Just as the working people want their salary to surge, similarly businessmen who wish to do business want their business to be big, expand, and profits in business rises.
To make a business huge, business desires to have more products in their product line. If the business belongs to the manufacturing sector, then modern machines essential to be installed and some new employees may be also mandatory to manage the business.
To fulfil all these requirements, money is essential as per the necessity of the entrepreneur. Arranging money is not a problem with big businessmen, as they take a term loan by mortgaging any of their properties. But the real issues concerning the arrangement of the funds comes with MSME businessmen in rising the business.
Given the economic problems of the businessmen of the MSME sector, numerous government schemes of business loans are being run by the Central Government. Along with this, it has also been taken care of by the government that traders do not have to arrange a lot of documents to take loans.
The Pradhan Mantri Mudra Loan Scheme is one of the loan schemes being run by the Central Government. This government scheme offers loans to enlarge the MSME businesses.
It is significant to note that the Aadhar card is compulsory for business loans under this scheme. Let us comprehend how to get a loan from the Aadhaar card in the Mudra loan scheme and Start-up India scheme.
What is Mudra Loan Scheme?
Underneath the Pradhan Mantri Mudra Yojana, business loans of up to 10 lakh are providing to the MSME businessmen of the country in three categories without any mortgage.
Mudra loan scheme is also called as Pradhan Mantri Mudra Yojana (PMMY). The full name of the Mudra Loan Scheme is Micro Units Development Refinance Agency.
How Much Loan is Available in Mudra Loan Scheme?
Business loans of up to Rs 10 lakh are obtainable in three categories. Mudra loans can be used to found a new business and to enlarge the business already running. The loan criteria are mentioned below:
• Shishu Loan – Business loan up to 50 thousand
• Kishore Loan – Business loan from 50 thousand to 5 lakh
• Tarun Loan – Business loan from 5 lakh to 10 lakh
Mudra Loan Eligibility
• Merchants applying for Mudra loan should be an Indian citizen.
• Mudra loan to be used for non-agricultural business.
• Any business for which a Mudra loan is to be taken should not be a corporate entity.
• The businessman should have a project ready to use the Mudra loan.
Businesses Which Can Get Mudra Loan from Aadhar Card
• Proprietorship firm
• Partnership firm
• Small manufacturing unit
• Service sector company
• Shopkeeper
• Fruit and vegetable seller
• Truck/car driver
• Hotel owner
• Repair shop
• Machine operator
• Small scale industries
• Food processing unit
• Any other village industry in rural and urban areas
Documents are required to take a mudra loan from adhaar card
All the businesses whose business is one of the above are qualified to get a Mudra loan. When businessmen become qualified for the Mudra loan, they essential to have an Aadhaar card as well as some more essential paper documents while applying for Mudra loan.
• 2 photos
• Photocopy of any one of Aadhaar card, PAN card, Voter card, passport, bank passbook, driving license, etc. for an identity card.
• Any government-issued certificate for address certificate is required – documents prove that they are residing at that address, some of the examples are Aadhar card, residence certificate, electricity bill, water bill, etc. This copy will also have to be self-attested.
• Copy of bank statement
• Copy of caste certificate
• Business address certificate – Business identity and address proof must be submitted with a license, registration certificate, or any other document related to business. This is proof that entrepreneur are the owner of that business.
• Copy of bill to purchase inventory
How to Apply for Mudra Loan from Aadhar Card
To apply for a Mudra loan, one has to discover the nearest bank or financial company from where the Mudra loan is acquired.
After finding out the bank or company, entrepreneur have to go to that bank or company and take the form of a Mudra loan. He has to fill the form and fill it correctly. After filling the form, all the needed paper documents have to be attached and submitted to the bank or financial company.
After submitting the Mudra loan form, one has to regularly find out what is the process of loan application. In this way, entrepreneur can start their business by taking a business loan in the form of Mudra Loan.
By using an Aadhaar card for instant loan on online by filling out an application form and submitting e-KYC document. This helps the bank verify your identity with the details such as Aadhaar card number, biometric details, name, gender, address, date of birth and photograph, which UIDAI maintains. Or you are able to get mudra loan by just filling few of forms or documents on online bye the help of aadhar card. But anyway to get loan for any kind of business you need to provide a project report even it’s by aadhar card or anything else and for that but first of all they need to know what is project report and for what it need etc. even now they can get bank loan on Project Report for Industries, Project Report in entrepreneurship, Company Project Report, etc. even they can get detailed project report for bank format but first of all they need to know what is project report, What is CMA Data etc. so they can get their reports. Once they decide what type of report they need for their start-up like Project Report for Industries, Project Report in entrepreneurship, Company Project Report, etc. they can do further process. Or they can get different types of loan like Mudra Loan Project Report on their any type of Bankable Project Report or bankable DPR so with the help of online portal of loanDPR.com they can do all this work in very less time.
LoanDPR.com is an online platform for generating Project Reports to get bank loans and even project reports for subsidy. Whether you are a New Start-up Company or an Established Company, user can create Project Report required for bank loan and also required CMA reports. It’s User Friendly and Do it by Yourself Platform, created for End Users, Entrepreneurs, Business Owners, Chartered Accountants, Tax Consultants, Finance Professionals, Bank Employees etc. You can generate Business Project Report for Bank Loan and also prepaid Project Report in just 10 minutes by using user interface provided by LoanDPR.com
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