How to Apply for Mudra Loan Online?

MUDRA offers funding to non-corporate and non-farm sectors of the micro and small enterprises that are in need of credit. MUDRA Loan cannot be taken for personal requirement and one must have a genuine business plan to avail the loan. Interested applicants can apply for Mudra Loan online by visiting the official website of the eligible banks, as only these banks are eligible to offer MUDRA loan. Applicants have to fill in the online application form, be it for the Shishu, Kishor or Tarun loan scheme.

Given below are simple steps to apply for a Mudra loan online:

Step 1: Download the loan application form from the bank’s official website

Step 2: Fill in the Mudra loan application form with the required details

Step 3: Submit the application form along with all the required documents

Step 4: After submitting the application the bank’s representative will contact you for further loan formalities

Step 5: Once the Mudra loan application form and attached documents are processed and verified, loan shall be approved followed by the disbursal of loan amount.



How to Apply for Mudra Loan Offline?

For those who are not comfortable applying for a Mudra loan online can opt for an offline process. The following is the step by step process of applying for a Mudra Loan offline.

Step 1:To apply offline the applicant needs to visit a commercial or private sector bank

Step 2: You must also have a self-written business plan

Step 3: Submit the downloaded and duly filled Mudra loan application form.

Step 4: Submit the application form and passport-size photographs along with all the required documents.

Step 5: Once all the documents are verified, the loan shall get approved and the desired amount shall get disbursed to the mentioned bank account.

Mudra Loan Online Application Process through Financial Institution

Step 1: You can fill your Mudra loan form through almost any leading financial institution in India.

Step 2: The necessary documents you will need for the Mudra loan process are

Identity proof (Voter ID, Aadhaar, Driving License, PAN, etc.)

Address proof (telephone bill, electricity bill, water bill, gas bill, etc.)

Proof of business (business registration certificate etc.)

Step 3: Approach the financial institution of your choice for your Pradhan Mantri Mudra Yojana application form.

Step 4: Fill in your Mudra loan form.

In this form, you will be asked for your personal and business details.

You will also have to ascertain the amount of loan that you need before you go ahead with your Mudra loan application.

Step 5: Once you have followed these steps, the financial institution will then sanction the loan amount and it will reflect in your bank account.

What are the Different Types of Mudra loan?

Sishu Loans: Sishu loans cover up to Rs.50,000 for commencement of a business or for its early stages

Kishor Loans: Kishor loans cover up to Rs.5 lakhs for businesses that are established but seek additional funding.

Tarun Loans: Tarun loans cover up to Rs. 10 lakhs for certain eligible well-established businesses.

Types of Financial Institutions to Apply for Mudra Loan

Private sector banks

Public sector banks

Small finance banks

Regional rural banks

NBFCs

Micro finance institutions

Mudra Loan Documents Requirement

The documents required for different types of Mudra loan are as follows.

Vehicle loans

Your Mudra application form

Proof of income

Loan application

Photo Id

2 colour photos (passport size)

Past 6 months’ bank statement

Address proof

Business Instalment Loan

2 years’ ITR

Mudra application form

Photo id

Address proof

Financials (CA certified)

BIL application

Past 6 months’ bank statement

Establishment proof

Qualification proof

Business continuity proof

Trade references

Residence or office ownership proof

Rural Business Credit & Business Loans Group

ITR for the past 2 years

Mudra application

BIL application

Address proof

Photo id

Age proof

Business vintage proof

Last 12 months’ bank statement

Mudra Loan Online Application Eligibility

If you are an Indian citizen with an own business plan for trading, manufacturing, or services, and need any amount upto Rs.10 lakhs, you are eligible for a Mudra loan.

The Mudra loan is fast becoming a popular and highly sought out business financing option. Now that you, too, have understood how to apply for a mudra loan, you can take the first step towards growing your business. If you’d like to go in for a higher loan amount, or if you do not meet the eligibility for a Mudra loan, you can always opt for the Bajaj Finserv Business Loan on Finserv MARKETS. You can avail loans of up to Rs. 30 lakhs at competitive interest rates and with flexible repayment tenures. The application to apply for a loan on Finserv MARKETS is smooth, simple, and speedy. Opt for a business loan on Finserv MARKETS now to fulfill your professional goals.