|Mudra Loan Eligibility Conditions|
|Age of Applicant||23 to 28 Years|
|Age at Maturity||Maximum 68 Years|
|Type of Business||Small and Medium Non-Farming Business|
|Type of Entity||Non-Corporate|
|Bank Account Required||Yes|
|Monthly Income of Applicant||More than INR 17000|
|ITR submission required||No|
The very first eligibility criteria for Mudra Loan application is that you need to be a registered citizen of India. Your citizenship may be verified through your UID number, your voter-id card number or any other identity document that you have. If you are not a citizen of India, you are not eligible for getting Mudra Loan.
Another eligibility for Mudra Loan is that you cannot apply for loan to benefit or fund your farming activity. Mudra Loan provides financial support to Small and Medium Business Enterprises. You cannot apply for Mudra Loan if you do not have any non-farming business. The is the primary eligibility condition for Mudra Yojana.
Being a corporate entity makes you ineligible for getting Mudra Loan. If you want your business loan to be sanctioned, you need to be a non-corporate entity. According to bankbazaar.com, you need to be a small or medium enterprise business holder to get a business loan upto 10 lakhs from Mudra Yojana.