Tarun Loan Under Mudra Loan Yojana

Pradhan Mantri Mudra Yojana is also called as Mudra bank loan Yojana. This scheme is still operational and many intended beneficiaries have benefited under Mudra Yojana. The main aim of this scheme is to provide financial support to small and micro-businesses. Tarun Loan is the highest loan under Pradhan Mantri Mudra Yojana. This loan variant is designed to meet funding needs to a business that has grown out of Development Stage and Growth Stage.

Features for Tarun Loan:

  • Under this loan, the applicant can get more than Rs 5 lakh up to Rs 10 lakh
  • Interest rates for Tarun Loan are 16% and vary from bank to bank

Eligibility for Tarun Loan:

  • The businesses are not involved in any kind of farm activities for income generation
  • Business owners have a proper credit history
  • Applicants have proper business history and performance

Which type of business constitutions can take out Tarun Loan?

  • Proprietorship business
  • Ltd business
  • Partnership business
  • An Ltd. Company

Required documents for Tarun loan under Mudra Yojana:

Depending upon the area of business the documents required can be increased by the bank lenders. The documents required for Tarun Loan are mentioned below:

  • Identity proof: Voter ID card, Passport, Driving license, Aadhar card, PAN
  • Cast certificate
  • Business identity and address proof documents
  • Address proof: Passport, Voter Card, Aadhar, telephone bill, electricity bill
  • Bank statements – 6 months
  • The balance sheet of the previous 2 years
  • Income tax returns
  • Sales tax returns
  • One year project balance sheet if there are limits on working capital
  • Current financial year sales figure all and date of application submission
  • Memorandum of articles copies
  • Recent passport size photos of partners/Directors/Proprietor
  • If guarantee form the third part is absent then the lender may ask for statements of liabilities and net worth

The process to apply for Tarun Loan under Pradhan Mantri Mudra Yojana:

  • Applicant must visit his nearest commercial or private bank Under Mudra scheme
  • The applicant must convince the designated bank personally so that the applicant can get the loan sanctioned for it
  • After personnel satisfied, Applicant can fill the Application form
  • Submit the form along with required documents
  • Applicant need to fill each and every formality
  • After certificate verification, you will get the loan in the same name of the borrower