If you want to start or expand your business, you will need a lan. If you are facing any problem in taking loan, you can apply for e Mudra loan from bank of India. In this loan, you have to apply for the loan sitting at home through some document. You don’t even need to rush to the bank.
With eMudra Loan you can get a loan of 50 thousand or more within 5 minutes. In this article today we will know complete information about E Mudra Loan. How much loan will be available in EMudra loan, where documents will be required and what will be the eligibility. You will find all its information in detail in this article.
What is E Mudra Loan?
Mudra Loan Yojana is the Pradhan Mantri Mudra Loan Yojana (PMMY), launched in 2015.
It was started by Prime Minister Narendra Modi. Through this scheme, government provides loans ranging from ₹50,000 to ₹10,00,000 to poor and middle class owners to start a nano business and grow the business.
According to the requirement of the loan applicant it is divided into three categories. Infant and Adolescent. In these three categories, different loan amounts are provided as per the requirement of the loan applicant. Applicants can apply for loans ranging from ₹50,000 to ₹10,00,000 depending on their business.
E Mudra Loan BOI Benefits & Features
- Business owners related to construction industry, business services, agriculture, artists etc. can apply for e-Mudra Loan BOI.
- Longer tenors are available for the loan ranging from 36 months to 84 months.
- 0% margin is kept in Shishu Loan.
- Bank of India (BOI) Mudra loan interest rates are very attractive.
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Mudra Loan Eligibility
- The age of applicant between 18 years to 65 years.
- The applicant should not be a loan defaulter.
- Eligible applicants: Only small and middle class owners such as shopkeepers, fruit and vegetable sellers, artists, vegetable sellers, truck drivers, people related to paper and food industry will be considered eligible for this loan.
Documents Required
- Passportsize Photo
- Aadhar Card / PAN Card
- Passport, Ration Card, Electricity Bill
- Cast Certificate
- Last 6 month bank statement & Last 2 Year ITR File
Bank of India Mudra Loan Purpose
Mudra Loan is a special type of loan for BOI which is given to many small and medium class owners to expand their businesses and start new businesses. Through this loan, the applicant gets a loan ranging from ₹50 thousand to ₹10 lakh.
The main objective of this Mudra Yojana is to promote small and medium entrepreneurs and meet their financial needs. This loan is provided under Pradhan Mantri Mudra Yojana.
E Mudra Loan Interest Rate
| Loan Amount | Shishu | Kishore | Tarun |
|---|---|---|---|
| Up to ₹50 thousand | 0% | ||
| ₹50 thousand to ₹5 lakh | 15% | ||
| ₹5 lakh to ₹10 lakh | 15% |
E Mudra Loan Bank of India Apply Online
To apply for a loan from E Mudra Loan, you have to follow these steps below:
- First of all you need to go to the official website of Bank of India.
- Now you go to “Business” section, click on “MSME” and click on “Govt Sponsored Schemes” tab.
- Now you will see the list of schemes run by Government of India. In which you will see “Pradhanmantri Mudra Yojana” click on it.
- Pradhan Mantri Mudra Yojana page will open, in the page you have to click on “Apply Now” option.
- New page will open in which you have to select one of the options “I am a new customer” or “I am an existing customer” and click on “Continue”.
- New page will open where you have to enter your mobile number.
- New page will open in front of you where you have to fill all the information and upload some important documents.
- Click on “Submit”.
- The loan will be approved and the loan amount will be credited to your account.
FAQs
Q. What is Mudra Loan Eligibility?
A. Age – 18 years to 65 years, The applicant should not be a loan defaulter, Only have a small business.
Q. What is the repayment period of Mudra Loan?
A. Loan repayment period of mudra loan is 36 months to 84 months.
Q. How much loan amount can be taken from EMudra Loan?
A. You can take upto ₹10,00,000 from Mudra Loan.
