Corporation Bank Mudra loan features
- Corporation Bank PMMY Mudra Loan requires the least desk work and documentation
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Quick, simple, and bother free endorsements and disbursals
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There are moderate Interest Rates.
Corporation Bank Mudra loan Purpose
- Transport Vehicle: Purchase of transport vehicles for transportation of merchandise and travelers, for example, auto-carts, little products transport vehicles, 3 wheelers, e-carts, taxis, and so forth Farm vehicles/Tractor Trolleys/Power Tillers utilized uniquely for business intentions are likewise qualified for help under PMMY. Bikes utilized for business objects are additionally qualified for inclusion under PMMY.
- Network, Social and Personal Service Activities: Salons, salons, gym, boutiques, fitting shops, cleaning, cycle, and cruiser fix shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, and so on.
- Food Products Sector: Papad making, achaar making, jam/jam making, horticultural produce safeguarding at the country level, sweet shops, little help food slows down and everyday cooking/flask administrations, cold chain vehicles, cold stockpiles, ice-production units, frozen yogurt making units, scone, bread and bun making, and so on
- Textile Products Sector / Activity: Handloom, power loom, khadi movement, chikan work, zari and zardozi work, customary weaving and handwork, conventional coloring and printing, clothing configuration, sewing, cotton ginning, mechanized weaving, sewing, and other material non-piece of clothing items, for example, packs, vehicle embellishments, outfitting adornments, and so forth.
Corporation Bank Mudra loan types
Mudra Loans are classifications under three sorts which are referenced beneath with loan sum:
Shishu Yojana
The loan sum offered is up to Rs 50,000. This scheme is specifically customized for those who need a small capital to set-up their new business. To avail of this loan, the applicants have to present their business ideas.
Kishore Yojana
The loan sum offered is between Rs 50,000 and Rs 5 lakh. To benefit from this loan, the business must fill the loan application and should introduce legitimate business archives to exhibit the business’ present status in the market.
Tarun Yojana
The loan sum offered is between Rs 5 lakh and Rs 10 lakh. Small business owners who have a full-fledged running business and need to grow more can pick this classification of Mudra Loan.
About Corporation Bank Mudra loan
Mudra Loan which alludes to Micro Units Development and Refinance Agency Ltd. goes under the Pradhan Mantri Mudra Yojana conspire (PMMY). The PMMY was dispatched in the year 2015 by the Prime Minister of India. Corporation Bank is one of the main banks and in this manner, it gladly offers Mudra credits among different administrations.
The advance encourages miniature credit to little scope businesses going from Rs. 50,000 to Rs. 10 lakhs. Corporation Bank PMMY Mudra Loan is offered at a low financing cost when contrasted with other private area banks.
Corporation Bank Mudra Loan Eligibility Criteria
- Applicant’s age has to be above 18 years
- All non-farm enterprises under Micro and small enterprises are eligible for this loan
- Allied agricultural activities are included under this loan
- Applicant should indulge in income-generating activities
- Applicant should be engaged in manufacturing, trading, and services sectors, only
- Applicant must be of any following category:
- Any Individual
- Proprietorship
- Partnership Firms
- Companies
- Association of Persons
- Limited Liability Partnerships
Corporation Bank Mudra loan documents required
To obtain Mudra Loan under the Corporation bank, the applicant has to provide some valid documents for the authenticity check and proceed with the loan sanction process. The required documents are as follows:
- Identity Proof- Self-certified copy of Voter’s ID card /PAN Card/ Driving License/aadhar card/Passport/Photo Ids issued by Govt. authority etc.
- Residence Proof- Recent telephone bill/Property tax receipt of last 2 months/Electricity bill/Voter’s ID card/Aadhar Card/Passport of Individual or proprietor or partners/Certificate issued by Govt. Authority/Local Panchayat/Municipality etc.
- Proof of SC/ST/OBC/Minority, if possible
- Identity/Address proof of the Business Enterprise – copies of relevant licenses/registration certificates/lease or rent agreement/other documents pertaining to the ownership, identity of the address of business unit/Udyog Aadhaar Memorandum
- Last 6 months’ statement of existing Bank account
- The last 2 years unaudited balance sheets of the existing units along with income tax or sales tax return. (Applicable for loans of 2 lakh and above)
- Projected balance sheets of start-ups/existing units for 1 year in case of working capital limits. (Applicable for loans of 2 lakh and above)
- Current financial year’s sales achievement till to the application date (in case of existing units)
- Statement of asset and liability of the borrower, including directors and partners
- Memorandum and articles of association of the company/partnership deed of partners etc. when applicable
Corporation Bank Mudra Card
A Mudra card is a debit card that is issued against the loan taken under the PMMY account.
MUDRA Card can be used in multiple withdrawals and credits to manage the working capital limit in a cost-efficient manner at the same time keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country for withdrawal of cash from any ATM/micro ATM and also make payment through any ‘Point of Sale’ machines.
How to Apply for Corporation Bank Mudra Loan?
- Visit Dialabank.
- Go to the loan section and click on the Mudra loan link.
- Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by Corporation Bank and fill a user-friendly online application form for Mudra Loan.
- One of our relationship managers will soon get in touch with you for further process
- For more information and free guidance, you may call on +919878981166.
Corporation Bank Mudra Loan Agent and Contact Number
Dialabank is the main specialist for profiting the Corporation Bank’s Mudra Loan. You can apply online at Dialabank or give a call at +919878981166
Dialabank causes you to locate the most ideal alternative of Banks and NBFCs by furnishing you with an itemized market examination of various banks so you can settle on the correct decision.
Corporation Bank Mudra Loan FAQs
✅ What is the interest rate Corporation Bank Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme is 8.05% and but also vary on the credit history of the borrower.
✅ Is there any subsidy for the Corporation Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Corporation Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured in nature; thus, the borrower does not need to keep anything as collateral or security with the lender.
✅ Is a guarantor required for the Corporation Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
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