Types of Mudra loan Schemes:
Shishu,Kishor, and Tarun
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Loan Amount:
Under Shishu Scheme: Up to Rs. 50,000
Under Kishor Scheme: Rs. 50,001 - Rs. 5,00,000
Under Tarun Scheme: Rs. 5,00,001 - Rs. 10,00,000
Margin:-
Banks may not insist for margin for Shishu loans.
SBI:- Up to Rs. 50,000/- Nil
Rs. 50,001 to Rs. 10 lacs: 20%
Union Bank Of India:-
Working Capital (WC)20% (Upto Rs 5.00 lakh),25% (Above Rs 5.00 lakh)
Term Loan (TL)10% (Upto Rs 5.00 lakh),25% (Above Rs 5.00 lakh)
Interest Rates:-
Interest rates are to be charged as per the policy decision of the bank. However, the interest rate charged to ultimate borrowers shall be reasonable.
Processing Charges:
Nil for Shishu and Kishore to MSE Units:
No processing fee is applicable on a Mudra loan for amounts up to ₹50,000.
For Tarun: 0.50%(plus applicable tax) of Loan amount)
Collateral/Security:
No collateral security required for loans under credit Guarantee for Micro Units (CGFMU)
Not required to submit any collateral or security with any financial institution to avail Mudra loan
Guarantee:
The loans under Mudra Scheme are guaranteed by Credit Guarantee for Micro Units (CGFMU) and the same is provided through National Credit Guarantee Trustee Company (NCGTC).
Repayment Tenure:-
SBI:-
Below Rs. 5 lakh : Max. 5 years including maximum moratorium period of upto 6 months.
From Rs. 5 lakh to Rs. 10 lakh : Max. 7 years including maximum moratorium period of up to 12 months.
Union Bank:-
For TL upto Rs 5.00 lakh - To be repaid within maximum period of 60 months in equated monthly instalments
For TL above Rs 5.00 lakh -To be repaid within maximum period of 84 months in equated monthly instalments
Foreclosure Charges:
No Pre closure charges for loans under Mudra
Insurance:
Life insurance is not mandatory for loans under PMMY
Subsidy:
There is no subsidy for the loan given under PMMY
Benefits of Mudra Loan:
Collateral-free loans - No collateral or security is required by the banks/NBFCs
Low-interest rates with even Nil to nominal processing fees.
Concessional interest rates for women entrepreneurs.
Loans covered under Credit Guarantee Schemes from Govt. of India. So, no guarantee required.
Can be used as Term loans, Working capital loans, and Overdraft facilities.
All Non-farm enterprises, i.e. Small or Micro firms engaged in income-generating activities can avail Mudra loans.
Mudra loans can also be availed by people belonging to SC/ ST/ Minority category at special interest rates.
Insurance not required under this loan.
No pre closure charges.
No Margin amount required.
Documents required:
Duly filled application,
passport-sized photographs
KYC documents of Applicant and Co-applicants: Passport, Voter’s ID card, Aadhar Card, Driving License, PAN card, Utility Bills
Proof of belonging to a special category, such as SC/ ST/ OBC/ Minority, etc. (if applicable)
Last 6 months’ bank statement
Business address and tenure proof, if applicable
Any other documents required by the bank or NBFC
List of Businesses covered under Mudra Scheme:
1)Commercial Vehicle:
Mudra finance for machinery and equipment can be used to purchase commercial transport vehicles like tractors, auto-rickshaws, taxis, trollies, 3-wheelers, e-rickshaws, etc.
2)Service Sector Activities:
Starting businesses of salons, gyms, tailoring shops, medical shops, repair shops, etc.
3)Food and Textile Product Sector Activities:
Various activities involved in the respective sector, such as papad,etc
4)Business activities for Traders and Shopkeepers:
Setting up shops, service enterprises, trading
5)Equipment Finance Scheme for Micro Units:
Maximum loan up to Rs. 10 lakh
6)Agri-allied Activities:
Activities related to businesses poultry farming, pisciculture ,etc.
The lending institutions that offer Mudra loans:
All public, private, and regional rural banks are eligible to provide Mudra Loan.
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