If you are a small business owner or entrepreneur looking for financial assistance in India, then Saraswat Bank Mudra Loan could be the solution you’re looking for. As a cooperative bank in India, Saraswat Bank offers Mudra loans to help small business owners and entrepreneurs who do not have access to traditional forms of credit. In this article, we will provide all the information you need to know about Saraswat Bank Mudra Loan.
What is Saraswat Bank Mudra Loan?
Saraswat Bank Mudra Loan is a type of loan offered by Saraswat Bank to support micro and small business owners, including those engaged in agriculture and allied activities, to meet their working capital requirements, purchase equipment or inventory, expand their business operations, and more. MUDRA stands for Micro Units Development and Refinance Agency, and the loan is part of the Government of India’s MUDRA Yojana scheme, which aims to provide financial support to small businesses.
Features and Benefits of Saraswat Bank Mudra Loan
The following are some of the key features and benefits of Saraswat Bank Mudra Loan:
- Offers easy interest rates with the lowest possible interest rates across all types of loans.
- The loan amount available under the scheme varies depending on the nature and scale of the business, with a maximum limit of Rs. 10 lakhs.
- The loan repayment period ranges from 3 years to 5 years, depending on the nature of the business and the purpose of the loan.
- The loan is available for small businesses engaged in manufacturing, trading, and service sectors, start-up businesses or entrepreneurs, persons belonging to Scheduled Castes (SCs), Scheduled Tribes (STs), and Other Backward Classes (OBC), women entrepreneurs, and small scale enterprises engaged in the agriculture sector.
Eligibility Criteria for Saraswat Bank Mudra Loan
To be eligible for Saraswat Bank Mudra Loan, a business or entrepreneur must have a well-defined business plan, and must be able to provide proof of identity, address, and business registration documents, as well as any other financial documents required by the bank. The eligibility criteria may vary depending on the specific category of Mudra loan, including the infant, juvenile, and youth categories. The infant category is for businesses that are looking for a loan up to Rs. 50,000, the juvenile category is for businesses that are looking for interim loans between Rs. 50,000 to Rs. 5 lakhs, and the youth category is for businesses that are looking for interim loans between Rs. 5 lakhs to Rs. 10 lakhs.
How to Apply for Saraswat Bank Mudra Loan?
There are several ways to apply for Saraswat Bank Mudra Loan in India:
- Online Application: Online application for Mudra Loan can be done by visiting the official website of the Mudra Scheme. The website provides an application form that needs to be filled with relevant details and submitted along with required documents.
- Visit a Bank: You can visit any bank or financial institution that offers Mudra loans and apply for the loan in person. These banks include Saraswat Bank and other participating banks.
- Contact a Business Correspondent: You can also contact a business correspondent or agent appointed by the bank to facilitate the application process for Mudra loans.
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Q1. What is the full form of MUDRA?
A. MUDRA stands for Micro Units Development and Refinance Agency.
Q2. What is the maximum loan amount available under Saraswat Bank Mudra Loan?
A. The maximum loan amount available under the scheme is Rs. 10 lakhs.