How to Get Loan on Udyog Aadhar Registration

Today at MyOnlineCA talking about How to Get Loan on Udyog Aadhar Registration. The Government has started a new scheme to provide benefits to small and middle-class businessmen. Which has been given the name of the industry . Under the Udyog Aadhaar scheme, they are the new businessmen who are going to start their business or have started their business shortly. They can easily register their business online within a short time, without paying any kind of fees.

Earlier traders had to complete a complex process to get their business registered. But now the Government has established an industry base scheme in which new traders can easily register their business online without any fees.

Benefits of Udyog Aadhaar Yojana – 

Under this scheme, merchants with micro, small and medium scale Business will get many benefits. like:-

• Under the Udyog Aadhaar Yojana, the procedures are easy and you can do it either online or offline.
• One person can fill more than one industry base form from his / her base number.
• There is no charge of any kind that means that these procedures are completely free.
• In this, you can easily complete this procedure with a few documents.
• In this, you will get the industry base number in a short time.
• It is also online that means you do not have to bolster the offices and offices.

Now We will tell you about How to Get Loan on Udyog Aadhar Registration.

To meet the financial needs of small and medium enterprises (Small Business / MSME) in the country, the Government of India has introduced Prime Minister Money Scheme (PMMY) in April 2015.If a person wants to start their own business or want to pursue their current business, then they usually apply for a loan from the bank. But the process of taking loans from the bank is very complicated and it is guaranteed as well. That is why most people take loans from banks.Keeping this in mind, the Government of India has launched Mudra (Micro Units Development Refinance Agency) Scheme to promote small-scale industries.

Benefits of Mudra Scheme :

• Under the money scheme, loans are usually provided without guarantee.
• No processing fees are charged for providing a loan under the money scheme.
• Repayment Period of currency loan can be extended up to 5 years.
• Working Capital Loan will be provided by Mudra Card.

Eligibility :

Any Indian citizen or firm who wants to start his business in any field (other than agriculture) or want to move forward his current business and financial needs (financial needs) up to Rs 10 lakh, the Prime Minister Apply for a loan under the Mudra Loan Scheme.

Types of Loan Under Mudra Scheme

Under Mudra Loan you can avail three types of loans, keeping in mind the needs of different businesses. Which are as follows :

• Shishu Loan: Loan up to Rs. 50,000 / – under child loan is given.
• Kishor Loan: Loan up to Rs. 50,000 / – and up to Rs. 5 lakhs are given under the juvenile loan.
• Tarun Loan: Under Tarun loans, loans up to Rs 5 lakh and up to Rs 10 lakh are given.

How To Apply For Mudra Loan

Step 1:  Gather information and choose the right bank

There is no fixed procedure for applying for loans under the money scheme. To get the loan, the applicant should first contact the banks around him and gather all the information about the loan process and interest rate. To get the loan, you have to complete the application form and submit some documents along with it.

Step 2: Preparing documents and submitting applications

To provide loans, banks generally want to get two types of information based on your financial needs in which they can demand different types of documents.By the various documents such as Balance Sheet, Income Tax Returns and information about your current business for the past two years, whether you have the ability to repay the loan with interest or not.

Checklist of Documents Required for Mudra Loan

• Proof of identity – Self certified copy of Voter’s ID card / driving license / PAN Card / Aadhar Card / Passport
• Proof of Residence – Recent telephone bill, electricity bill, property tax receipt, Voter’s ID card, Aadhar Card & Passport of Proprietor / Partners.
• Proof of SC / ST / OBC / Minority
• Proof of Identity / Address of the Business Enterprise – Copies of relevant licenses/registration certificates / other documents pertaining to the ownership, identity, and address of the business unit
• The applicant should not be a defaulter in any Bank / Financial institution.
• Statement of accounts from the existing banker, if any.
• Last two years, balance sheets of the units with income tax/sales tax return etc.
• Projected balance sheets for one year in case of working capital limits and for the loan in case of the term loan.
• Sales earned during the current financial year
• Project report containing technical and economic viability.
• Partnership Deed in case of partnership firm etc
• Asset & Liability statement Partners may be requested to know the net-worth.
• Photos  of Proprietor / Partners
• Downloaded Mudra Loan Application Form.For Mudra Loan, you can get the application form from the concerned bank or you can download from the website of the bank.

Step 3. Loan Processing

After submitting the application form with the Proper Documents, the bank will scrutinize your documents and can also request some more documents to be fully satisfied. This process may take some days and process of Loan Processing Once completed, you will be given a check of the disbursement amount deposited in the applicant’s bank account.

Conclusion

While giving a loan to all applicants taking Mudra loan, Mudra card will be issued, which will be similar to a debit card in a manner. In this way, the practitioner will be able to spend up to 10% of his currency loan with money card. Mudra Card has the purpose of fulfilling the requirements of the working capital of the businessman so that the businessman can pay daily business expenses for his business and reduce the interest cost.