The Micro Units Development and Refinance Agency (MUDRA) was launched to provide financing and support to micro enterprises in the country. Since it offers finance as well as technological support and skill development, it is a promising resource for budding Indian entrepreneurs. Through the Pradhan Mantri MUDRA Yojana (PMMY), MUDRA offers loan up to Rs.10 lakh to micro enterprises. To cater to different needs, it offers three financing options to choose from: Shishu (loans up to Rs.50,000), Kishore (loans between Rs.50,000 and Rs.5 lakh) and Tarun (loans between Rs.5 lakh and Rs.10 lakh). However, to avail this loan you need to submit the required documents and conform to the MUDRA loan eligibility criteria.
Here is the checklist of documents that you need to submit to avail a MUDRA loan.
Identity proof
For the verification of your identity to avail a MUDRA loan, you have to submit self-attested copies of certain documents. These are as follows.
- Aadhaar card
- Voter’s ID
- Driving license
- PAN card
- Passport
- Any other photo ID card issued by a government employer
Here it is important to note that your identity proof must be self-attested.
Address proof
As a proof of your address for MUDRA loan application, you have to submit documents as well. These are as follows.
- Electricity, telephone, water or property tax bill
- Aadhaar card
- Voter’s ID card
- Passport
- Bank passbook or bank account statement that is attested by officials.
- Certificate issued by a local government body like the municipality or gram panchayat. Optionally, you can submit a domicile certificate.
Proof of business
Apart from your identity, you will have to submit documents that prove the existence of your business to avail a MUDRA loan. For this purpose, you can submit the following documents.
-
- Certificate of incorporation
- License
- Registration of business
- Any other document that confirms the existence of your business, its address and ownership.
Other MUDRA loan documents
Apart from identity and address proof, you will have to submit other documents to avail this loan. These may include some or all of the following.
- Photos of all the businessowners or partners
- If you do not belong to general category, proof of belonging to a scheduled caste, scheduled tribe or OBC category
- Balance sheet for the last 2 years
- Income tax returns or sales tax returns
- Bank account statements or bank passbook
- Partnership deed or memorandum of association and articles of association
- Sales details for the current financial year up to the date of filing the loan application
- Forecasted balance sheet for 1 year or for the entire loan tenor
- A business report that certifies economic and technical feasibility of the business
However, if you have immediate capital requirements or need a larger amount, instead of choosing a MUDRA loan, you can apply for a Bajaj Finserv Business Loan. It offers financing up to Rs.30 lakh to cater to all your business needs. Also, you can avail this loan at a competitive interest rates by submitting only two documents, without any collateral.
