Quick Answer: Is Guarantee Required For Mudra Loan?

Is guarantor required for Mudra loan?

No collateral security or any guarantor is required for availing loan under Mudra scheme..

Who is eligible for Mudra?

Eligibility: Anyone who runs small business enterprise is eligible to apply for mudra loan. Mudra yojana loans are given under three different categories. The first category, known as shishu (for extremely small business units) covers loans upto ₹ 50,000.

What documents are required for Mudra loan?

Documents Required for Applying MUDRA LoanDuly filled Mudra application form.2 Passport-sized photographs.Self-written Business Plan.Identity Proof: Passport, Voter’s ID card, Driving License, PAN card, Adhaar Card.More items…

What happens if Mudra loan is not paid?

Your loan is categorised as a non-performing asset and the lender may take legal action against you. Your business assets may be seized and sold for recovering the amount that you have defaulted on. Your co-applicants and/or guarantors may be contacted for repayment.

What is the maximum limit of Mudra loan?

₹ 10 Lakh✅What is the limit of the Mudra Loan? The loan limit on the Mudra Loan is ₹ 10 Lakh which is set according to three schemes. The schemes are Shishu- for loans up to ₹ 50,000; Kishore- for loans exceeding ₹ 50,000 to up to ₹ 5 Lakh, and Tarun- for loans amounting to ₹ 5 Lakh to 10 lakhs.

Is Mudra loan still available?

The refinance is available for term loan and working capital loan up to an amount of 10 lakh per unit. The eligible banks/NBFC, who comply to the requirements as notified, can avail of refinance from MUDRA for the loans given by them for eligible MUDRA compliant activities under Shishu, Kishore and Tarun categories.