PM Mudra Moan Yojana: Eligibility, Interest Rate, Documents & Apply : Pradhan Mantri Mudra Yojana (PMMY) by Government of India in 2015 Rs. was started to provide loans up to 10 lakh to small and micro enterprises. The objective of the scheme is to promote entrepreneurship and provide financial assistance to those who want to start their own business. Dena Gujarat Grameen Bank is one of the leading banks in Gujarat providing PM Mudra Loans to its customers. In this article, we will discuss all you need to know about PM Mudra Loans at Dena Gujarat Gramin Bank.
What is Pm mudra loan yojana ?
The Pradhan Mantri Mudra Yojana (PMMY) is a program that the Indian government started to help small and microbusinesses in India with money. The scheme was launched on 8th April 2015 and has been implemented by various banks across the country. The loan under this scheme is known as PM Mudra Loan.
Features of PM Mudra Loan
- Types of Loans: PM Mudra Loans are of three types – Shishu, Kishore and Tarun. Shishu Loan is for people who have Rs. A loan of up to 50,000. Kishore loans are for people who need a loan of more than Rs. 50,000 and Rs. 5 lakhs. Tarun Loan is for people who need a loan of more than Rs. 5 lakh and Rs. 10 lakhs.
- Interest Rate: Interest rates for PM Mudra Loans vary from bank to bank. At Dena Gujarat Gramin Bank, the interest rate for PM Mudra Loans ranges from 10.25% to 12.50%.
- Repayment Period: The repayment period for a PM Mudra loan can be 3 to 5 years, depending on the loan amount and the borrower’s profile.
- Collateral: PM Mudra Loans are collateral-free loans, which means borrowers do not need to provide any collateral or security to avail this loan.
Eligibility Criteria for PM Mudra Loan
- Age: The borrower must be 18 or older.
- Business Category: Only small and micro-businesses are eligible for PM Mudra loans. The borrower should be engaged in a business that falls under the category of small and micro enterprises.
- Business Vintage: A borrower should be in business for at least 6 months to be eligible for a PM Mudra loan.
- FICO rating: A high credit score is necessary for the borrower. A credit score of 650 or higher is regarded as excellent.
How to Apply for PM Mudra Loan in Dena Gujarat Gramin Bank
The application process for Dena Gujarat Gramin Bank PM Mudra Loan is simple and straightforward. Here are the steps to follow
- Visit Dena Gujarat Gramin Bank’s official website.
- Go to the ‘Loans’ section and select ‘PM Mudra Loan’.
- Read the eligibility criteria and terms and conditions carefully.
- Fill the application form with all necessary details.
- Attach required documents like PAN card, Aadhaar card and bank statement.
- Submit the application form and wait for bank approval.
Reports expected for PM Mudra Advance in Dena Gujarat Gramin Bank
- Identity Proof: ,Aadhaar Card,PAN Card, Passport, Driving License,Voter ID Card.
- Address Evidence: Aadhaar Card, Visa, Elector ID Card, Driving Permit, Service Bill.
- Business Proof: Business Registration Certificate, GST Registration Certificate, Trade License, Chicken, AOA, etc.
- Proof of Income: Bank Statement, ITR, Audited Financial Statements etc.
- Passport size photographs
- Other documents: Business plan, loan application form, etc.
Benefits of the Dena Gujarat Gramin Bank PM Mudra Loan
- Easy to Apply: The process of applying for a PM Mudra loan at Dena Gujarat Grameen Bank is simple and straightforward. The bank provides a hassle-free loan application process that saves time and effort.
- No Collateral: PM Mudra Loans are collateral-free loans, which means borrowers do not need to provide any collateral or security to avail this loan.
- Low-interest rates: Dena Gujarat Gramin Bank offers PM Mudra loans at competitive interest rates, making it affordable for borrowers to repay the loan amount.
- Flexible Repayment Options: The repayment period for PM Mudra Loans can range from 3 to 5 years, depending on the loan amount and the borrower’s profile. This provides flexibility to the borrowers to choose the repayment term as per their convenience.
- Boosts Entrepreneurship: PM Mudra Loans are designed to promote entrepreneurship and provide financial support to small and micro-enterprises. By availing these loans, borrowers can start or expand their business and contribute to the economy.
Pm mudra loan yojana Important links
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