Pradhan Mantri Mudra Yojana (PMMY): How to apply Mudra loan

The Mudra loan scheme under the Pradhan Mantri Mudra Yojana (PMMY) has been a god-send to all of the micro, small, and medium enterprises (MSMEs) in India. The scheme has single-handedly been able to alleviate one of the major difficulties faced by small enterprises in the country - lack of proper access to funding. 

 

Under the scheme, both new and existing enterprises can apply for loans up to ₹10 lakhs. That’s not all. Even proprietors and individuals looking to purchase a vehicle for commercial purposes can also avail this loan scheme. If you’re among the intended beneficiaries of this scheme and would like to apply for a Mudra loan, here’s how you can do it.

 

How to apply for a Mudra loan?

There are primarily two ways of applying for a Mudra loan - through the online mode and through the offline mode. Let’s take a quick look at both of them, starting with the online mode. 

 

Online method

To apply for an e Mudra loan, here’s what you need to do. 

 

  1. Visit the website of the bank or financial institution eligible for issuing Mudra loans.
  2. Navigate to the Mudra loan scheme webpage and download the form for the type of loan that you wish to apply for - Shishu, Kishore, or Tarun. 
  3. Print the application form and fill all the relevant details such as your name, your address, and place of business, among others. 
  4. Attach all the necessary documents along with the duly filled application form. You can get more information on the documents required for applying for the Mudra loan from the webpage of the financial institution or from the webpage of Mudra. 
  5. Submit the duly filled application form along with the documents at the nearest branch of the bank or financial institution that you’re comfortable with. 
  6. Upon successful processing and approval of the Mudra loan application form, the loan amount shall be disbursed to you. 

 

Offline method

If you’re not very comfortable with the online method or if you prefer doing it the old-fashioned way, here’s what you would have to do. 

 

  1. Visit the nearest branch office of the eligible bank or financial institution of your choice.
  2. Request for a Mudra loan application form and fill all the relevant details. 
  3. After you’ve filled the application form, attach all the necessary documents and submit the same. 
  4. Once your application is processed and approved, your Mudra loan will be disbursed to you by way of account transfer to the bank account mentioned by you in the application form. 

 

Conclusion 

As you can see, applying for a Mudra loan is very easy and simple. As for financial institutions eligible for disbursing these loans, you can approach both public sector and private sector banks, regional rural banks, NBFCs, small finance banks, and micro finance institutions as well. 

 

Require more information on the e Mudra loan scheme? Visit Finserv MARKETS to check them out. You can view the eligibility criteria, the list of documents required for applying for the loan, and more.

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