If you want to download Bank of India Mudra Loan Application Form PDF, you can download the Bank of India Mudra Loan Application Form through the download link given inside this article.
The Pradhan Mantri Mudra Yojana is a government of India scheme, which enables a small borrower to borrow from banks, MFIs, NBFCs. It was launched on 8th April 2015 with the objective of providing loans to small business owners, self-employed professionals and urban poor who do not have access to formal credit. The scheme was named after former Prime Minister Atal Bihari Vajpayee as “Pradhan Mantri Mudra Yojana” to commemorate his contribution. This scheme has been successful in providing loans to the rural and semi-urban population.
The scheme has been designed to provide loans up to ₹10 lakhs to small entrepreneurs at lower rates of interest and with longer tenures than the traditional loans. The objective is to increase the flow of credit from banks and other financial institutions to micro enterprises in unserved and underserved areas.
Bank of India Mudra Loan Application Classified Under 3 Schemes
- Shishu: covering loan up to Rs. 50,000
- Kishor: covering loans above Rs. 50,000 and up to 5 lakh
- Tarun: covering loans above Rs. 5 lakh and up to 10 lakh
Eligibility Criteria for Bank of India Mudra Loan Application Form
The Persons Who are Eligible to Apply the Mudra Loan Application Form
- Entities Such as proprietary concern
- Partnership firm
- Private limited
- public limited company
- Any other legal entity
- Applicants with no loan defaults or irregular repayment history
- Applicants with good financial and repayment history
- Indian Citizens with no criminal background
Required Documents Needed for Bank of India Pradhan Mantri Mudra Yojana
- Identity Proof
- Aadhar card
- PAN Card
- Voter ID
- Business Plan
- Age Proof
- Mudra application form
- Vehicle loan application form
- 2 passport size color photographs
- Bank statement (last 6 months)
- ID Proof of SC/ST category, if any applicant falls under this category
Types of Mudra Loan in Bank of India
Micro Units Development and Refinance Agency (MUDRA) scheme is designed to help in the growth and development of MSMEs. There are three stages of PM MUDRA Yojana, made according to the requirement in stages of development in business. The three types of MUDRA scheme are as follows:
Shishu: Under this stage the applicant will get fund up to Rs.50, 000. This stage will offer to entrepreneurs who are in the initial stage of their business or require fewer amounts of funds in order to get their business started.
Kishor: Under this stage the applicant will get fund ranging from Rs. 50, 000 to Rs. 5 lakh. Kishor loan scheme can be availed by entrepreneurs who already running businesses and started it but they want additional funds for the business or simply the entrepreneurs who require loan for startup business.
Tarun: Under this stage the applicant will get funds ranging between Rs. 5 lakh to Rs.10 lakh. In this stage the entrepreneur have to require the eligibility criteria to apply for this loan. Also this is the maximum limit of amount that an entrepreneur could get who is applying for start-up business.
The Following Benefits for the Bank of India Mudra Loan Application Form
- To provide help to the Lower Income Groups (LIGs) and neglected section of country in setting up and developing their business
- To help the Small Scale and Micro enterprises grow and develop their enterprises
- To help in creating easy access to finance for the unbanked and also help to lower the cost of finance
Download PDF for Bank of India Mudra Loan Application Form
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Bandra Kurla Complex,
Bandra (East), Mumbai 400 051.
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