How to Apply Mudra Loan in Axis Bank -Axis Bank is one of the top 5 private banks in India. It offers all the fincial products required by a business in India. The Pradhan Mantri Mudra Yojana (PMMY) is a flagship scheme of Government of India launched in April 2015 for facilitating funding to the non-corporate i.e. small and micro enterprises in non-farm sector. In this post, we would look into various features of Axis Mudra Loans.
How to Apply Mudra Loan in Axis Bank Details
How to Apply Mudra Loan in Axis Bank -Step 1: Visit a PMMY-authorized bank or NBFC of your choice. Step 2: Ensure you have a self-written business plan. Step 3: Ask for the Mudra loan application form and fill in the required details. Step 4: Submit the application form along with passport-size photographs and the documents.
Categories of Mudra Loans
How to Apply Mudra Loan in Axis Bank Axis Mudra loan follows Mudra Loan categorization as set by Government of india. Mudra Loan is offered in three categories namely Shishu, Kishore and Tarun. Shishu loans are loan upto 50,000, Kishore up to 50000 to 5 Lakhs and Tarun from 5 Lakhs to 10 Lakhs.
Nature of Mudra Loans
How to Apply Mudra Loan in Axis Bank Mudra loans are offered by Axis Bank without the requirement of having any collateral such as property. These loan can be taken in the form various fund based products such as Working capital Loan, Overdraft, Cash credit as well as non fund based credit such as letter of credit and letter of guarantee.
Eligibility for Axis Mudra Loan
How to Apply Mudra Loan in Axis Bank To avail a Mudra Loan, a firm must be either categorized as a micro or small enterprise and have a running cash generating business. Maximum loan amount offered in this scheme is up to Rs 10 Lakhs and if your enterprise has a loan requirement that is greater than 10 lakhs then you can apply for other loans from Axis.
Axis Mudra Loan application form
How to Apply Mudra Loan in Axis Bank You can download application for Mudra loan from Axis website. Basic details mentioned below needed to be filled for application for the loan-
- Business Information – Common business information such as name of the enterprise, nature of firm, Business address, Business activity, Registered office address need to be filled in the application form
- Background information – Information such as name, date of birth, sex, academic qualification, PAN card details need to be filled in background information
- Existing credit facility details –Existing credit facility details (if any) taken need to be filled in this section
- Credit facility proposed – Nature and amount of credit facility proposed such as working capital loan or term loan should be mentioned in this section
- Past performance details – You would be needed to fill revenue, profit and net worth details for past years here.
- Statutory obligations – Statutory obligations such as Registration under Shops and Establishment Act, Registration under MSME (Provisional /Final), Drug license etc.
- Self declaration – Applicant need to complete self declaration and attach a photo in the application form
How to Apply Mudra Loan in Axis Bank Axis Mudra Loan is relatively easy financial product that is offered by Axis Bank to serve financing needs of a small enterprise. Mudra scheme was launched by Government of india for underserved section of the country. If you want to read more about business loans offered by other major banks then you can visit following articles.
Can Mudra loan be applied online?
How to Apply Mudra Loan in Axis Bank Mudra loans under Pradhan Mantri Mudra Yojana (PMMY) can be availed of from nearby branch office of a bank, NBFC, MFIs etc. Borrowers can also now file online application for MUDRA loans on Udyamimitra portal (www.udyamimitra.in).
What is margin in MUDRA loan?
How to Apply Mudra Loan in Axis Bank Margin Minimum Margin under Union Mudra is as under: • 5% for loans falling under the Shishu loan category. • 10% for loans falling under the Kishore loan category.
Who is eligible for Mudra bank loan?
How to Apply Mudra Loan in Axis Bank Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY.
What is interest Rate for Mudra loan in Axis Bank?
How to Apply Mudra Loan in Axis Bank Axis Bank mudra loan interest rate? Currently, Axis Bank mudra loan Interest rate is 8.40% and 12.45% p.a.