Mudra Loan in Tamil Nadu

Mudra Loan in Tamil Nadu is part of the Pradhan Mantri MUDRA Yojana (PMMY), aimed at empowering micro and small enterprises across the state. Whether you are starting a new venture or looking to expand your existing business, Mudra Loans provide financial support without the need for collateral. This guide covers the types of Mudra Loans, eligibility, documentation, interest rates, and the application process specific to Tamil Nadu. Check your business loan eligibility to explore the right financing options available for your enterprise.

Types of Mudra loans available in Tamil Nadu

Mudra Loans are categorised based on the stage and funding needs of the business. In Tamil Nadu, entrepreneurs can apply for the following:

• Shishu Mudra Loan: For new businesses or startups requiring funding up to Rs. 50,000.
• Kishor Mudra Loan: For growing businesses needing loans between Rs. 50,000 and Rs. 5 lakh.
• Tarun Mudra Loan: For established businesses seeking loans from Rs. 5 lakh to Rs. 10 lakh.

Eligibility criteria for Mudra Loan in Tamil Nadu

To apply for a Mudra Loan in Tamil Nadu, you must meet the following requirements:

• The applicant must be an Indian citizen.
• The business should fall under non-corporate, non-farm small/micro enterprise segments.
• Enterprises involved in trading, manufacturing, or service activities are eligible.
• Applicants should not have defaulted on previous loans.

For detailed information, refer to the eligibility criteria for Mudra Loan.

Documents required for Mudra Loan in Tamil Nadu

Submitting the right documents is crucial for a smooth loan application process. Typically, you will need:

• Proof of identity: Aadhaar card, PAN card, Voter ID, driving licence, or passport.
• Proof of address: Aadhaar card, Voter ID, driving licence, passport, or recent utility bills.
• Proof of business: Ownership documents, business address proof, or establishment certificate.
• Additional documents: Caste certificate (for reserved categories), bank statements, income certificates, IT returns, or Form 16 verified by a chartered accountant.

Get the full list of documents required for Mudra Loan.

Interest rates and charges for Mudra Loan in Tamil Nadu

Interest rates for Mudra Loans in Tamil Nadu vary based on the lending institution and the applicant’s credit profile. However, most rates range between 8% to 12% per annum, with no processing fees for Shishu loans.

To check current rates, visit Mudra Loan interest rate. Check your pre-approved business loan offer to see if you qualify for faster disbursal and simplified processing.

How to apply for Mudra Loan in Tamil Nadu?

You can apply for a Mudra Loan through banks, NBFCs, or online platforms. Follow these steps:

• Visit the official Mudra Loan portal or the website of a participating bank.
• Register as a new user and create an account on the portal.
• Fill in the loan application form with accurate details about your business, the loan amount required, and your repayment capacity.
• Upload the necessary documents, such as identity proof, address proof, business plan, and financial statements.
• Carefully review all the entered information and submit the application online.
• Track the status of your application via the online portal or by contacting the respective bank.
• Once approved, complete any additional documentation and formalities required by the bank to proceed with loan disbursal.

Learn more about the process on the Mudra Loan page.

Benefits of Mudra Loan for Tamil Nadu businesses

• Collateral-free funding: No need to pledge assets.
• Affordable interest rates: Supports small entrepreneurs with lower financial burden.
• Quick processing: Faster approvals with minimal paperwork.
• Support for diverse sectors: Available to traders, manufacturers, and service providers.
• Boosts financial inclusion: Empowers women and underserved communities.

Difference between Mudra Loan and Business Loan in Tamil Nadu