Applicants can apply Mudra loan online and offline as per theie convenience. MUDRA, Micro Units Development & Refinance Agency loans are offered up to ₹ 10 Lakh to micro, small, medium enterprises. The loan is applicable for a repayment period for a maximum of 5 years without submitting any security as collateral. Public sector banks, private sector banks, NBFCs, co-operative banks, small finance banks, regional rural banks, and microfinance institutions consider the loan application with genuine and proper documents.
How to Apply for MUDRA Loan Online?
Applicants can apply Mudra loan online by visiting the official website of the particular bank. It saves time and trouble-free process. Below mentioned are simple steps to apply for Mudra loan registration online:
Step 1: Identify the appropriate bank.
Step 2: Browse the official website of the particular bank.
Step 3: Download the online application form.
Step 4: Fill in the different sections and fields with the required details
Step 5: Complete the application and necessary documents
Step 6: Submit Project report/Business plan
Step 7: Wait for the bank representative to contact you for further process.
Step 8: Once the loan application form and attached documents are processed and verified, the loan shall be approved and further disbursed by the bank
How to Apply for MUDRA Loan Offline?
If applicants want to file the Mudra loan application form offline, follow the below-mentioned steps:
Step 1: Applicants should research the particular bank that provides Mudra loans. Study the interest rates and other charges before you put up an application.
Step 2: Completed application form
Step 3: Submit Project report/Business plan
Step 4: Together with the application form, submit the passport-sized photographs, identity proof, address proof, company’s address and identity proof, caste certificate, if applicable, financial statements, IT returns, sales tax returns, and other equipment details.
Step 5: Complete all bank’s formalities and procedures
Step 6: Loan shall get approved, once all the documents are verified
Step 7: After the loan is approved, the desired amount will get credited to the particular bank account within working days
