HDFC Kishor Mudra Loan
In today’s era, when everyone aspires to change their fortunes, setting up a business has become a common dream. But many times, financial constraints prevent dreams from taking wings.
To help fulfill this dream, the Government of India has launched the Pradhan Mantri Mudra Yojana (PMMY). This scheme is proving to be a boon for small entrepreneurs who want to start their own business by getting loans at low interest rates.
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What is a Mudra Loan?
Pradhan Mantri Mudra Yojana (PMMY), also known as Mudra Loan, is a flagship initiative launched by the Government of India to provide financial assistance to small entrepreneurs.
Under PMMY, you can get a loan ranging from ₹50,000 to ₹10 lakh to open your own shop, start a new venture, or expand your existing business.
The scheme offers loans to various types of businesses, which are classified into Shishu, Kishor, and Tarun categories:
- Shishu Loan:
- Amount: Up to ₹50,000
- Usage: Ideal for newly started businesses or small enterprises
- Kishor Loan:
- Amount: ₹50,000 to ₹10 lakh
- Usage: For expansion of established businesses or to meet working capital requirements
- Tarun Loan:
- Amount: Above ₹10 lakh
- Usage: For larger enterprises or businesses requiring higher capital investment
- To avail a loan under PMMY, you must fulfil certain eligibility criteria, such as:
PMMY has helped millions of people fulfill their dreams and contribute to India’s development. If you too are thinking of starting your own business or expanding your existing business, then PMMY is definitely a scheme worth considering for you.
HDFC Kishor Mudra Loan: Starting your dream business is now easy!
HDFC Bank, one of India’s leading private banks, offers Kishor Mudra Loan under Pradhan Mantri Mudra Yojana (PMMY). This loan is ideal for entrepreneurs who want to get financial support to grow and scale their businesses.
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Some of the key features of HDFC Kishor Mudra Loan:
- Loan amount: From ₹50,000 to ₹10 lakh
- Interest rates: Competitive interest rates that are affordable for your business
- Flexible tenure: Tenure options ranging from 3 to 5 years
- Easy installments: Option to repay the loan in convenient installments
- Minimal documentation: Simple application process with minimal documentation required
- Quick approval: Loan applications are approved quickly
- For various industries: Loans are offered to a wide range of businesses
- Online application: You can apply online through HDFC Bank’s website or mobile app
Eligibility for Kishor Mudra Loan
- The applicant must be an Indian citizen.
- Applicant applying must be at least 18 years of age.
- The applicant must already have a small business or startup.
- There should not be any loan outstanding against the applicant in any bank.
Documents Required for Kishor Mudra Loan
Documents required to HDFC Kishor Mudra Loan
- Identity Proof:
- Aadhaar Card
- Voter ID Card
- Passport
- Driving License
- Address Proof:
- Aadhaar Card
- Voter ID Card
- Passport
- Electricity Bill
- Water Bill
- Telephone Bill
- Bank Passbook
- Financial Statements:
- Last 6 Month Bank Statement
- Last 2 Years Income Tax Return
- Profit & Loss Statement & Balance Sheet (for Business)
- Business Related Documents:
- Trade License
- Shop Registration Certificate
- GST Certificate
- Project Report (for New Businesses)
Note:
This is only a general list, and the bank may ask for additional documents.
All documents must be latest copies and must be properly signed.
You can get a detailed list of required documents along with the loan application form.
For more information:
HDFC Bank website: https://www.hdfcbank.com/
Toll-free number: 1800224455
Application Process
Kishor Mudra loans can be applied for online or offline. To apply online, go to HDFC’s website and complete the necessary fields. In contrast, to apply offline, a candidate must visit the closest HDFC bank office to obtain an application, fill it out, and mail it in with the necessary supporting documentation.
As a result, Kishor Mudra loans are a fantastic way for small company owners to advertise their enterprises. It is very beneficial while launching or growing a business. You can apply for a Kishor Mudra loan if you also wish to launch a new business or grow an existing one.
Apply Online:
- Visit HDFC Bank website https://www.hdfcbank.com/.
- Click on the “Loans” tab and select the “Business Loan” option.
- Click on “Kishor Mudra Loan” and click on the “Apply Now” button.
- Fill in the required information and upload the required documents.
- Click on the Submit button and your application will be submitted.
Offline Application:
- Visit your nearest HDFC Bank branch.
- Get the “Kishor Mudra Loan” application form from the branch.
- Fill the form carefully and submit it along with all the required documents.
- The bank official will evaluate your application and inform you about the loan approval or rejection.
Note: Loan terms and interest rates may change over time. Please check HDFC Bank website for latest information.
