A new generation of women entrepreneurs has successfully tapped into lesser-explored sectors from food, beauty, travel, IT, and even innovation. To make things easier for women, the government of India has stepped up by introducing the mudra yojana for women. Mudra Loan for women was launched by the Indian government to offer financial support for enthusiastic women entrepreneurs. They are seeking a business plan like starting a beauty parlour, tuition centre, a stitching shop, etc.
This scheme does not require any collateral to grant the loan. This scheme will be quite helpful for women entrepreneurs in getting the financial assistance needed for their entrepreneurial journey. However, there are categories under which a mudra loan application can be applied. They are as follows:
- Shishu Loan: For businesses that are in the initial stage, and the maximum loan amount granted is Rs. 50,000.
- Kishor Loan: This loan is for businesses that are already established but wish to improve services. The amount of loan granted varies from Rs. 50,000 to Rs. 5 Lakhs.
- Tarun Loan: This loan is for the well-established businesses which are planning to expand their reach and are short on capital, they can avail as much as Rs. 10 Lakhs for the purpose.
Mudra Loan Eligibility
The following entities can avail mudra loan:
- Applicants with a minimum age of 18 years and a maximum of 65 years
- Individuals and MSMEs
- Business owners
- Small Industrialists
- Individuals involved with Agricultural activities
- Startup entrepreneurs
- A good business plan
- Duly filled loan application form
- Two passport-sized photographs of the borrower
- Proof of Identity such as Passport, Voter’s ID card, Driving License, Aadhar Card
- Age Proof
- Address proof
- Proof of business address and identity
- Last six months’ bank statement
- Documents in case applicant belong to SC/ ST/ or any other particular category
Steps for Online MUDRA Loan Apply
Here are the steps to apply for MUDRA loan:
Step 1: Download the mudra yojana application form from the bank’s official website
Step 2: Now fill in the form with all the required details
Step 3: Submit the loan application form along with all the required documents
Step 4: Wait for the bank’s representative to call for further loan formalities required by the bank
Step 5: After the submission of the mudra loan application form and attached documentation are processed and verified; the loan shall be approved and further disbursed by the bank
Steps for Offline MUDRA Loan Apply
- Applicants are required to visit the nearest commercial or private sector bank or NBFC
- Submit the self-written business plan and the duly filled mudra yojana application form
- Along with the PMMY application form, also submit the passport-sized photographs and all the required documents, such as Identity proof, address proof, company’s address and identity proof, caste certificate, if applicable, balance sheets, IT returns, sales tax returns, and other machinery details
- Complete all further bank’s formalities and procedures
- Once all the paperwork are verified, the mudra loan shall get approved
- After the loan is approved, the desired amount shall get disbursed to the mentioned bank account within specified working days
Mudra Yojana Beneficiaries
Over 15 crore loans amounting to ₹4.78-lakh-crore have been disbursed to women borrowers since the inception of the Pradhan Mantri Mudra Yojana (PMMY) with Tamil Nadu topping the list in availing the loan followed by women in West Bengal and Karnataka. Based on the data provided by the Ministry of Finance to the Rajya Sabha, the PMMY scheme was availed by women as on March 31st
|Tamil Nadu||₹58,227 crore|
|West Bengal|| ₹55,232 crores
Together with women from the states mentioned above have received 52 per cent of the total mudra loan for women. Loans under the PMMY scheme are extended to eligible borrowers that deal with manufacturing, processing, trading, services, and other activities related to agriculture, that contributes towards creating income-generating activities and employment. The Finance Ministry provided data with which more than 22.53 crore loans have been sanctioned since the launch of the Mudra Yojana scheme. In total, more than 15.75 crore loans were extended to women, thereby 70 per cent of the total loan borrowers are women.