Pradhan Mantri Mudra Yojana (PMMY) was launched by the Hon’ble Prime Minister on April 8, 2015 to provide loans of up to Rs 10 lakh to the industries of the country. This scheme provides financial assistance to small industries to start and grow their businesses.
HDFC Mudra Loan
Under the Pradhan Mantri Mudra Loan Scheme, loans are provided in different ways by various banks in India. The largest private sector bank in the country is HDFC Bank. This bank provides loans up to Rs 10 lakh for starting a new industry or business.
Highlighted Table: Loan Categories and Benefits
| Loan category | Loan amount | Advantages |
| Infant | Up to Rs. 50,000/- | Assistance for starting small businesses |
| Teenager | Rs. 50,000 to 5 lakhs | Nutritional support for industry development |
| Young man | Rs. 5 lakh to 10 lakh | Assistance for industry expansion on a large scale |
PM Mudra Loan Type
The PM Mudra Yojana aims to make loans easily available to small businesses and women. It is divided into the following three types.
- Shishu Loan: Loan up to Rs. 50,000/
- Kishore Loan: Loans from Rs. 50,000 to Rs. 5 lakh
- Tarun Loan: Loan from Rs. 5 lakh to 10 lakh
Eligibility for getting a loan from HDFC
PM MUDRA Loan is provided to enterprises in non-farm manufacturing, trading and services sectors, whose financial requirement is less than Rs. 10 lakh . Some of the key eligibility criteria for this loan are as follows.
- Working in the manufacturing, trading, and services sectors
- Non-farm units.
- Micro industries whose financial requirement is less than Rs. 10 lakhs.
Documents required to get a loan
The following documents are required to get a Mudra loan.
- Aadhaar proof (such as Aadhaar card, PAN card)
- Current address proof (electricity bill, ration card, Aadhar card)
- Income Proof or Income Tax Return (ITR) of the last 2 years
- Bank statement of the last 6 months
- Loan Application Form
- Proof of ownership of the office
- Any license or registration regarding the business
- Trade Reference
How to Apply Mudra Loan Process | How to Apply ?
The process of getting Mudra Loan is simple and easy. Before applying for this loan, make sure whether your business is eligible for the loan or not? Then apply. The application process for getting the loan is as follows.
- Fill the application form: Go to the nearest HDFC Bank branch and fill the form for Mudra Loan.
- Submit Documents: Submit the form with the required documents.
- Loan Approval: The loan will be approved after verification of documents by the bank officials.
- Loan cash flow: The loan amount will be deposited into your bank account.
Main advantages
Ease of Loans: The main advantage of the PM Mudra Yojana is that small businesses can easily get loans, which allows them to move forward in business development.
Interest rate: The interest rate for the loan is also very favorable, due to which more and more industrialists are coming forward to take advantage of this scheme.
Application Process: The loan application process is simple and fast, making it easy for small businesses to get financial assistance.
Important features
PM Mudra Yojana is a good option for small and medium enterprises.
There are various types of loans available through HDFC Bank, which suit personal and business needs.
The Mudra loan application process is simple and fast.
You need to ensure that you have the correct documents and meet the eligibility criteria.
Conclusion
The Pradhan Mantri Mudra Yojana is very effective in boosting small businesses. The process of applying for Mudra loan in HDFC Bank is simple and fast, and this loan is an excellent option for small businesses to meet their financial needs. If you are thinking of starting a small business or expanding it, then the PM Mudra loan can prove to be useful for you.
Important Links
| HDFC Mudra Loan | View |
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