Union Bank Mudra Loan: ₹10 Lakh Directly Into Account In 5 Minutes, Fill Loan Form Here’s How.
Dear Readers, In this article we will provide you the necessary information about Pradhan Mantri Mudra Loan offered by Union Bank of India (Union Bank Mudra Loan). The government, both at the central and state levels, implements various programs for the benefit of its citizens. While many aspire to get a government job, others want to start their own business but financial constraints stop them. Pradhan Mantri Mudra Loan aims to help these individuals realize their entrepreneurial goals.
Recognizing the issue of financial constraints in starting a business, the Central Government has launched the Pradhan Mantri Mudra Loan Programme. Loans provided by Union Bank of India offer low interest rates (Low Interest Rate Loans 2023) to individuals who want to set up their own business. The loan amount ranges from 50,000 to 10 lakhs, and is given depending on the business status of the applicant. The program aims to help youth and entrepreneurs overcome financial barriers and realize their business aspirations.
Union Bank of India offers a loan program for individuals looking to set up a business, with loan options up to Rs 50,000 (Rs 50,000 Instant Loan). The scheme allows for a maximum loan amount of 10 lakhs (online loan of Rs. 10 lakhs). A total of 27 public sector banks, 17 private banks, 23 regional rural banks and 25 micro finance institutions across the country are participating in the scheme, with Union Bank of India being one of them.
In this article, we will discuss about Union Bank of India Mudra Loan, including how to apply for it (Union Bank of India Mudra Loan Apply), required documents and eligibility criteria. We will answer important and necessary questions related to the program. It is very important that you read this article thoroughly and share it with others to get all the necessary information.
Pradhan Mantri Mudra Yojana (PMMY), also known as UBI MUDRA Loan, was introduced in April 2015 by the Prime Minister of India, Shri Narendra Modi. The goal of the program is to promote the development of small scale industries and the establishment of new businesses. Under this scheme, individuals can avail loans ranging from 50,000 to 10 lakhs from Union Bank of India, with the aim of providing financial support to small businesses and generating new job opportunities. UBI “UNION MUDRA” Bank Loans are classified into three categories:
Digital Shishu Mudra Loan (e Mudra Loan Union Bank Mudra Loan):
Shishu Mudra Bank Loan System (Shishu Mudra Bank Loan) provides loans up to 50,000 to the applicant. The purpose of these loans is to support the establishment of small scale industries and new businesses.
Digital Kishore Mudra Loan (Mudra Loan Union Bank of India):
KISHOR MUDRA BANK LOAN provides loan from 50,000 to 5 lakhs to the applicant. These loans are for established businesses that are facing difficulty in maintaining stability and growth.
Digital Tarun Mudra Loan (Union Bank of India):
TARUN MUDRA BANK LOAN offers loans ranging from 5 lakhs to 10 lakhs. These loans are for established businesses that are stable but unable to expand their operations or further develop their industries.
UBI Union Mudra Bank Loan Eligibilitya
To apply for Union Bank of India’s Pradhan Mantri Mudra Yojana, you must meet the following qualifications:
- Become a citizen of India
- Minimum age 18 years
- There should be a steady source of income to repay the loan
- Have a good credit record
- Maintain a bank account with Union Bank of India at least 6 months old
- Be a professional trader and engaged in non-agricultural industry. Businesses like vegetable seller, pakoda seller, puncture repair, mobile repair etc. are eligible for this loan.
- Note that farmers are not eligible for this loan.
To apply for Union Bank of India Mudra Loan, you will need the following documents:
- Bank account with Union Bank of India
- Income Tax Return
- Voter Identity Card
- Permission to drive
- PAN card
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- Age certificate
- I certificate
- Bank statement
- Sales tax
- aadhar card
- Passport size photograph of the applicant
How to Apply for Mudra Loan in Union Bank of India?
Apply Union Bank Mudra Loan Offline
To apply for Union Bank of India Mudra Loan Offline, you can follow these steps:
- Visit your nearest Union Bank of India branch and collect information about the loan from the bank officials.
- Get the Union Bank of India Loan Application form from the bank or download it from the bank’s website.
- Fill the loan application form carefully and accurately making sure to avoid errors or omissions.
- Attach all the necessary documents required by the bank.
- Submit the completed application form and attached documents to the bank officer.
- After submitting the application, the bank will evaluate the applicant’s business and approve the loan if all the criteria are met.
- After the loan is approved, the applicant will receive an approval letter, which can be used to disburse the loan amount.
- Use the loan amount to establish or expand your business and repay the loan as per the repayment schedule agreed with the bank.
- Please note that the process may vary from bank to bank, please check the specific requirement of Union Bank of India before applying.