Kerala, known for its educated workforce and growing entrepreneurial culture, is an ideal place for micro and small businesses to thrive. The Pradhan Mantri Mudra Yojana (PMMY) enables entrepreneurs in Kerala to access easy and collateral-free credit to start or expand their ventures. This guide explores the different types of Mudra Loans available in the state, eligibility requirements, application process, and more. Check your business loan eligibility to explore additional financing options that complement Mudra Loans.
Types of Mudra Loans available in Kerala
Entrepreneurs in Kerala can apply for three categories of Mudra Loans based on their funding needs:
- Shishu Mudra loan – For new businesses and startups requiring loans up to Rs. 50,000.
- Kishor Mudra loan – For businesses in their growth stage, requiring funding from Rs. 50,000 to Rs. 5 lakh.
- Tarun Mudra loan – For established businesses needing Rs. 5 lakh to Rs. 10 lakh for expansion.
Eligibility criteria for Mudra Loan in Kerala
To qualify for a Mudra Loan in Kerala, applicants must meet certain conditions:
- Must be an Indian citizen running a non-farm income-generating business
- Business should fall under the micro or small enterprise segment
- Must have a viable business plan and clear funding requirement
Read more about the eligibility criteria for Mudra Loan.
Documents required for Mudra Loan in Kerala
Applicants must submit key documents for verification, including:
- Identity proof (Aadhaar, PAN, Voter ID)
- Address proof (utility bill, rental agreement)
- Business registration documents
- Quotation for assets to be purchased or business plan
For a complete list, visit documents required for Mudra Loan. Check your pre-approved business loan offer to compare rates and financing options tailored to your business profile.
Interest rates and charges for Mudra Loan in Kerala
Interest rates for Mudra Loans in Kerala depend on the lender and loan type. Typically, they are competitive and affordable for micro and small businesses.
Learn more about Mudra Loan interest rate.
How to apply for Mudra Loan in Kerala?
Follow these steps to apply for a Mudra Loan:
- Choose the appropriate Mudra Loan category (Shishu, Kishor, or Tarun)
- Collect and prepare the required documents
- Approach a bank or NBFC offering Mudra Loans
- Submit the application and await approval
Visit the Mudra Loan page for a complete application guide.
Benefits of Mudra Loan for Kerala businesses
- Collateral-free loans
- Suitable for startups, traders, and small manufacturers
- Helps fund working capital, machinery, equipment, and expansion
- Government-backed scheme ensuring easier access to credit
Why choose Bajaj Finserv for Mudra Loan in Kerala?
- Fast and simplified loan approval process
- Competitive interest rates
- Minimal documentation
- Expert support for application and disbursal
Difference Between Mudra Loan and Business Loan in Kerala
| Feature | Mudra loan | Business loan |
|---|---|---|
| Purpose | For micro and small businesses | For a wide range of business needs |
| Loan amount | Up to Rs. 10 lakh | Can exceed Rs. 10 lakh |
| Collateral | Usually not required | May be required depending on the loan type |
| Eligibility | For micro units, startups, and small businesses | For businesses of all sizes, including medium and large enterprises |
| Loan categories | Shishu, Kishor, Tarun | Term loan, working capital loan, flexi loan, and more |
