Malwa Gramin Bank Mudra Loan Features
|Malwa Gramin Bank Mudra Loan 2021|
|Malwa Gramin Bank Mudra Loan Amount||Max. up to Rs. 10 lakh|
|Malwa Gramin Bank Mudra Loan Interest Rate||8.05%|
|Mudra Loan Amount: Shishu scheme||Up to Rs. 50,000|
|Mudra Loan Amount: Kishore scheme||Between Rs. 50,000 and Rs. 5 lakh|
|Mudra Loan Amount: Tarun scheme||Between Rs. 5 lakh and Rs. 10 lakh|
Please Note: The above rates, fees, and charges are subject to change
- Malwa Gramin Bank Mudra Loan requires minimum paperwork and documentation
- Fast, easy, and hassle-free approvals and disbursals
- The main aim of Mudra Loan is for the stage of growth/development and funding needs of the micro-units and business owners.
Malwa Gramin Bank Mudra Loan Purpose
Following is a list of the activities that can be covered under MUDRA loans:
Transport Vehicle: Purchase of transport vehicles to transport goods and passengers such as auto-rickshaws, small goods transport vehicles, 3 wheelers, e-rickshaws, taxis, etc. Tractors/Tractor Trolleys/Power Tillers used only for commercial purposes are also eligible for assistance under PMMY. Two Wheelers used for commercial purposes are also eligible for coverage under PMMY.
Community, Social & Personal Service Activities: Salons, beauty parlors, gymnasium, boutiques, tailoring shops, dry cleaning, cycle, and motorcycle repair shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, etc.
Food Products Sector: Papad making, achaar making, jam/jelly making, agricultural produce preservation at the rural level, sweet shops, small service food stalls and day to day catering/canteen services, cold chain vehicles, cold storages, ice-making units, ice cream making units, biscuit, bread and bun making, etc.
Textile Products Sector / Activity: Handloom, power loom, khadi activity, chikan work, zari and zardozi work, traditional embroidery and handwork, traditional dyeing and printing, apparel design, knitting, cotton ginning, computerized embroidery, stitching, and other textile non-garment products such as bags, vehicle accessories, furnishing accessories, etc.
Business loans for Traders and Shopkeepers: Financial support for lending to individuals for running their shops/trading & business activities/service enterprises and non-farm income-generating activities with a beneficiary loan size of up to 10 lakh per enterprise/borrower.
Equipment Finance Scheme for Micro Units: Beneficiary loan size of up to 10 lakh.
Activities allied to agriculture: Pisciculture, beekeeping, poultry, livestock-rearing, grading, sorting, aggregation agro industries, diary, fishery, agri-clinics, and agribusiness centres, food & agro-processing, etc.
Malwa Gramin Bank Mudra Loan Types
Micro or small business owners can opt for this category of Mudra Loan. The particular business can apply for up to Rs. 50,000 in the loan amount. This scheme is specifically customized for those who need a small capital to set-up their new business. To avail of this loan, the applicants have to present their business ideas.
The business owners who have a running business and want to expand it as a more viable enterprise can opt for this category of Mudra Loan. The particular business can apply from Rs. 50,000 up to Rs. 5 lakhs in the loan amount. To avail of this loan, the business must fill the loan application and present proper business documents to showcase its current status in the market.
Small business owners who have a full-fledged running business and want to expand more can opt for this category of Mudra Loan. The particular business can apply for up to Rs. 10 lakhs in the loan amount.
Please Note: Applicants do not require to submit any collateral or third-party security.
About Malwa Gramin Bank Mudra Loan
Mudra Loan which refers to Micro Units Development and Refinance Agency Ltd. comes under the Pradhan Mantri Mudra Yojana scheme (PMMY). The PMMY was launched in the year 2015 by the Prime Minister of India. Malwa Gramin Bank is one of the leading banks, and thus it proudly offers Mudra loan among other services.
The loan facilitates micro-credit to small scale industries ranging from Rs. 50,000 to Rs. 10 lakhs. Malwa Gramin Bank PMMY Mudra Loan is offered at a very low-interest rate compared to other private sector banks.
Malwa Gramin Bank PMMY Mudra Loan helps individuals and micro-enterprises to cover up the following expenses:
- Setting up a new business
- Business expansion
- Purchasing a new plant & machinery
- Working capital for business
- Purchasing business equipment or commercial vehicles
- Training or hiring new staffs
Malwa Gramin Bank Mudra Loan Eligibility Criteria
Malwa Gramin Bank PMMY Mudra Loan is offered to wide business segments and everybody who are:
- Start-up business owners
- Small Industrialists
- Business vendors
- Individuals involved with agriculture
Malwa Gramin Bank Mudra Loan Documents Required
The applicants who clear all the eligibility criteria can proceed with the documentation process. The applicant will need the following documents:
- Identity Proof: Aadhaar Card, Passport, Voter I-Card, Driving License, etc., and 2 Passport-sized photographs of the applicant (must).
- Residential Proof: Aadhaar Card, Passport, Bank statements, telephone or electricity bill, or Address of the enterprise (if any).
- Income Proof: Latest ITR documents, Last 6 months’ bank statement.
- Quotation Proof: Items to be purchased for business use (if any).
- The license of the enterprise (if any).
Malwa Gramin Bank Mudra Card
A Mudra card is a debit card that is issued against the loan taken under the PMMY account.
MUDRA Card can be used in multiple withdrawals and credits to manage the working capital limit in a cost-efficient manner while keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country to withdraw cash from any ATM/micro ATM and make payment through any ‘Point of Sale’ machines.
How to Apply for Malwa Gramin Bank Mudra Loan?
- Visit Dialabank.
- Go to the loan section and click on the Mudra loan link.
- Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by Malwa Gramin Bank and fill a user-friendly online application form for Mudra Loan.
- One of our relationship managers will soon get in touch with you for further process
- For more information and free guidance, you may call on +919878981166.
Malwa Gramin Bank Mudra Loan Agent and Contact Number
Dialabank helps you find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks to make the right choice.
Malwa Gramin Bank Mudra Loan FAQs
✅ What is the interest rate Malwa Gramin Bank Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme are 8.05% and vary on the borrower’s credit history.
✅ Is there any subsidy for the Malwa Gramin Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Malwa Gramin Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured in nature; thus, the borrower does not need to keep anything as collateral or security with the lender.
✅ Is a guarantor required for the Malwa Gramin Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 Malwa Gramin Bank Mudra Loan Features
- 2 Malwa Gramin Bank Mudra Loan Purpose
- 3 About Malwa Gramin Bank Mudra Loan
- 4 Malwa Gramin Bank Mudra Loan Eligibility Criteria
- 5 Malwa Gramin Bank Mudra Loan Documents Required
- 6 Malwa Gramin Bank Mudra Card
- 7 How to Apply for Malwa Gramin Bank Mudra Loan?
- 8 Malwa Gramin Bank Mudra Loan Agent and Contact Number
- 9 Malwa Gramin Bank Mudra Loan FAQs