Guide about how to avail Business loan from Mudra Bank, Benefits of Mudra Bank and everything about Mudra Bank. Mudra Bank is launched by Prime Minister Narendra Modi to benefit small and medium enterprise. Mudra Bank provide loan up to 10 lakh to small business. Let’s try to look at Mudra Bank Details.
MUDRA stands for Micro Units Development and Refinance Agency Ltd. This bank is formulated with big corpus of 20,000 Cr. The main objective behind mundra bank is fund the unfunded business. Mudra Bank provides loan in three different categories starting from 50,000 Rs to 10 lakh.
How to apply for Business Loan from Mudra Bank?
It is very easy to apply for business loan under Pradhan Mantri Micro Units Development and Refinance Agency Ltd (MUDRA) Yojana.
– To avail business loan from Mudra Bank, you need to prepare business plan. Once your business plan is ready you need to select business category.
– Mudra Bank provides loan in three different categories Shishu/ Kishor/Tarun.
– Shishu is child Category, if you have just started business or planning to start business you can get loan up to 50,000 Rs.
– Kishor is second category, if your business is already set you can get loan under kishor category up to 5 Lakh from Mudra Bank.
– Tarun is for established business, if you have already established business you can avail loan up to 10 lakh from Mudra Bank.
– Once you select business category you need to contact nearest public or private bank to apply for loan under MUDRA BANK.
Mudra Bank is not separate bank it is government scheme to provide finance to your business, this finance can be availed from nearest public or private bank.
Once your loan is sanctioned from Mudra Bank you will get MUDRA CARD, This card is like credit card and you can use this card to buy business raw material etc.
To check your eligibility about business loan under MUDRA you can refer to eligibility criteria link given below.
Official Website of Mudra Bank:- http://www.mudra.org.in/
Download Application for MUDRA Business Loan.
FAQ about MUDRA is given here.
Visit the official link to get all information like Objectives, Vision, FAQs related to Mudra Bank are answered on official website in detail.
Benefits of Mudra Bank
– Providing Low Cost Business Loan for business.
– Priority will be given to SC/ST in lending loan.
– It will fund the unfunded business.
– Boost to economy as startup will get advantage of business funding.
Key of getting business loan from MUDRA Bank is good business plan and proper presentation to bank.
All the Best in getting Business Loan! If you are facing any problem in getting business loan do write to us.