Feb 212016
 

Is PAN Number Required While Taking Mudra Loan

To get Mudra loan PAN card is not essential but one can use it as an ID proof while getting MUDRA loan. In Mudra loan Pan Card is not checked to check your transactions and financial status. Many people are in confusion whether PAN card is required to get Mudra loan, for them the answer is ‘No’.

In the year 1972, PAN No. was introduced by the government of India. Today Permanent Account Number card has turned into a vital document. The card empowers the IT department to connect each and every monetary exchange of a person with the IT department.

Today, it is very much required to cite your Permanent Account Number in different monetary exchanges. Government and the IT department is demanding the utilization of PAN card in numerous financial exchanges to control black money.

The majority of us additionally utilize Permanent Account Number card as the Identity confirmation. Now and then, we utilize this card to book train tickets, we present a duplicate copy of the PAN card to subscribe a Mobile SIM card, for hotel booking and so forth.,

Who are qualified to benefit from Mudra Loan scheme?

Any Citizen of Indian who has a plan of business or plan of business expansion in non-farming sector, for example, manufacturing, trading, processing or service sector and furthermore whose credit requirement is under 10 lakh rupees can contact either a MFI, NBFC or Bank for getting loan under Mudra Yojana.

Borrower’s Eligibility

Loans provided to all the non-farming income generating ventures in manufacturing, services and trading whose credit requirements are under 10 lakh rupees can contact a MFI, NBFC or Bank for getting loan under Mudra Yojana. Fundamentally, all those people who want to take loans under 10 lakh rupees for their small scale units are entitled to get the loan.

Processing

Once the recipient makes out an idea furthermore arrives with a good plan, he or shehas to pick the business type under which he/she wishes to get the loan (Shishu/Kishor/Tarun).

The beneficiary is able to get in touch with the nearest Private or Public sector bank where he or she is able to apply for the loan under Pradhan Mantri Mudra Yojana. The catalog of organizations associating in the scheme of MUDRA is accessible on the portal of MUDRA.

Benefits of Getting Mudra Loan

The most important benefit of Mudra loan is that one can get loan in less interest compared to other loans. ST/SC candidates of loan have the benefit to process their applications in priority basis. The Mudra Bank will enhance the liquidity as well as access of finances for businesses of small scale. By merging capital and integrity, it’ll become a key to success.

Most of the individuals, living in remote areas of India, have always been barred from the advantages of banking system. Consequently, those people never got access to credit, insurance, loans as well as other monetary instruments to assist them establish along with grow their businesses. Therefore, most of the individuals rely on the local lenders to get credit. The Mudra loan scheme can help them in great deal to get loan for their businesses.

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  One Response to “Is PAN Number Required While Taking Mudra Loan”

  1. How can we proceed? Pls give me rules

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