The Pradhan Mantri MUDRA Loan Scheme is an initiative launched by the Hon’ble Prime Minister on April 8, 2015 to offer loans non-corporate non-farm small and small companies Additionally Mudra Loan Scheme 2.0 helps small businesses get loans up to Rs. 10 lakhs. It is for businesses that make products sell goods or provide services but not for farming However it also includes related activities like poultry dairy and beekeeping The financial help is given by selected banks and institutions to support small non-cooperate businesses in these areas. Small and micro businesses can grow a lot with the help of loans without worrying about money problems.
if you meet the requirements you can go to the official website to fill out the application form online and take advantage of this Mudra Loan Scheme 2.0 Lastly this page will provide you with all the information you need about the scheme, including its benefits objectives required paperwork eligibility requirements and application process.
Mudra Loan Scheme 2.0
Firstly The Finance Minister of India announced the start of the updated Mudra Loan Scheme 2.0 at the 2024-25 Union Budget Representation. Secondlythe loan amount was increased by 10 lakh under the updated version of the Mudra scheme bringing it to INR 20 lakh in total.The loan amount has been raised to help India’s small and micro firms These small businesses contain millions of different types of firms. Moreover individual or partner run small factories service businesses fruit and vegetable dealers truck drivers food stalls repair shop machine operator’s small industries craftspeople and more.
Education Loan e Voucher Scheme
The increase in the loan amount under the Mudra plan will provide more chances for small and micro businesses. Henceif you want to learn more about this program, read this post properly.
Eligibility Criteria
- To avail of the loan under the Mudra Loan Scheme the applicant must be-
- Small manufacturing enterprise
- Shopkeepers
- Fruit and Vegetable vendors
- Artisans
- Truck operators
- Food service units
- Repair shop
Objective of Mudra Loan Scheme
- To help small and micro business owners expand their businesses.
- To create job opportunities for unemployed citizens.
- To encourage citizens to start their own small businesses.
- The Government of India sanctioned a loan of ₹5.4 lakh crore.
Types of Mudra Loans
- The Shishu category offers loans up to INR 50,000.
- The Kishor category gives loans that range between INR 50,000 to INR 5 lakh.
- The Tarun category offers loans ranging from INR 5 lakh to INR 10 lakh.
Benefits of Mudra Loan Scheme
- Small and micro firms can use the Mudra Loan Scheme to grow or start their businesses.
- It will also provide job chances for other unemployed individuals.
- Small and medium firms are now eligible for loans of up to INR 20 lakh.
- Financial aid from the scheme will be sent directly to the selected candidates’ bank accounts.
Required Documents
- Aadhar Card
- Ration card
- Mobile Number
- Electricity bill
- Address Proof
- PAN Card
Mudra Loan Scheme 2.0 Apply Online 2024
STEP 1: To benefit from the Mudra Loan Scheme 2.0 all candidates who meet the qualifying requirements need to visit the official website and complete the application form.
STEP 2: Once on the official website’s homepage the applicant has to tap on the option Udaymimitra portal.
STEP 3: A fresh window will open on the computer’s screen; candidates has to pick the option Apply Now.
STEP 4: On the fresh page, the candidate must provide their name, email address, and mobile number before selecting on the generate OTP option.
STEP 5: The applicant needs to enter the OTP got on their registered mobile number and select the submit option.
STEP 6: The registration form will show up on your desktop screen; the applicant has to fill out all of the requested information and attach all of the required papers.
STEP 7: After providing all of the details, the applicant must rapidly examine them and click the submit button to finish the procedure.
Mudra Loan Scheme Offline Application Procedure
STEP 1: Candidates who wish to apply for the plan offline should go to their nearest Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
STEP 2: The enrollment form for the scheme is available online at the website. Candidates can simply visit the official website and click on any loan option.
STEP 3: Candidates are able to download the application form by choosing on the Shishu, Kishor, or Tarun options.
STEP 4:Once you download the application form the candidate has to fill out all of the information and attach any required papers, such as residence and identity verification.
STEP 5: After finishing the application form, the applicant should properly check it and send it to the right official.
Contact Details
- help[at]mudra[dot]org[dot]in
FAQs
What is the main objective of launching the Mudra Loan Scheme 2.0?
The main objective of launching Mudra Loan Scheme 2.0 is to help small and micro-business enterprises in India.
What is the maximum amount of loan to be given under the Mudra Loan Scheme 2.0?
The maximum amount of loan to be given under the scheme is INR 20 lakh.
Who is eligible to avail the benefits of the Mudra Loan Scheme 2.0?
All the small and micro business owners in India are eligible to available the benefits of the Mudra Loan Scheme 2.0