What is Mudra loan
The Mudra scheme is made up of Micro Units Development and Refinance Agency (MUDRA). Its main objective is to promote small and cottage industries. Prime Minister Modi started this by stating that 5 crore 75 lakh people engaged in self-employment need to be taken care of, who use an amount of 11 lakh crores with a loan of only 17,000 rupees per unit and provide employment to 12 crores Indians. Let’s make it happen.
How much is the interest rate
There are no fixed interest rates under the Pradhan Mantri Mudra Yojana (PMMY). Different banks may charge different interest rates for Mudra loans. The interest rate also depends on the nature of the business of the borrower and the risk associated with it.
Apply like this
For the loan under the Mudra scheme, you have to apply to the government or bank branch. If you want to start your own business, then you have to provide the ownership or rental documents, work related information, Aadhaar, PAN number and many other documents.
These documents will be needed
Any Indian citizen can apply for a Mudra loan. However, in the Mudra scheme, preference is given to women and SC / ST applicants for loans. For taking a Mudra loan from SBI, an identity card, proof of residence, bank statement, photograph, sales documents, price quotations, business ID and address certificate are required. Apart from this, information about GST identification number, income tax return will also have to be given. You can apply for Mudra loan by visiting this website of SBI.