Maximum Age Limit For Mudra Loan

Do you know the maximum age limit for a Mudra loan if you are planning to get one for your new set-up? I think not. You can read the complete article to find out.

Mudra which is a Micro Units Development and Refinance Agency Ltd. Is a funding company that helps small companies to establish in the country. A businessman can get a loan of up to Rs 10 lakh and start his business.

Maximum Age Limit For Mudra Loan

The age limit for Mudra loans may vary from bank to bank. The guidelines for the minimum age set to be 18 years because the applicant needs to be an adult and not a minor at the time of availing the loan. The maximum age as per the guideline is 65 years till the maturity of the loan. The applicants usually visit the bank and confirm it so you can also get to know about it from the bank you are applying for a loan.

About Pradhan Mantri Mudra Yojana- PMMY

Pradhan Mantri Mudra Yojana was established in 2015 and has helped individuals in their businesses. Both the profit and non-profit organizations are eligible to take the Mudra Loan.

The loan amount starting from Rs 50,000 to Rs 10 Lakh in India, is for a tenure of 5 years. Collateral, third-party guarantee and security are not required by the borrower for this loan scheme.

There are no processing and closure charges for Mudra Loan and if there is any case it is just 0.5%.

For more information read: Project report for Mudra Loan

What is the Interest Rate of a Mudra Loan?

The banker needs to check out the credit profile of the businessman and then tell about the rate of interest. It may vary depending on the amount and credit score. The interest rate also is different in different banks.

What is the Purpose of PMMY?

• The Pradhan Mantri Mudra Loan Yojana has several purposes to encourage and grow business in the country.
• To provide small loans to shopkeepers, traders and vendors.
• Financial tools for micro-businesses.
• Loans to the individuals who want to run transport vehicles.
• Working capital for entrepreneurs.
• The individuals who work in a food-related business like agriculture, horticulture, fish farming etc.
• Individuals who use tractors, and bikes for business can get this loan.

What is the Benefit Of Mudra Loan?

• Rural and urban businessmen can get the Mudra Loan in a few days.
• Micro and small startups can establish well by getting working capital for their venture.
• One can get a small number of loans with affordable rates of interest.
• Collateral or security is not needed.
• Women can get low interest rates.

What are the eligibility criteria for Mudra Loan?

Following are the criteria that decide whether you are eligible for a Mudra Loan or not.

• You should be an Indian.
• You should have a small or micro business or startup.
• Your credit score should be good.
• One cannot be a defaulter in the past.
• All the required documents must be available to you.

For more information Read: Bank of Baroda Mudra Loan Scheme

What Is the age eligibility to avail of a Mudra Loan?

You should be at least 18 years and the maximum age is 65 years to avail of the loan.

What are The Documents required for Mudra Loan?

The application form has the loan category filled by you.

• Adhaar card, passport, PAN card, Driving License, and Voter ID are the documents that can be presented before the banker when asked.
• Address proof like an electricity bill, telephone bill or other ID is a must.
• Proof of the existence of the business.
• Latest passport-sized photographs.
• Caste certification
• Project report for Mudra Loan that contains complete detail, quotation of machinery or product.
• Bank statement for the past 6 months.

How To Apply For Pradhan Mantri Mudra Yojana Loan?

To avail of the PMMY loan scheme, you need to present the entire document related to your project. Fill in the application form and submit it to the bank. The banker will check out your details ad get back to you with a yes or no for the approval status.  

Frequently Asked Questions On Maximum Age Limit For Mudra Loan