During the current situation of COVID-19 lockdown, one way for small businesses to revive their business is to apply for Mudra loan online.
We all know that the Government has announced the Atmanirbhar Bharat, a Special economic & comprehensive relief package of ₹20 lakh crores. This motive is to provide relief and much-needed credit support to the MSME businesses, in order to revive the Indian Economy, which has affected due to the COVID-19 lockdown.
Under the Atmanirbhar Bharat package, the government has provided numerous assistance schemes for MSMEs such as-
- ₹ 3 lakh crores Collateral free Automatic Loans for MSME Businesses, for a period of 4 years.
- ₹ 20,000 crores Subordinate Loan to the MSMEs
MSMEs can avail of this scheme by applying for Mudra loan online. So let us learn how to apply for Mudra loan online.
Procedure to apply for Mudra loan online
The following is the stepwise detail to apply for Mudra loan online:
#Step 1: Visit psbloansin59minutes portal
Go to psbloansin59minutes.com/home and click on “Apply Now”.
#Step 2: Sign up for loan application
Sign up for the loan application by entering your Name, Mail Id and Mobile and click on Send
OTP button. An OTP will be received on the mobile.
- Enter the OTP and click on the Proceed button.
- You will be prompted to enter a new password for login. Enter the password and click on “Proceed”
#Step 3: Submit your requirement
- In the next step, you will be asked to submit your requirement i.e. whether you want MSME loan or Business loan under Mudra Scheme.
- Select “Mudra Loan” and Click on Proceed
#Step 4: Filing of Loan application form:
The loan application is of 3 parts:
- Provide Your Data, i.e. your business name, details, and Udyog Aadhaar MSME registration.
- Select Banking Partner and
- Get approval
Your Mudra loan will be easily approved.
Document required for Mudra loan online
In order to apply for Mudra loan online, you need to furnish your proof of business, which is the Udyog Aadhaar MSME registration certificate.
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