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Mudra Loan Application Form Research Team | Posted On Tuesday, October 23,2018, 07:02 PM

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Mudra Loan Application Form



Mudra loan application form:

Mudra loan is a scheme launched by the Government of India to extend affordable credit to micro units and small enterprises engaged in income generation. Mudra loan can be availed for various purposes. Listed below are a few of them:

  • To buy plants, fertilizers and machinery
  • Loan to purchase Vehicle
  • Business installment loan
  • Rural business credit.

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Documents required for Mudra Loan:

Vehicle loan:

If the borrower requires financial help for purchasing a vehicle under this scheme, he must submit the following documents:

  • the Mudra loan application form
  • vehicle loan application form
  • Photo ID proof, Income proof and address proof
  • Last 6 months bank statement.

Business installment loan:

If the borrower wishes to take a loan for his business under this scheme, he must submit the following documents:

  • Mudra loan application form and business installment loan application.
  • Photo identity and address proof
  • Proof of establishment
  • Last 6 months bank statement
  • Ownership proof or residential proof
  • Qualification proof
  • Trade references.

Rural business credit loan:

If the applicant applies for rural business credit under the Mudra loan, he must submit the following documents:

  • Mudra loan application form and business installment loan application form.
  • Photo identity proof, age proof and address proof
  • Ownership proof of residence or office
  • Business vintage proof
  • Lat 12 months bank statement
  • Last 2 years income tax return document.

Mudra loan application form important fields:

The following details must be filled in the application form of this scheme:

  1. Enterprise name or category to be mentioned for office use.
  2. Business information:
  • Name of the enterprise
  • Current business address
  • Telephone or mobile number
  • Email address
  • Proposed business activity
  • Date of commencement of business
  • Registration number
  • Registered office address
  • Social category i.e. S.C, S.T or OBC (if any)

3. Information on the proprietor:

  • Name
  • Date of birth
  • Gender
  • Residential address
  • Mobile number
  • Academic qualification
  • Experience in years
  • ID proof and ID proof number
  • Address proof and address proof number
  • PAN card number or DIN number

4. Name of the associate concerns:

  • Name of the associate concern
  • Address of the associate concern
  • Bank details of the associate concern
  • Nature of the associate concern
  • Extent of interest as proprietor or partner, director or investor in the associate concern.

5. Extending banking or credit facilities:

The following details must be filled:

  • Type of facility allowed
  • Limit availed
  • Outstanding amount
  • Security lodged
  • Asset classification status
  • Customer ID
  • Bank that the business is associated with.

6. The credit facility proposed, the amount, the purpose and the details of the security must be mentioned.

7. In case of working capital, the actual sales and projected sales information has to be clearly mentioned.

8. In case of term loan, the details of the machinery or equipment has to be provided. The required details about the machinery must be duly filled.

9. The past performance and the future estimate of sales, profit and capital must be mentioned.

10. Statutory obligations’ status must be mentioned. They are:

  • Registration under shops and establishment act.
  • Registration under MSME.
  • Drug license
  • Latest sales tax returns filed
  • Latest income tax returns filed
  • Any other statutory dues that is outstanding.

11. The final part is the declaration, which requires you to pin up 3 passport size photos along with the signature of the proprietor, partner or director.

Mudra loan interest rates:

Mudra loans are designed to bring the micro units and small enterprises under the formal financial system. The loans can be availed for various purposes like maintenance and upkeep of farms, for purchasing vehicles, to purchase plant and machinery or enhancing infrastructure. Banks facilitate loans under the Mudra scheme as per the customer requirements. The loans under this scheme are collateral free loans.

As per the scheme there are three products under the Mudra loan. These are categorized as per the stages of growth of the enterprise. As per the scheme, the interest rate and the loan limit depends on the product. They are as follows:

  1. Shishu: Under this scheme, the maximum loan that can be availed is Rs 50,000 with an interest rate of 12% per annum. The tenure of repayment is up to 5 years.
  2. Kishore: Under this scheme the loan limit is up to Rs 5 lakhs. The rate of interest depends on the bank from which the loan is availed. The tenure of repayment will be decided by the bank.
  3. Tarun: Under this scheme, the minimum loan amount is Rs 5 Lakhs and the maximum amount is Rs 10 Lakhs. The period of repayment and the interest rate charged will be decided by the bank, keeping in mind the credit history of the applicant.

Mudra loan helpline number or complaint office number:

There are two helpline numbers that will connect the user to the customer care help desk. Both the numbers are toll free and there will be no charges applied on the calls. To know more, contact the MUDRA helpline number 1800 180 1111 and 1800 11 0001.

Along with the helpline numbers there is an email ID given by the authorities. The official E-mail ID can be used to enquire on the scheme. The official Email ID is: [email protected]

To connect with any of the officers under the MUDRA loan facility is really easy. Apart from the above mentioned contacts, there are zone-wise executives who will assist the applicant to get the loan benefit under MUDRA.

Banks offering MUDRA loans:

All the public and private sector banks as well as co-operative, rural banks and non banking financial institutes are allowed to disburse the MUDRA loan. Listed below are the names of a few banks from which Mudra loan can be availed:

  1. State Bank of India: the interest rate is 17.80% and the tenure of repayment is 1 - 4 years.
  2. Canara Bank: the interest rate is 13.65% and the tenure of repayment is 1-3 years.
  3. HDFC Bank:  the interest rate on Mudra loan lies in the range of 12.75% to 20% and the tenure of repayment is 1-5 years.
  4. Kotak Mahindra Bank: the interest rate offered lies between 11.5%-18% and the tenure of repayment is 1-5 years.

Mudra loan card:

It is a debit card issued against Mudra loan account for the working capital portion of the loan. The card can be operated across the country for cash withdrawals and also to make payments. The maximum limit that can be withdrawn from the ATM using this card is Rs 25,000. These will be personalized in the name of the firm or individuals. The card will cover cash credit as well as current deposit accounts. Transaction charges will be applied from the first transaction onwards. The RuPay card will have an additional benefit of insurance coverage up to Rs 1 Lakh.

Mudra loan vs personal loan:

These are two different types of loan that are given by the banks and other financial institutions. They also cater to different needs. The Mudra loan is availed by individuals or farms who want funds for the maintenance and growth of their farms or businesses, whereas personal loan can be availed by any individual for meeting personal requirements of any kind. Mudra loan is a scheme backed by the government. There is a maximum limit up to which Mudra loan can be sanctioned.  A personal loan has no specified limit. The amount sanctioned depends on the income of the applicant and other eligibility criteria.

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