Micro Units Development & Refinance Agency , a.k.a MUDRA is set up for supporting the growth of micro units. The eligibility criteria for getting a MUDRA loan is defined and groups meeting the conditions can get the approval for the same very easily. You do not have to check for the intermediators. The process is available online , and hence it is transparent and hassle free.
With the make in India concept, many small units are being setup and companies are investing in them. But specifically, there are many individuals who want the complete profit rather than getting an investor. In this case they do not need to share the profit. For them, the government of India provides the concept of loans for micro units.
Mudra Loan Eligibility Criteria
Any person can apply for MUDRA loan if he meets the following requirements:
- The applicant should be Indian.
- The age of the applicant should be 23 years to 28 years at the time of the loan sanction and should not be more than 65 years at the time of the loan maturity.
- The applicant should have monthly income above INR 17000 or INR 15 lakhs or more as annual turnover.
- For the salaried employees, the minimum occupational stability should be 2 years and business stability should be at least 5 years and it is 3 years for the doctors.
The loan concept is for smaller units or individuals who are majorly working as one man army. The scheme majorly benefits the business class like – truck drivers, small industries, electricians, plumbers, small workshops, mechanics, painters and other such occupations. The purpose is to let the smaller group grow. By understanding the possible growth potential, the Mudra Yojna will give some new sensational businesses to the country.
The next articles are going to be about the:
- How to Apply for Mudra Loan.
- The documents required to apply the Mudra loan.
- List of banks that offer Mudra loan to the citizens.