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  • Mudra Loan Eligibility is Rated as "Great!" by 92199 Users

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    Mudra Loan Eligibility

    Pradhan Mantri Mudra Yojana is a special scheme set up by the Government of India through an institution named Micro Units Development & Refinance Agency Limited (MUDRA) in order to provide financing aid through loans to the non-corporate non-farm sector income generating activities of micro and small entities (subject to those enterprises with credit needs below INR 10 lakhs).

    The Pradhan Mantri Mudra Yojana (PMMY) has three facilities or options available for catering to enterprises at different stages of growth and financing needs. These options are Shishu, Kishore and Tarun.

    The basic eligibility criteria for Mudra Loans are

    • Indian citizens
    • Non-farm income generating activities
    • Non-corporate entities
    • Funds to be invested for business activities
    • Small business owners like truck operators, vegetable vendors, shopkeepers, fruit vendors, repair shops, artisans, paper/food processing units etc. are all eligible for Mudra Loans.

    On top of the basic criteria set by the government, lending institutions will have their own norms and guidelines for providing loans under the scheme. As such, you need to read the terms and conditions of your particular lender to ascertain the extra eligibility conditions that they might have put in place. You can check sample requirements for the Mudra Loan below.

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    Eligibility Criteria for Pradhan Mantri Mudra Yojana (Mudra Bank Loan)

    Mudra Loan Eligibility Criteria

    The loans availed as per this scheme can be used for multiple purposes, like vehicle loans for automobiles meant for commercial purposes, business instalment loans that can aid in working capital financing / purchase of plant and machinery / renovating the infrastructure and/or business loans group and rural business credit.

    A versatile loan as this has the following criteria to be met in order for the applicant to avail the loan

    1. The age of the applicant should be 23 years to 28 years at the time of the loan sanction and should not be more than 65 years at the time of the loan maturity
    2. The applicant should have monthly income above INR 17000 or INR 15 lakhs or more as annual turnover. The minimum profit after tax for non-individuals should be INR 1 lakh per year and for proprietorship/self-employed, it is INR 2 lakhs
    3. In case of salaried individuals, the minimum occupational stability should be 2 years and business stability should be at least 5 years, with 3 years’ service stability for doctors
    4. Applicants either have to have spent a year in the current residence or have a 1 year service relationship with the bank through which they are applying for the loan.

    Based on the different options available under the scheme, differing rates of interest and repayment tenures are available for loans availed under Pradhan Mantri Mudra Yojana (Mudra Bank Loan). Aimed to facilitate growth and prosperity of businesses and enterprises in the micro segment, these loans can be very helpful to ease any kind of financial crunches.

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    Mudra Loan Eligibility FAQs

    1. What is the eligibility criteria under the Mudra Scheme?

      The Mudra Scheme is applicable for Indian citizens who are investing in non-farm income activities like service, trading, processing and manufacturing with credit needs up to Rs.10 lakhs can apply for loans under the Mudra Scheme through any of the recognized intermediaries. These intermediaries include Public and Private Sector banks, NBFCs, MFIs, RRBs and other financial institutions.

    2. Do I need to submit my Income Tax Returns for availing Loans under this scheme?

      No, there is no directive from the central government regarding submission of ITRs. However, the lending institution may ask you for this under its own rules and regulations.

    3. Can I get the Mudra loan amount on the basis of my Savings Bank account?

      Yes, the loan amount may be requested on the basis of your SB account. The terms of the loan will be decided by the lending authority which includes amount of loan, interest rate and repayment tenure. The lending authority takes into account multiple factors before deciding the terms of the loan for each case.

    4. Which individuals can avail Mudra Loans?

      All Indian citizens including women, men, proprietary concern, private limited company, partnership firms and other such entities can apply for Mudra Loan.

    5. Can Physically Disabled/Handicapped individuals avail Mudra Loans?

      Yes, the scheme doesnt differentiate between applicants who fulfil the basic criteria and is applicable for all Indian citizens irrespective of region, religion, physical prowess, economic background etc.

    6. Do I need to provide PAN card for availing Mudra loan?

      There is no direction under the scheme for providing PAN card details. However, the lending institution may ask you to fulfil KYC norms which may ask for PAN details.

    7. What are the documents required for Mudra loan application?

      Documentation requirements are decided by the lending intermediary under RBI guidelines. You may approach any of the lenders to find what documents they are looking for.

    8. As a small dealer with my own shop of used goods, can I claim loan under the Mudra Scheme?

      Yes, the Mudra loan can be claimed through NBFCs, banks or MFIs. Service, trading and manufacturing units are included under the Mudra Scheme, with rational pricing of products to help their needs.

    9. Im newly graduated and joined the workforce just now, can Mudra Scheme assist me?

      Yes, you can get loans up to Rs.10 lakhs as per the three distinct bands namely Shishu, Kishor and Tarun. If your business requirements fall under the broad ambit of Mudra Scheme, you can approach any of the intermediaries for a loan under the scheme.

    10. What are security/collateral requirements for Mudra Loans?

      There are no security or collateral requirements for Mudra Loans, essentially making them unsecured loans.

      Know more about Mudra Bank Loan

      The Prime Minister Mudra Yojana (PMMY) is a loan scheme that plans to provide start-up capital or working capital loans which are unsecured to non-farm non-corporate income generating activities. Read more about Mudra Bank

    11. Check Mudra Loan Interest Rates from Different Lenders

      Mudra Loan interest rates are dynamic and vary from lender to lender. You can check the interest rates for loans from 33+ top institutions under the Mudra Loan Scheme here. Check Mudra Loan Interest rates from top banks here

    Mudra Loan Eligibility Reviews

    • ICICI Bank Personal Loan
      "Need to reduce charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank and the experience was good, the loan amount was for Rs 2 lakhs with high interest rate of 15.5%. The process was quick and i received my loan amount on time. I paid Rs 12000 for insurance and the tenure period for this loan is 48 months.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with them and the process in getting the loan has been very good. The security with them had been good and i am satisfied with the loan amount which they had provided. The interest rate has been good with them and the whole process had been good. It has been almost two to three months since i have taken the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good process in getting this loan and i am satisfied with the loan amount which have been provided by them, The interest rate with them had been good as well as the process has taken less time and there has not been any issues so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience with this loan and the loan amount which they had provided had been satisfactory as well. The interest rate with them has been quite good compared with the market rate. The whole process had been pretty smooth and easy where it has taken very less time in getting the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have a good experience dealing with this on line tool. I received good customer service and response as when I applied for the product on their website. They have an user website where we can navigate through everything hence it was easy to choose. I am very much satisfied with their services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Tata Capital, it was a good choice that I have made, the processing my loan amount at the earliest it was not delayed, the customer service was also good, they assisted me well. The rate of interest they have charged is also quite OK as compared to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The services I received from this on line tool was good, they have many options to choose the financial product from their website, it was good and hassle free, I received good customer service who helped me and assisted me in processing my application and documents, I was quite happy with the services they have provided.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from IndusInd bank, the services were quite good, I got good assistance in processing my loan application, but however the loan process was delayed a bit with documentation other than that there is no issue. Even the rate of interest was good enough.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      My experience that I had with this on line portal has been good n terms of services and the processing they did. I received proper communication for the product I have chosen and it went smoothly. But my only complain is that I get repeated calls in same day for same queries, if they could do some proper management for that and improve on that aspect it would be great.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • IndusInd Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IndusInd bank, everything was OK, except the rate of interest they have charged which I believe is a bit high as compared to others. They have charged me around 15.5 % for loan amount of Rs. 5,00,000 for 4 years. Rest assured I received the amount on time everything was smooth I am happy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have a good experience with this on line tool, the services I have got has been good. The good part about their services is reaching out to customer service is very easy, you don't have to go through any IVR and they are directly approachable for your quick queries. I am quite satisfied.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Tata capital Personal Loan
      "Average"
      0.5 3.5/5 "Pretty good"
      My experience of personal loan with Tata Capital has been some what OK as I received the loan amount on time and I was aware about the rate of interest they have charged, however there was no annual fees but there was an insurance fee that they have charged which I came to know in mid process I was not quite happy about that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • Standard Chartered Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11.49% for the personal loan with the Standard Chartered bank. Customer service is good too with the Standard Chartered bank. Everything is better one with them till now. All of the aspects are better one with the Standard chartered bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the February onward. I would like to say that the customer service is good one and the response is also good too. I am happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Best"
      0.5 4.0/5 "Great!"
      Interest rate is around 17.5% for the personal loan with the HDFC bank. I would like to say that the response is good one for me with them and the processing charges are on higher end like its around 7000 Rupees.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Wonderful"
      0.5 4.5/5 "Excellent!"
      I am using Bankbazaar.com from the last three years of time. All of the financial products, I used to get it through them. Everything is an excellent one for me with them as such. I have never faced any such issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • HDFC Bank Personal Loan
      "Wonderful"
      0.5 4.0/5 "Great!"
      Rate of interest is around 11% for the personal loan with the HDFC bank. I would like to say that the processing charges are on higher end. Apart from that everything is good one with the HDFC bank for the personal loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and am using it from the last two months of time. I would like to say that the customer service is good one with the Bankbazaar.com. I am really happy with the Bankbazaar.com till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • ICICI Bank Personal Loan
      "Okay"
      0.5 4.0/5 "Great!"
      10.99% is the rate of interest for the personal loan with the ICICI bank. I would like to say that the response is good one with the ICICI bank. Everything is better one for me with the ICICI bank, also am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Bank Bazaar Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaar.com from the last one year of time. I would like to say that the customer service is good one with them and the online portal is easy to access. Everything is better one for me with the Bankbazaar.com.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
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