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Tata Capital > Blog > Loan for Business > Mudra Yojana Scheme for Women: Everything You Need to Know About

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Mudra Yojana Scheme for Women: Everything You Need to Know About

Mudra Yojana Scheme for Women: Everything You Need to Know About

Within 33 months of its launch in 2015, out of the 1.12 crore jobs created under the Mudra scheme, women landed 68.92 lakhs of these jobs. These Mudra or Micro Units Development Refinance Agency loans are offered under the aegis of the Pradhan Mantri Mudra Yojana (PMYY).

The scheme offers loans of up to Rs. 10 lakhs to micro and small enterprises belonging to non-farming and non-corporate backgrounds.

So, what exactly is this scheme all about, and what are its eligibility and documentation requirements? Let's find out.

What is the Mudra Yojana scheme for women?

For helping women finance their own business ventures, the scheme provides loan principal ranging from Rs. 50,000 to Rs. 10 lakhs.  The loan is offered under three different categories –

  • Shishu – loan amount up to Rs. 50,000, for businesses setting up operations
  • Kishore – loan amount from Rs. 50,001 to Rs. 5 lakhs, for established enterprises seeking extra funds
  • Tarun – loan amount from Rs. 5,00,001 to Rs. 10 lakhs, for well-established businesses fulfilling loan eligibility conditions

Features of the scheme

Here are the key features of Mudra business loan –

  • The Shishu, Kishore, and Tarun loans can be used to meet working capital needs or financing assets like furniture, equipment, and tools and machinery.
  • There is no limit on the minimum principal amount; however, you can borrow a maximum of Rs. 10 lakhs.
  • The repayment tenure usually extends from 3 to 5 years.
  • It is a collateral-free loan.
  • There are no processing charges involved for Shishu loans.

Additional Read: 5 Types of Business Loans to Empower Women Entrepreneurs

Eligibility criteria

You must meet the following Mudra business loan eligibility criteria –

  • Your age must be between 18 years and 65 years.
  • You should possess the skills required to undertake the proposed business plan.
  • You must be starting or financing a non-farm income-generating business in the trading, services, and manufacturing sector.
  • You should have a good repayment history free of loan defaults.

Documents required

The following documents are required to apply for Mudra Yojana for women –

  • Duly filled application form with two passport-sized photographs
  • A self-written business plan
  • Basic KYC documents – Voter’s ID, Aadhar card, Passport, PAN card, utility bills, etc.
  • Caste certificate
  • Bank statement of the last six months
  • Business’ address proof

Note – The Mudra scheme loan application is the same for Shishu and Kishore products. However, for the Tarun scheme, a separate application form is to be filled.

Additional Read: Government Schemes That Help Women Entrepreneurs in India

Over to you

Women seeking to finance their small or medium-sized enterprise operations can avail of these government loans. If you are looking for more options for business financing, choose Tata Capital. We provide easy business finance offerings to help SMEs grow.

Our business loan interest rates are highly competitive, starting at just 19%. You can enjoy flexible EMI options for a convenient repayment journey with us.

Score a quick loan approval by applying online and empower your business. Get in touch today.

Apply Now
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