The Mudra loan scheme, devised by the Indian government, has become highly popular among small business owners. It has also encouraged several start-ups to obtain loans. But, some applicants claim that it is not easy to get the Pradhan Mantri Mudra loan approval.
There are ways to increase the chance of getting approval. For instance, you must know about the Mudra loan eligibility criteria. The Union Ministry of Finance introduced this scheme in 2016. Initially, the budget was Rs.20,000 crores. Your age must be between 18 and 65 years.
Moreover, you should be an Indian citizen without any criminal record. Private and Public Limited Companies, LLPs, Sole Proprietorship, NGOs, and Trusts can apply for the loan. Your good repayment history will increase the chance of receiving the loan. From traders to manufacturers, everyone can apply for a loan.