Mudra Loan: Providing Easy Financial Support for Small Businesses
What is a Mudra Loan?
Mudra Loan is a government-supported program under the Pradhan Mantri Mudra Yojana (PMMY) scheme that provides financial assistance up to ₹20 lakh (subject to conditions applied) to the non-corporate, non-farm small/micro enterprises. The programme assists small manufacturers, traders, and service providers with their business expansion. This scheme provides financial assistance through MUDRA Bank (Micro Units Development and Refinance Agency).
GST Suvidha Centre assists businesses in obtaining MUDRA loans with complete application and documentation support.
What are the types of Mudra Loan?
There are 4 types of Mudra Loan:
- Sishu – Loans up to a limit of Rs.50,000
- Kishore – Loans from Rs.50,000 up to Rs.. 5,00,000
- Tarun – Loans from Rs.5,00,000 up to Rs.10,00,000
- TarunPlus – Loans from Rs.10,00,000 up to Rs.20,00,000 (for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun’ category
Interest rates are not expensive, and the terms of repayment are flexible.
What business needs can be financed through a MUDRA Loan?
The loans under this scheme could be availed for some of the following purposes:
- Working Capital Needs
- Setting up manufacturing/processing units, shops
- Machinery and Equipment Finance
- Commercial vehicle loan
- Transport vehicle loan.
- Business loans for traders, vendors, and shopkeepers.
- Loan for Agri-allied and Non-farm activities
Who is eligible for Mudra Yojana?
The following are eligible to apply for Mudra Yojana:
- Individuals
- Proprietorship Business
- Partnership Firms
- Public and Private Limited Company
- Other legal entities
The above entities who are engaged in non-farm related business in trading, manufacturing, and services are eligible for loans upto ₹ 10 Lakhs.
Entities that have previously availed and successfully repaid loans under the Tarun category can apply for loans under the TarunPlus upto ₹ 20 lakh.
What is the Process of Mudra Loan Online Application?
There are various ways to apply for a Mudra Loan, both online and offline. One can apply online via Udyamimitra/Jan Samarth Portal or through PSB Loans in 59 minutes (SIDBI Portal).
The following steps need to be followed for applying for the loan:
Step 1: Check your eligibility under the Mudra Scheme and decide the loan category
Step 2: Visit the Udyamimitra/Jan Samarth Portal or through PSB Loans website
Step 3: Enter the required details and register on the portal
Step 4: Prepare the required documents
Step 5: Submit the application along with the required documents for Mudra Loan on the portal
Step 6: Select the bank you want to apply to for the loan
Step 7: Generate an application number for tracking
Step 8: The bank reviews your application, verifies documents, and assesses creditworthiness.
Step 9: Once the bank approves the loan, it will be disbursed to your bank account
You can easily apply for Mudra Loan online through GST Suvidha Centre with the help of our experts, who will prepare the documents, forms, and submit it to the right bank.
What documents are required for applying for the loan?
The following documents are generally required for applying for the loan:
- Proof of Identity
- Proof of Residence
- Address proof of business enterprise
- Applicant’s recent photograph
- Proof of business existence
- Statement of accounts for the last six months
- Income tax returns along with last two years balance sheet
- Quotation for machinery/other items to be purchased
- Details of supplier from whom the machinery/other items are to be purchased
- Projected Turnover and Profit
- Other documents as required by the bank
What is the process to apply online for the loan through GST Suvidha Centre?
It is easy to apply for Mudra Loan Online through the GST Suvidha Centre. The process is digitized, and you can share all the information securely through our online portal.
As part of this service, we provide the following:
- Filing of Mudra Loan Application
Process to Avail the Service:
- Book a Consultation (Optional)
Visit our website to schedule a free consultation call if you require guidance before proceeding. - Select and Add the Service to Cart
Choose the Mudra Loan service and add it to your cart. You may opt to proceed directly without a consultation. - Upload Required Documents and Complete Payment
Securely upload all necessary documents on our portal and finalise the process by making the payment. - Back-End Processing by Our Team
Our team will file the loan application and carry out all required procedures and formalities using the documents you have provided. - Completion and Document Handover
Upon approval from the bank, the loan will be disbursed to your bank account.
Apply for Mudra loan, quickly and correctly through GST Suvidha Centre
How Can I Get A Mudra Loan Near Me?
You can get a Mudra Loan near you easily through GST Suvidha Centre. We help applicants in Bilaspur, Raipur, and throughout Chhattisgarh and India in identifying the right lender and applying smoothly without running around.
How much will it cost to apply for Mudra Loan through GST Suvidha Centre?
At GST Suvidha Centre, the charges for applying for a Mudra Loan is ₹ 1,000 (exclusive of GST). The government fees and charges are extra and not included in the given fees. Document preparation fees are also chargeable extra
You get complete assistance with the whole loan approval process at an affordable price.
Why should I trust GST Suvidha Centre this service?
- Easy online application
- Free eligibility check
- Help and understanding of the best loan category for your purpose
- 100 % assistance from start to finish
- Fast loan sanction.
- Support from start to disbursal stages
- Available through India, Bilaspur, Chhattisgarh and other locations
Frequently Asked Questions:
Q1. Who can apply for a MUDRA Loan?
A. Individuals, sole proprietors, partnership firms, MSMEs, small traders, shop owners, manufacturers, and service providers can apply for a MUDRA Loan.
Q2. What is the minimum credit score for Mudra Loan?
A. There is no minimum score, but it is helpful to have a good repayment history and good credit score to make the process faster and easier.
Q3. Can I apply for the loan online without going to the bank?
A. Yes, through GST Suvidha Centre, your whole loan application process can be completed online.
Q4. How long does it take to process the Loan?
A. The time taken for the loan approval vary by bank and loan category. But we help speed up the process through proper documentation and follow-ups.
Q5. Is collateral required for a MUDRA Loan?
A. No collateral or surety is needed. It is a collateral-free business loan.
Q6. How does GST Suvidha Centre help with a MUDRA Loan?
A. We assist with eligibility assessment, document preparation, application filing, bank coordination, and follow-up to ensure a smooth process. But document preparation is charged separately.
Get your Mudra Loan in Bilaspur, Chhattisgarh, or anywhere in India through GST Suvidha Centre.
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