Shishu Loan kaise apply karen under PM Mudra Yojana offers up to ₹50,000 for new businesses. Learn how to apply, eligibility, required documents, and repayment terms.
Table of Contents
Introduction
Under the Pradhan Mantri Mudra Yojana (PMMY), the Shishu Loan is an excellent option for individuals looking to start a new business. This loan allows you to avail up to ₹50,000, which is an ideal amount for funding small businesses or providing initial capital for new ventures. If you’re wondering how to apply for Shishu Loan, here’s a detailed guide on the application process.
Online Application
The online application process for Shishu Loan is simple and convenient. You can apply for the loan from the comfort of your home, without having to visit a bank physically. Here are the steps to follow for applying online:
Steps for Online Application:
- Step 1: Visit the official Mudra Yojana website: www.mudra.org.in
- Step 2: On the website, you’ll find the application form for the Shishu Loan. Fill out this form carefully.
- Step 3: Provide your personal details, such as your name, address, and business-related information. This includes your business type, business address, and the loan amount you are requesting.
- Step 4: You will need to upload the following important documents:
- Identity Proof (Aadhaar Card, PAN Card, etc.)
- Address Proof (Utility bill, bank statement, etc.)
- Business Plan (If you are starting a new business, a detailed business plan will be required)
- Step 5: Once you have filled out the form and uploaded all necessary documents, submit your application.
- Step 6: After submission, you’ll need to wait for the loan approval. Once the loan is approved, the loan amount will be credited to your bank account.
The online application process is very quick and easy, allowing you to apply for a loan from anywhere.
Offline Application (Through Bank)
If you prefer to apply in person or face any difficulties with online applications, you can also apply for the Shishu Loan offline by visiting a bank. Here’s the step-by-step process:
Steps for Offline Application:
- Step 1: Visit the nearest bank or financial institution that offers loans under the Mudra Yojana. You can apply through public sector banks, private sector banks, or non-banking financial companies (NBFCs) that provide Mudra loans.
- Step 2: At the bank, request the Shishu Loan application form. You will need to fill out the application form with your personal and business information.
- Step 3: After filling out the form, submit the following documents to the bank:
- Identity Proof (Aadhaar Card, PAN Card, etc.)
- Address Proof (Electricity bill, bank statement, ration card, etc.)
- Business Proof (Trade license, GST registration, etc.)
- Income Proof (Bank statement, Income Tax Return, etc.)
- Step 4: The bank will review your application and verify your documents. If everything is in order, the bank will approve your loan.
- Step 5: After the loan is approved, the bank will transfer the loan amount to your bank account, allowing you to start your business or expand your existing business.
Conclusion
Applying for Shishu Loan is an easy and convenient process, whether you choose to apply online or offline. You can apply through the official Mudra Yojana website for a hassle-free online application, or visit a nearby bank for offline application if you prefer personal assistance. By following these steps, you can easily secure the funding you need to start or grow your business.
If you are planning to start a new venture, Shishu Loan is a great opportunity to get the financial support you need. Once your loan is approved, you can use it to set up your business, purchase equipment, or expand your operations. This loan is a stepping stone for aspiring entrepreneurs who want to bring their business ideas to life.
Shishu Loan Under PM Mudra Loan: A Complete Guide
FAQs About Shishu Loan Kaise Apply Karen:
What is Shishu Loan under PM Mudra Yojana?
ShishuLoan is a loan provided under the Pradhan Mantri Mudra Yojana, meant for individuals starting a new business or requiring initial capital.
How much loan can I get under Shishu Loan?
You can get a loan of up to ₹50,000 under the ShishuLoan category for starting or expanding your micro-business.
What are the eligibility criteria for Shishu Loan?
To be eligible, you must be at least 18 years old, have a viable business plan, and need financial assistance for a new or existing micro-business.
Do I need to provide collateral for Shishu Loan?
No, ShishuLoan is an unsecured loan, meaning you don’t need to provide any collateral or security.
Can I apply for Shishu Loan if I don’t have a registered business?
Yes, you can apply for ShishuLoan even if your business is not yet registered, as long as you have a clear business plan.
What documents are required for Shishu Loan?
Documents required include:
Identity Proof (Aadhaar Card, PAN Card, Passport, etc.)
Address Proof (Utility bills, bank statement, etc.)
Business Proof (Trade license, GST registration, etc.)
Income Proof (Bank statements, Income Tax Returns, etc.)
How can I apply for Shishu Loan?
You can apply for ShishuLoan online through the official Mudra Yojana website or offline by visiting a bank offering Mudra loans.
What is the interest rate for Shishu Loan?
The interest rate for ShishuLoan generally ranges from 8% to 12%, depending on the bank or financial institution.
What is the repayment period for Shishu Loan?
The repayment period for ShishuLoan typically ranges from 3 to 5 years, depending on the loan amount and the terms set by the bank.
Can I use Shishu Loan for personal expenses?
No, the ShishuLoan must be used solely for business purposes, such as purchasing equipment or setting up the business.
Is there an age limit for applying for Shishu Loan?
The applicant must be at least 18 years old to be eligible for the ShishuLoan.
Can I get Shishu Loan if I have a poor credit score?
Yes, even if you have a poor credit score, you may still be eligible for a ShishuLoan, provided you meet other eligibility criteria and have a solid business plan.
How long does it take for Shishu Loan approval?
The approval process can take anywhere from 7 to 15 working days, depending on the verification of your documents and the bank’s procedures.
What is the maximum loan amount I can get under Shishu Loan?
Under the ShishuLoan category, you can avail a loan of up to ₹50,000.
Can I repay the Shishu Loan in a lump sum?
ShishuLoan is typically repaid in monthly EMIs. Lump sum repayment may be allowed under certain conditions, but it is best to confirm with the bank.
By: Cibilfree
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