Applicants can apply for Mudra loans online and offline at their convenience. MUDRA, Micro Units Development & Refinance Agency loans are offered up to ₹ 10 Lakh to micro, small, and medium enterprises. The loan is applicable for a repayment period of 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 a MUDRA Loan Online?
Applicants can apply for a Mudra loan online by visiting the official website of the particular bank. It saves time and trouble-free process. Below are simple steps to apply for Mudra loan registration online:
- Identify the appropriate bank.
- Browse the official website of the particular bank.
- Download the online application form.
- Fill in the different sections and fields with the required details
- Complete the application and necessary documents
- Submit Project Report/Business plan
- Wait for the bank representative to contact you for further processing.
- 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 a MUDRA Loan Offline?
If applicants want to file the Mudra loan application form offline, follow the below-mentioned steps:
- Applicants should research the particular bank that provides Mudra loans. Study the interest rates and other charges before you put up an application.
- Completed application form.
- Submit Project report/Business plan.
- 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.
- Complete all the bank’s formalities and procedures.
- The loan shall get approved, once all the documents are verified.
- After the loan is approved, the desired amount will get credited to the particular bank account within working days.
How to apply and download the MUDRA Loan application form?
About Finline!
Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.