Am I eligible for a Mudra loan? What are the documents needed for it?


#1

I want to apply for a Mudra loan.


#2

The eligibility criteria of a Mudra loan is as follows:

The age of the applicant should be above 18 years.
The applicant should have a good credit score.
The applicant’s business must fall under any one of the categories mentioned below:

  • Shopkeeper
  • Activities allied to agriculture like beekeeping, fisheries, agro-processing units, etc. (However, units in the farm sector are not covered – activities for land improvement purposes like building canals, irrigation, digging wells, etc. are excluded)
  • Fruits and vegetable vendor
  • Textiles and handicrafts
  • Food products
  • Services like salons, medical shops, courier services, etc.

The important documents required for a Mudra loan are:

  • Self-attested copies of Aadhar card, PAN, Voter’s ID, Driving License, and Passport
  • Utility bill (electricity, gas, telephone)
  • Latest bank account statement, attested
  • Domicile certificate or certificate issued by a local government body
  • Certificate, license, registration, or any other documents confirming business existence, address, and ownership details.

Other documents include:

  • Photo of business owner/ partner
  • Proof of SC, ST, OBC.
  • The balance sheet for the last two years
  • Income/sales tax returns
  • Partnership deed
  • Sales made during the current financial year and up to the loan application
  • Balance sheet for 1 year or for the loan tenor (estimated)
  • Business report to signify the economic and technical status of the business (achievable)

If you are looking for unsecured business loans up to Rs. 10 lakhs, you can get in touch with us at Gromor Finance!