Mudra Loan For Poly House
Micro Units Development & Refinance Agency Limited or popularly termed as MUDRA is a special body, crafted by the central government. The main objective of the Indian government was to encourage micro and small business owners expand their venture. It is not possible for a business owner to develop his/her venture without proper investment. Lack of adequate funds prevents many budding entrepreneurs form establishing their businesses. With the implementation of the MUDRA credit scheme, the central government will offer financial assistance to such candidates. The best part about this credit scheme is one can apply for loan under several categories. Applicants will be able to attain loan under the MUDRA scheme at low rates. Earlier, credit under this scheme was available for some ventures only. But now, the central government has introduced other sectors as well. So, if you desire to start a horticulture or floriculture business, and require a poly house set-up, then you can apply under the MUDRA scheme.
What is a poly house?
Poly house is commonly known as a green house. These are special setups, which help in controlling the climate, humidity, temperature on the inside. Cash crops, flowers, vegetables and other plants, which are sensitive to sudden climate changes, are grown in these poly houses. These are common in cold areas, where some plants will not be able to survive. In recent times, technological advancements have made this sort of farming rather popular in India. But it often becomes challenging for the poor farmers to purchase the equipment with their own money. It is here that schemes like MUDRA credit will come to their rescuw.
What are the various types of MUDRA credits?
The central authority has specified a list of banks, which will be able to offer these loans to interested applicants. Apart from MFIs and NBFCs, one can reach out to RRBs, Commercial Banks, Cooperative Banks, and Small Finance Banks to attain financial assistance for setting up a poly house. Poly house farmers will be able to use the money to purchase and set up the equipment, and in turn get associated with horticulture. One can opt for any of the three MUDRA credit categories:
- Shishu category – Under this, one can obtain a credit amount that does not cross the Rs. 50,000 mark. This category will meet the requirements of those who desire to set up a small poly house or business.
- Kishor category – Any micro and small business credit that is more than Rs. 50,000 but does not go above Rs. 5 lakh mark will fall under the Kishor category. The creditor can use the money to make repairs or extend the poly house area.
- Tarun category – All aspirants who want a loan that falls within 5 lakhs and 10 lakhs will have fill in registration documents for Tarun category. People who are already associated with poly house farming can attain funds under this loan category for further extensions.
Can you set-up a poly house under MUDRA scheme?
As the central government has made MUDRA loan available for horticulture, and floriculture, you no longer have to worry about monetary arrangements. A medium sized poly house set-up, along with the other irrigational machines will require as much as Rs. 2,334,000. If you want to bring down the expenditure, then you have to start with a smaller poly house. Average cost of poly house material is 650-750 Rs per Sq.mtrs. So, MUDRA loan will help you to meet both initial as well as extension related expenses. Whether you are starting or already have a business, you must apply for the Kishor category.
How to apply for MUDRA loan for poly house?
- If you want to apply for a loan under this scheme, then you need to check out the official portal of this scheme. To get to this page, you have to click on the link https://mudramitra.in/Login. The MUDRA application process has to be completed via the portal.
- Before you can apply, you have to complete a preliminary enrollment. For this you must click on the link that is marked as “New User.”
- This will trigger the site to bring up a digitized enrollment document. Here, you need to type in your business related details. The registered name and registration number are a must.
- Here, you must highlight the enrolment user ID and password. Without this, you will not gain access to the actual registration document.
- To register for the credit, you will have to fill in sex different sections of the application form.
- These steps include personal information, business and business partner related details, banking details, investment sale, profit or loss related data, digitized documents of medical shop registration and other papers. The last step is associated with declaration, followed by submission.
- After this, you will get the list of all banks, which may accept your loan application.
- Once you select a bank, your application will be automatically sent to them. The loan sanctioning department will check the application. If they are willing to pass your loan application, under MUDRA scheme, then bank representatives will get in touch with you.
Document that you requires for application
The banks will require some documents for background checking. You need to submit a copy of your Aadhar card, ration card, voter ID card, personal PAN card, business registration papers, business PAN card, age and residential certificates. In case you are not the sole owner of the poly house farming business, then you need to attach copies of partnership deeds as well. If you want to maximize your chances of getting the credit for setting up or expanding your poly house agri-business, then make sure that all papers are up to date.
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