Unlike earlier, getting a business loan for starting or expanding MSME (Medium, Small, or Micro Enterprises) is not a long, complicated, and stressful procedure these days. The easy availability of the E-Mudra Loan has been instrumental in solving the problem of financing the MSME.
If you are looking for an authorized lender who can help you get a MUDRA loan for the expansion of your MSME, Lendingkart can be a worthy option. Lendingkart helps you get an e-mudra loan at a lower interest and without any complicated paperwork or interviews.
This e-mudra loan yojana helps you gather funds to increase supply, purchase machinery, and expand the size of current business operations. Read on to know everything about Lendingkart’s mudra loan.
Lendingkart e Mudra Loan: Interest Rates
Lendingkart offers customized interest rate benefits for the borrowers. For the Mudra Yojana loan borrowers, it starts from 1.25% per month.
Lendingkart e Mudra Loan: Eligibility
Under the Mudra Loan Yojana, eligible entrepreneurs can finance their MSME businesses for their establishment or expansion. Check out the following pointers to know the eligibility criteria for an e-mudra loan:
- The applicant must be an Indian citizen
- Should be the owner of the MSME (Medium, Small, or Micro Enterprises)
- The age limit should be between 18 and 65 years
- He should not have the burden of defaults
- His credit score to apply for a new loan should be good
- Special consideration is for SC/ST/OBC under this Mudra Yojana.
Go over the following pointers to know which entities are eligible to finance their MSME businesses under the Lendingkart digital mudra yojana:
- Non-Corporate Small Businesses (NCSB) like service sector segments, sole proprietorships, and partnership firms running small-scale business operations
- Cooperative societies and NGOs (Non-Government Organisations)
- Shopkeepers, vegetable or fruit vendors, repair shops, machine operators, truck drivers, and others
- Food service units, food processors, and other small-scale industries.
Lendingkart e Mudra Loan: Documents Required
It is vital to know which sets of documents are essential for a hassle-free mudra loan online apply:
- Proof of Identity and Age: AADHAR card, PAN card, driving licence, and passport
- Proof of Residential Address: Voter’s ID, ration card, Aadhar card, passport, driving licence, and rent agreement
- Other Documents:
- Recent passport-size photograph of solo business owner or partners
- Government-certified caste certificate that can validate the applicant’s SC/ST/OBC
- Last six months’ bank statement
- The balance sheet of the business for the last two years
- A well-defined business plan (includes business objectives, opportunities, risks, and how the loan amount helps the business)
- A duly digital mudra loan application form.
How to Apply for Lendingkart e Mudra Loan?
Using the Lendingkart platform for the loan application is very easy. You can apply for a mudra loan in a couple of easy steps. Follow the following steps to apply for a Lendingkart e Mudra loan:
- Head over to the official website of Lendingkart
- Enter your few details such as mobile number, email address, and more to check your eligibility criteria
- Then, complete your online loan procedure by uploading the mandatory documents
- Then, the Lendingkart team verifies your documents and requirements. So have patience
- Get ready for the next step of the application once the concerned authority approves the loan
- Sign up for a loan agreement along with mandatory KYC documents
- Once Lendingkart verifies your KYC documents, it will initiate funds to your bank account.
Conclusion
In brief, Lendingkart e mudra loan yojana has proven itself a game changer for several MSMEs. So, if you require some surplus cash and if you are eligible for this loan scheme, you should surely consider the Mudra loan yojana.
This is a quick, easy, and convenient way to finance new or existing small, medium, or micro organizations. In case you want, you also have the option to apply for a Lendingkart unsecured business loan. This is also available at lower interest rates and without collateral requirements. Moreover, it does not come with repayment worries as you can pay it through monthly easy and affordable EMIs.