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Anyone who needs a MUDRA loan can approach a bank, NBFC or an MFI directly and apply for the loan. Borrowers also have the option of applying through an online portal. You would need to have your necessary documents ready before approaching your lender for applying for a loan. You have to just fill in the application that is provided to you and submit the documents. If you meet the eligibility criteria, your loan proposal will be accepted. If you want a faster and easier process, you can apply through the UdyamiMitra portal. Firstly, you would have to register to the portal and the applicant will have an option to choose whether they want hand holding support. Hand holding agencies can help people who need help regarding their loan application..
People who are planning to start a business or planning to expand their business can take a MUDRA loan. There are three schemes that are provided: Shishu scheme, Kishore scheme, Tarun scheme. The Shishu scheme covers loans up to Rs. 50,000 and is meant for startups. Kishore scheme covers loans up to Rs. 5 lakhs for businesses who are aiming to make their business established. The Tarun scheme covers up to Rs. 10 lakhs for entrepreneurs who want to expand their well established businesses.