Meghalaya Rural Bank Mudra Loan Features
|Meghalaya Rural Bank Mudra Loan 2020|
|Meghalaya Rural Bank Mudra Loan Amount||Max. up to Rs. 10 lakh|
|Meghalaya Rural 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
- Meghalaya Rural 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.
Meghalaya Rural Bank Mudra Loan Purpose
Following is a list of the activities that can be covered under MUDRA loans:
Transport Vehicle: Purchase of transport vehicles for transportation of 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 on 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 centers, food & agro-processing, etc.
Meghalaya Rural 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 should present proper business documents to showcase the business’s 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 Meghalaya Rural 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. Meghalaya Rural 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. Meghalaya Rural Bank PMMY Mudra Loan is offered at a very low-interest rate when compared to other private sector banks.
Meghalaya Rural 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
Meghalaya Rural Bank Mudra Loan Eligibility Criteria
Meghalaya Rural 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
Meghalaya Rural 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).
Meghalaya Rural 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 at the same time keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country for withdrawal of cash from any ATM/micro ATM and also make payment through any ‘Point of Sale’ machines.
How to Apply for Meghalaya Rural 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 Meghalaya Rural 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.
Meghalaya Rural Bank Mudra Loan Agent and Contact Number
Dialabank helps you to find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
Meghalaya Rural Bank Mudra Loan FAQs
✅ What is the interest rate Meghalaya Rural Bank Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme is 8.05% and but also vary on the credit history of the borrower.
✅ Is there any subsidy for the Meghalaya Rural Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Meghalaya Rural 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 Meghalaya Rural Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
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Table of Contents
- 1 Meghalaya Rural Bank Mudra Loan Features
- 2 Meghalaya Rural Bank Mudra Loan Purpose
- 3 About Meghalaya Rural Bank Mudra Loan
- 4 Meghalaya Rural Bank Mudra Loan Eligibility Criteria
- 5 Meghalaya Rural Bank Mudra Loan Documents Required
- 6 Meghalaya Rural Bank Mudra Card
- 7 How to Apply for Meghalaya Rural Bank Mudra Loan?
- 8 Meghalaya Rural Bank Mudra Loan Agent and Contact Number
- 9 Meghalaya Rural Bank Mudra Loan FAQs