PMMY loan offers up to Rs. 10 Lakh for MSMEs for non-corporate non-farming origin businesses. The objective is to encourage the young generation into entrepreneurship by promoting them with financial aid, focusing on the growth of micro-enterprises. The applicant will require some specific documents to produce to the bank. Below are the documents required for Mudra Loan:

1. Proof of Identity

Applicant should produce self-attested photocopies of:
Aadhar Card
Driving License
Voter ID
PAN Card
Passport

2. Proof of Address

Utility Bill copy of electricity, telephone, gas, property tax, etc.
Aadhar Card
Driving License
Voter ID
Passport
Latest bank account statement

3. Duly fill out the application form for the Mudra loan

4. Applicant passport size photo in 2 number

5. Proof of Business

Certificate of Registration
Business License
Articles of Organization
Proof of Business Ownership
Or any other documents confirming the business existence and address

6. Business Plan/Project Report

A business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Our reports are accepted by all public and private sector banks working in India. Click to create your project report.

7. Other Mudra Loan Documents

Photos of owners, partners, etc.
Proof of Category – SC/ST/OBC
Estimated balance sheet for the loan period
Income/sales returns
Last 12 month’s Bank Statement
Partnership Deed or MoA or AoA
Sales during the period and estimated sales for the loan period
Business report certifying the economic and technical viability of the business

Based on the type of business and bank, the documents required for Mudra loan change as per the specific loan schemes like Shishu, Tarun, and Kishor.

The Micro Small Enterprise Funding Scheme was initiated by the Government of Tamil Nadu to advance the growth and competitiveness of micro and small enterprises (MSE). The Tamil Nadu Industrial Investment Corporation Limited (TIIC) is charged with overseeing and executing this scheme. Even the Government of Tamil Nadu provides financial assistance under this MSE funding scheme. Moreover, to the New or Well-Known Units in Micro and Small Enterprises with an overall project outlay of Rs.50.00 lakhs.

What are the Objectives of the Micro Small Enterprise Funding Scheme, Tamilnadu?

The main objective is to the extension of financial assistance. To new/existing micro and small enterprise units with a cumulative project outlay of Rs.50 lakh. Other purposes are as follows:

Upgrading infrastructure facilities in new or existing MSE industrial zones through financial assistance provided.
For the creation of fixed assets in small businesses and small businesses (MSE). They are improving the growth of micro/small businesses through the advancement of technology. Also, the skills, and quality, access to markets, access to resources. Also, to increase the potential of the SMEs. By forming self-help groups, consortia, up-gradation of associations, etc. Construction of research centres, training centres, depots of raw materials, effluent disposal, complementary manufacturing methods, etc.

What are the Eligibility Criteria for the Micro Small Enterprise Funding Scheme, Tamilnadu?

The conditions for eligibility for financial assistance under the Micro / Small Enterprises Funding Scheme here: New micro and small-scale enterprises for the manufacturing, storage, or processing of products, regardless of location. Also, for service sector ventures such as hospitals, fast food restaurants, etc. Except for small road transport operators [SRTOs], and new micro and small-scale enterprises. Even the Tamil Nadu Current Micro and Small Scale Enterprises (MSE) Units. Moreover, the Service Businesses, Growth, Modernization, Gradation of Technology and Diversification are Important to all property, Partnership, and Limited companies like LLP.

The cost of a project under the Micro and Small Enterprises Funding Scheme never exceeds Rs.50 Lakh. Also, this amount is only for the new units. In respect of existing MSE units, the cost of the project never exceeds Rs.50. Lakhs. Under the Micro and Small Enterprises Funding Scheme, the allotment of the Loan depends on the type of user:

Firstly, subject to the project cost, a term loan of 80% is granted for new MSE units. That governs a maximum of up to Rs.40 lakhs.

Secondly, for existing MSE units, a term loan of 75% of the project cost. That governs to a maximum of Rs.37.50 lakhs.

The Minimum Promoter’s contribution to the Micro and Small Enterprises Funding Scheme is set at 20% of the project cost. But in Detail :

So, all the new units receive a Promoter’s Contribution of 20% of the Project Cost.

Also, the Promoter contributes 25% of the Project Cost to all the existing units.

What are the Documents Needed Micro Small Enterprise Funding Scheme, Tamilnadu?

KYC documents
Proof of ID: Aadhar card, PAN card, Passport, voter ID
Proof of residential address
Projected balance sheet/ Project report
Business address proof
Business registration Proof: – Partnership title / Certified copies of MOA / AOA
Bank statement 6 months ago( If existing unit)

In the above list, a Business plan also known as a project report is a crucial document when applying for a bank loan. The bank uses this document to analyze the overall feasibility, risks, financial viability, and potential of a project. A well-crafted and convincing project report increases the chances of loan approval. With Finline you can craft a compelling project report in less than 10 minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your project report.