The Pradhan Mantri MUDRA Yojana (PMMY) was launched and put into effect on April 08, 2015. Under this scheme, officials provide cash advances to owners of micro, small, and medium enterprises (MSMEs) as per their individual needs. The amounts that are disbursed to the beneficiaries of this scheme can be as high as ₹10 lakh, depending upon the applicant’s eligibility, the current scale of business operations, and plans for the future.
Several people are of the opinion that the Mudra loan application process is a cumbersome one, which is a statement that couldn’t be further from the truth. In fact, the Mudra loan application process is a fairly simple one and can be carried out by practically anybody. This article will take you through the Mudra loan application process that can be carried out either online or offline. Read on to know more.
Steps to Apply for a Mudra Loan Online
Applicants that are interested in taking their business operations to the next level with the assistance of a Mudra loan can easily apply for one, as has been mentioned before. But, they will need to follow the below-mentioned steps diligently.
- Step 1: Firstly, the applicant must download the loan application form from the official website of the bank they want to avail of a Mudra loan. The hopeful beneficiary must, however, keep in mind that only a select number of banking and financial institutions are authorized to provide loans under the Pradhan Mantri Mudra Yojana (PMMY).
- Step 2: Then, fill out the application form with the required details. The details which will be asked from a person can be broadly put under two headings, namely personal information and relevant details regarding the business. The applicant must ensure that all of the information that they divulge is correct and accurate to the best of their knowledge.
- Step 3: After that, the individual must submit the application form in addition to all of the required documents. The list of documents that will be needed will be specified on the portal of the lending institution in the question itself.
- Step 4: The representative of the bank will then connect with the applicant in order to take matters further and take care of all of the loan formalities.
- Step 5: Once the Mudra loan application form and the documents that will accompany it have been successfully processed and verified, the loan will be approved and then disbursed by the bank shortly.
Procedure to Apply for a MUDRA Loan Through the Offline Route
If the applicants want to go the offline route to apply for mudra loan, they will be required to follow the steps that have been mentioned below:
- Applicants will first need to visit the branch of a commercial or a private sector bank that is the closest to them. They will have to visit the same with a duly-filled copy of the Mudra loan application form that was downloaded from the internet along with the necessary documents.
- After the above step, the applicant will have to hand them over to the relevant Mudra loan representative that they will meet at the bank. Before doing so, the applicant must make sure that they have a few passport-sized photographs of themselves as well.
- Post that, the concerned representative will guide the applicant through all of the relevant formalities and procedures. The individual who is applying must take care of the same in their own individual capacity and with care. Once all the documents have been scrutinized and verified successfully, the loan should get approved.
- Post the approval, the desired amount will be credited into the bank account that the applicant has shared the details.
If an individual would like to know more about Mudra loans or apply for one, they can always visit aggregator portals such as Bajaj MARKETS and initiate the process right away! Sites such as Bajaj MARKETS or government websites also teach their readers everything they need to know about finance and the current financial and taxation climate.