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The Mudra Loan encourages becoming job creator not job seeker and it can be begin from small level.
The credit facilities extended under the Pradhan Mantri Mudra Yojana can be for any type of fund or non-fund based requirements. Hence, borrowers can use the Mudra loan scheme for a variety of purposes. The credit from Mudra loans can be used for term loans and overdraft facilities, or to apply for letters of credit and bank guarantees. It can be availed upto Rs. 10,00,000/-.
Profession | Salaried persons working in government, private or MNC companies and self employed professionals like Doctors, CA, CS, Architects |
Eligible Age | 21 years to 60 years |
Minimum Income for Loan Eligibility | Rs. 25,000 per month for salaried; Rs. 5 Lakh gross annual receipts for professionals |
Work Experience Required | 3 years and above |
Experience in Current Company | Varies from 1 month to 1 year |
Minimum CIBIL Score | 650 |
Maximum EMI as percent of Income | 65% |
- Identity proof: Aadhar Card, Valid Passport, Valid Voter ID Card or a Valid Driving License
- Address proof: Ration card/passport/telephone/rental agreement/electricity bill
- 6 months bank passbook or last 3 months bank statement
- Recent salary slip or current salary certificate.
- Latest Form 16
- PAN Card: For Company /Firm/ individual
- Identity proof: Passport/ Aadhaar Card/Voter’s ID card/Driving License/Pan Card
- Address proof: Aadhaar Card/Passport/Driving License/ Voter ID-Card
- Latest 6 months Bank Statement
- Latest ITR along with computation of income, recent Balance sheet along with Profit & Loss a/c (CA Certified /Audited) for the last 2 years
- Proof of continuation
- Apart from these documents, other compulsory documents are – Sole Proprietorship Declaration Or Certified Copy of Partnership Deed, Certified original copy of Memorandum and Articles of Association (certified by Director) and Board resolution (Original)