Eligibility For Mudra Loan Yojana

Pradhan Mantri Mudra Yojana is an Indian government scheme in order to provide financial aid through loans. Basically, Pradhan Mantri Mudra Yojana has three facilities available for catering to enterprises at different stages of growth and financial needs. Under this scheme, people easily get the loan who wants to start their own business.

Basic eligibility for Mudra loans:

  • Non-farm income-generating activities
  • Indian citizens
  • Non- cooperate entities
  • Small business owners like Vegetable vendors, truck operators, fruit vendors, shopkeepers, repair shops, paper/food processing units, artisans etc are eligible for Mudra Bank loan Yojana
  • Funds to be invested for business activities

Pradhan Mantri Mudra Yojana – Eligible Criteria:

The Mudra bank loans available for multi-purposes like commercial purposes, Purchase the machinery, business installment loans, renovating the infrastructure, etc

To avail Mudra bank loan applicant must have the below-mentioned eligibility:

  • The monthly income of the applicant should have above INR 17000 or INR 15 lakhs as annual turnover. The profit after for non-individual should be Rs 1lakh per year and for self-employed, it is Rs 2 lakh
  • Applicant age should be 23 to 28 years at the time of loan sanction and should not more than 65 years at the loan maturity time
  • Applicants have to spend the year in the current residence or having a one-year service relationship with a bank which they are applying for the loan
  • In case the salaried individual’s minimum occupational stability must be 2 years, business stability must be 5 years and 3 years of service stability for doctors

Eligibility of leading Organizations:

Indian Government has laid some conditions for any organization that want to participate in this scheme. Here is the list of organizations that participate in this scheme

  • Banks in the public sector
  • Institutions offering microfinance
  • State-operated cooperative banks
  • Banks in the private sector
  • Rural banks from the regional sector
  • Financial companies other than banks

The above mentions banks can participate in leading operation under this Mudra scheme that satisfies below criteria:

  • Organizations must be making profits for 3 years
  • They must maintain a CRAC of 9% or more and NPAs not more than 3%
  • Organizations must have Rs 100 crores of net worth

All Indian citizens like, men, women, private limited company, proprietary concern, partnership firms and other entities can apply for Mudra Bank Loan Yojana.