Education and Career Forum

What is Mudra loan all about? What is the eligibility criteria to get Mudra loan? From where and how can I get Mudra loan? For which all purposes can I get Mudra loan? Can I get Mudra loan for education purpose and purchasing house?

MUDRA Loan is offered for business purposes only, not for education purpose. MUDRA (Micro Units Development and Refinance Agency) scheme launched to help and support the mirco, small and medium scale business units under PMMY (Pradhan Mantri Mudra Yojana).

Types of MUDRA Loan

1) Shishu Loan : Loans upto Rs.50,000/- for starting business or business at earlier stage.

2) Kishor Loan : Loans upto Rs.5 Lakh for already established business for getting additional funds.

3) Tarun Loan : Loans upto Rs.10 Lakh for well established business for meeting certain eligibility.

Application Process for MUDRA Loan
- Keep ready necessary documents to apply for MUDRA Loan.
- Approach to leading financial institution which offers MUDRA Loan.
- Fill the personal and business details in application form and attach the required supporting valid and authentic documents to avail loan.
- Financial Institution will check and verify all details and eligibility. If satisfied, Financial Institution will sanction loan into your account.

Required Documents
- Identity Proof of Applicant
- Proof of Residence of Applicant
- Caste Certificate if apply under reserved category
- Proof of Identity, Address and Licence of Enterprise
- Quotation of items to be purchased for business use.

MUDRA Loan Offering by
- Public Sector Banks
- Private Sector Banks
- Regional Rural Banks
- Small Finance Banks
- Micro Finance Institution
- NBFCs