Mudra loans are granted to small firms as part of banks’ priority sector lending. MUDRA Loan Scheme, also known as the Pradhan Mantri Mudra Yojana, is a government of India program that provides loans to people and MSMEs through banks and NBFCs. Shishu, Kishor, and Tarun are the three lending programs given under MUDRA Yojana.
Eligibility For a Mudra Loan
Individuals, startups, shopkeepers, merchants, traders, small manufacturers, craftsmen, MSMEs, and enterprises operating in the Manufacturing, Trading, and Services Sectors can only apply for loans under the Mudra scheme.
How Can You Get a Mudra Loan?
You may download the application form at the website mudra.org.in and fill in all of the needed information. Depending on the bank, the application process may change somewhat. You must go to the nearest branch of the bank where you wish to receive the Mudra loan and submit the completely filled application form together with the required bank paperwork.