Online application for Weavers Mudra Scheme: Weavers Mudra Scheme (WMS) is a Mudra loan scheme dedicated to providing financial support to handloom weavers through weavers’ credit card or term loan. The monetary support enables weavers with the required working capital to procure tools and equipment. Other than individual weavers, the scheme allows self-help groups, weavers’ co-operative societies, companies promoted by handloom weavers or set up under cluster projects or other related programmes of the Ministry of Textiles to benefit from the scheme.
The scheme offers a maximum loan of Rs 2 lakh covered under the CGTMSE scheme and 6 per cent interest is levied with maximum interest subvention capped at 7 per cent. The repayment period for a term loan is three years and in the case of cash credit, the limit can be renewed in three years with an annual review. The scheme also provides a margin money subsidy of up to Rs 25,000.
How to apply for loan under Weavers Mudra Scheme:
- Visit jansamarth.in and click on ‘Schemes’ dropdown > Business Activity Loan > Weaver Mudra Scheme
- Scroll down and click on ‘Check Eligibility
- Select ‘Loan for Handloom Weaver’ and click on ‘Calculate Eligibility’
- Select ‘Yes’ if you are identified as a weaver under the government census
- Click on your type of business activity whether New or Existing; select whether ‘Individual’ or ‘Non-individual’ business
- Enter the project cost and the amount you can invest from your source and click on ‘Calculate Eligibility’
- Based on the information shared, the scheme’s dashboard will show you the subsidy amount you are eligible for, your monthly EMI and loan tenure
- Click on ‘Login to apply’; log in with your registered mobile number
- Review the details you shared and click on ‘Continue’
- To apply for the loan, you would need PAN, Aadhaar, Udyam number and bank account details
- Give your consent for sharing your Aadhaar, Income tax, Udyam porta, credit information via credit bureau such as CIBIL, etc and click on ‘Agree & Proceed’
- Share your PAN and Udyam details and click on ‘Proceed’
- The portal will fetch your GSTIN details but if the business is not GST-registered, it will ask for reason such as whether GST is not applicable to your product or service, GST is not applicable in your state, GST is not required because sales is below registration limits and other reason
- Click on ‘Proceed’ to enter your business details and monthly sales data and again click on ‘Proceed’
- Enter other business details and click on ‘Proceed’ to submit your bank details either through bank statements or by verifying your bank account
- Click on ‘Verify’ and on the next page enter details around the number of employees, business address, whether you have any existing loan, details of existing lenders, etc.
- After entering the details, it will show that your form is ‘Complete’ and can be submitted
- Once submitted, the portal will share the loan offers from various banks with the rate of interest and loan tenure
- Click on ‘Select Offer’ for the relevant loan offer
- Once your loan application is approved digitally by the selected bank, the latter will undertake sanctioning process which might include branch visits for any clarification or error in documents in order to disburse the loan