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Please Note: Oriental Bank of Commerce is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Oriental Bank of Commerce (OBC) is one of the leading public sector banks that offer Mudra loans under Pradhan Mantri MUDRA Yojana Scheme (PMMY) at an interest rate of 8.15% p.a. onwards. MUDRA (Micro Units Development and Refinance Agency) is an initiative by Government of India to promote and provide financial support to SMEs. The purpose of MUDRA scheme is to provide funds to the non-corporate, non-farm small/ micro enterprises in manufacturing, trading and services sectors.
About Mudra Yojana
Under Mudra scheme, loans up to Rs. 10 lakh to small business and micro institutions. These MUDRA loans are provided from all banks like co-operative banks, small finance banks, commercial banks, Non-Banking Financial Companies (NBFCs), Regional Rural Banks (RRBs), and Micro Finance Institutions (MFIs). Individuals, proprietorship, partnership, self-help group (SHG) & Joint Liability Group (JLG) are eligible to avail Mudra loan.
According to the growth and development of the stage of the business and also funds required for the individuals for their business, the Mudra schemes has divided in three stages based on your stage and needs in your business, they are as follows:
- Shishu: This stage covers loans up to Rs. 50, 000. The person who wants to start their own business can apply for this loan
- Kishor: This stage covers loans above Rs. 50, 000 and up to Rs.5 lakh. The person who has business and wants to expand their business or needs funding for their business than these loan will be provided
- Tarun: This stage covers loans above Rs.5 lakh and up to Rs.10 lakh. This is maximum limit for this loan. If any wants to start up their own business or needs funding then this is the maximum loan they will get
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Eligibility Criteria
There are some eligibility criteria decided by banks. The eligibility for taking MUDRA loan in Oriental bank of commerce is as follows:
- The applicant of MUDRA loan should generate minimum revenue to be eligible for loan under any category
- Anyone can apply for MUDRA loan such as: Artists, Small business owners, fruit and vegetable vendors, machinery shops, food service units, manufacturing units, etc.
- All kind of service, manufacturing and trading sector entrepreneurs are offered MUDRA loan
Also Know: What is the eligibility criteria for a business loan?
Documents required for Loan Application
Before taking the MUDRA loan, the documents have to be submitted to the banks for verification. Thus the following documents will be required for MUDRA loan In Oriental bank in commerce, and they are as follows:
- KYC documents
- PAN card, Aadhaar card
- Business proof
- Income statements of last 6 months
- Photograph of applicant
- Supplier details like machineries name and the vendor’s name, also quote the machineries need to buy
- Business registration certificate
- The last 2 years of income tax returns statement
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