan: For startups and businesses requiring funding up to Rs. 50,000.
- Tarun Mudra Loan: For growing businesses needing funds between Rs. 50,001 and Rs. 5 lakh.
- Kishor Mudra Loan: For established businesses seeking loans from Rs. 5 lakh to Rs. 10 lakh.
Eligibility criteria for Mudra Loan in Bihar
To qualify for a Mudra Loan in Bihar, applicants must meet the following conditions:
- Must be a resident of Bihar and engaged in a non-farm micro or small business.
- Should have a viable business plan or existing business operations.
- Should satisfy the eligibility criteria for mudra loan as defined by the lending institutions.
- Should not have any default history with financial institutions.
For quick pre-qualification, you can check your pre-approved business loan offer to see personalised loan options available to your business.
Documents required for Mudra Loan in Bihar
Applicants need to submit certain essential documents to process their Mudra Loan application:
- Identity proof (Aadhaar, PAN, etc.)
- Address proof
- Business registration proof or license (if applicable)
- Bank statements and financial records (if available)
- Detailed list of documents required for mudra loan as per lender guidelines
Interest rates and charges for Mudra Loan in Bihar
The interest rates on Mudra Loans vary depending on the lender and loan amount. Key points include:
- Competitive Mudra Loan Interest Rate to ensure affordability.
- Minimal processing fees.
- No collateral required, resulting in fewer charges.
- Transparent terms with no hidden costs.
How to apply for Mudra Loan in Bihar?
Applying for a Mudra Loan is a simple process:
- Visit the official lender portal offering the Mudra Loan or approach the nearest bank or NBFC.
- Choose the right Mudra Loan type according to your business needs.
- Fill out the application form with accurate business and personal details.
- Submit the required documents online or offline.
- Wait for verification, approval, and disbursal of funds.
Benefits of Mudra Loan for Bihar businesses
- Collateral-free loans make it easy for small entrepreneurs to access funds.
- Flexible repayment options aligned with business cash flows.
- Helps in expanding existing businesses or starting new ventures.
- Boosts employment opportunities in Bihar by supporting MSMEs.
- Quick processing and minimal documentation.
Why choose Bajaj Finserv for Mudra Loan in Bihar?
- Wide network of branches and digital access points across Bihar.
- Competitive interest rates and flexible tenure options.
- Hassle-free loan application with quick approval and disbursal.
- Expert support and customised financial solutions for small businesses.
- Transparent processes with no hidden fees or charges.
Difference between Mudra Loan and Business Loan in Bihar
| Aspect | Mudra loan | Business loan |
|---|---|---|
| Loan amount | Up to Rs. 10 lakh | Can be higher, depending on business size and requirement |
| Collateral | Generally collateral-free | May require collateral based on lender and loan amount |
| Purpose | Mainly for small and micro businesses | Suitable for all types of businesses, including large enterprises |
| Eligibility | Focus on non-farm MSMEs | Broader eligibility including established businesses |
| Documentation | Minimal documentation | May require detailed financial and legal documents |
| Interest rate | Typically lower, subsidised under government scheme | Varies with lender and borrower profile |
