What are documents required for mudra loan?

Documents Required for Applying MUDRA Loan Duly filled Mudra application form (PDF format) with Passport-sized photographs. KYC documents for the applicant include Passport, Voter’s ID card, Driving License, PAN card, Adhaar Card, Utility Bills (Water/Electricity Bills), Birth certificate, Class X certificate.

Is cibil score required for mudra loan?

No, CIBIL score™ is not required to get a Mudra Loan as the government has launched this scheme to help people start a new business or grow an existing business. Credit scores play a crucial role in determining your loan eligibility and interest rates.

Is guarantee required for Mudra loan?

The maximum loan amount offered under the MUDRA scheme is up to Rs. 10 lakh with a repayment tenure of up to 5 years. Applicants are not required to submit any collateral/security or any third-party guarantee to apply for a Mudra loan.

Is income proof required for Mudra loan?

Documents Required for Applying MUDRA Loan KYC documents for the applicant include Passport, Voter’s ID card, Driving License, PAN card, Adhaar Card, Utility Bills (Water/Electricity Bills), Birth certificate, Class X certificate. Income Proof: Last 12 months’ bank statement. Last years’ ITR, if applicable.

What is the interest rate of Pradhan Mantri Mudra Yojana?

The banks that are currently offering business loans under the Pradhan Mantri MUDRA Yojana have interest rates ranging from 11\% to 37\%. Some of the more popular banks that are offering MUDRA loans are as follows –

Is there any criteria for banks to offer mudra loans?

All scheduled commercial banks and regional rural banks can offer business loans under Pradhan Mantri Mudra Yojana (PMMY). Is there any criteria which needs to be fulfilled by banks for offering mudra loans? Yes, certain criteria’s need to be fulfilled in order to offer mudra loans. It varies depending on the category.

What is PMJDY (Jan Dhan Yojana)?

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance and Pension in an affordable manner. How is PMJDY different from the earlier Financial Inclusion Plan (Swabhimaan)?

Does a person need to open another bank account under PMJDY?

Does a person already having a Bank account in any bank needs to open another account under Pradhan Mantri Jan-Dhan Yojna (PMJDY) to get the Accidental Insurance Benefit under the Scheme? A person who is already having a bank account with any bank NEED NOT open a separate account under PMJDY.