Narendra Modi government is serious with women entrepreneurship. They know is only possible when businesswomen can get a business loan without hassle. There are plenty of Sarkari yojana to make it happen and mudra loan in one of them. The best part if four out three are women who are getting the benefit of pm mudra loan.
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What is Mudra Loan Scheme?
The full form of Mudra loan is Micro Units Development Refinance Agency which started in 2015 by Pradhan Mantri, Narendra Modi. The good thing about mudra loan is people are not only getting a loan to grow their business but also in MSME sector they are getting a business loan for a startup.
According to PMMY mudra loan scheme for ladies, female entrepreneurs can avail up to 10 lakh mudra loan from 27 Government Bank, 17 Private Bank, 31 Gramin Bank, 4 Sahkari Bank, 36 Micro Finance Institute, and 25 NBFCs.
The Goal is Women Empowerment
Government is more interested to provide business loan for women since mudra loan scheme has launched. In fact, this is the reason out of four mudra loan applicant three are women. According to Finance Minister Nirmala Sitaraman, till date Rs.1.62 Crore rupees has been disbursed through a mudra loan scheme.
To get relief small business owners they have reduced Shishu mudra loan interest rate for ladies by 2%. They are expecting 3 Crore people will get the benefit of interest rate deduction.
With the help of Mudra loan scheme, the government wants to speed up the MSME sector growth. They are offering business loan in three categories.
Shishu Loan: Under the SHISHU loan scheme, the entrepreneurs can avail a loan up to Rs. 50,000.
Kishor Loan: Under the Kishor MUDRA loan scheme, the business owner can avail a business loan of up to Rs. 5 lakhs.
Tarun Loan: Under this scheme female entrepreneurs can get a business loan from 5 lakh to 10 lakh.
To avail mudra yojana for women, businesswomen will have to fulfil mudra loan eligibility. They can apply for mudra loan yojana online and offline. If you want to get a business loan for women fast, then Ziploan is offering unsecured business loan up to 7.5 lakhs without collateral in just three days*.
Mudra Loan for Womens Eligibility
The MUDRA loan eligibility for women is as follows:
The borrowers should be an Indian citizen.
The loan requirement should not range more than Rs. 10 lakhs.
The enterprises generating income from farming activities, cannot apply for MUDRA loan.
Small enterprises in rural, as well as urban areas, can apply for PPMY (Pradhan Mantri Loan Yojana).
Documents Required to Avail Mudra Yojana for Women
To avail pradhan mantri loan for ladies you will need the following documents:
Self-attested photocopy of identity proof (Aadhar Card, Pan Card, Voter ID, Passport, Bank Passbook, Driving License, etc.)
Self-attested photocopy of address proof like Aadhar card, Residential Proof, Electricity Bill, Water Bill, etc.
Photocopy of last three months bank statement.
Business address proof.
Inventory bill (it will require when you want mudra loan to buy machinery.)
There are plenty of other government schemes for women which offer a business loan for women at low interest.
How to Apply for Pradhan Mantri Loan Yojana for Ladies Offline
The applicant can fill the Pradhan Mantri MUDRA yojana application form from any of the banks listed under the scheme. The following are the steps for how to apply for MUDRA loan yojana:
Step 1 - Visit the nearest bank listed under the mudra loan scheme.
Step 2- Present the business plan or idea.
Step 3- Submit the duly filled MUDRA loan application form.
Step 4- Provide additional documents, such as identity and address proof, company address proof, balance sheets, caste certificate, IT returns, sales tax, etc.
Step 5- Complete all other formalities of the bank.
Step 6- The documents submitted, along with the MUDRA loan application, will be verified.
Step 7- If the borrower meets all the formalities, the loan will be sanctioned.
How to Fill Mudra Loan Online Application
Interested borrowers can also apply for the MUDRA loan online by simply visiting the official website of the 29 banks; the business loan application forms are available online. The following are the steps to apply for Pradhan Mantri MUDRA Yojana:
Step 1: Download the MUDRA loan application form.
Step 2: Simply fill the application form with relevant and correct information.
Step 3: Find the public or private bank.
Step 4: Finish the formalities.
Step 5: Once the borrower completes this process, the loan will be sanctioned.
Frequently Asked Questions
What all MUDRA loan for women comprises of?
Under MUDRA scheme, women entrepreneurs can get an instant business loan up to Rs. 10 lakh to start or expand a business. Notably, the businesses should be a non-corporate and non-farming business.
What is the aim of the MUDRA Scheme?
The primary aim of the MUDRA scheme is to provide necessary financial support to the female entrepreneurs who want to start or expand their business. The MUDRA scheme is meant for budding women entrepreneurs who have skills and want to start and run their business successfully by providing them collateral free business loan.
What are the features of the MUDRA Yojana scheme for women?
The following are the features of the PMMY scheme for women:
1) Loans are offered under three categories, namely Shishu, Kishor, and Tarun.
2) Loans are unsecured business loans, i.e. there is no need to provide collateral.
3) Affordable loan interest rates.
4) The loan amount helps in business growth and expansion.
5) The loan tenure may range up to 7 years.
How will the loan scheme benefit women entrepreneurs in India?
The scheme would benefit women business owners by providing them financial help of up to Rs. 10 lakhs to run their business. Before you apply for mudra loan you need to be eligible and submit required documents.
Solving Real problems
I have been running my business for over twelve years but have not been able to undertake expansion activities. I applied to Ziploan and they cleared my loan application in a very short span of time.
I approached Ziploan for an equipment finance loan because they required no collateral. Their eligibility criterion was easy to fulfill because it required only 2 years ITR and 10 lacs of annual banking credit.
I always thought that loans and credit facilities were only available to large businesses with significant turnover. I never thought I would be eligible to qualify for a business loan too. Ziploan is boon for small enterprises like me.
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