The foundation of India’s developing economy is the Small and Medium Enterprise (SME) sector. A staggering 55% of India’s total industrial output is attributable to it. In order to help MSMEs more easily achieve their objectives, the Ministry of Micro, Small, and Medium Enterprises of India launched the Udyog Aadhaar Card in partnership with the Government of India. There are numerous companies that offer loans to MSMEs. After you apply for an MSME loan, new businesses can easily obtain loans for MSME.
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UDYOG AADHAAR MEMORABILI (UAM)
An MSME business loan is available with a very low interest rate. A micro, small, or medium-sized firm (MSME) attests to its existence and provides the necessary information via the registration form known as the Udyog Aadhaar Memorandum, such as the specifics of the owner’s Aadhaar card, bank account information, and so on. An acknowledgment form with the applicant’s unique UAN (Udyog Aadhaar Number) is emailed to the email address on file when the applicant submits this form. It is a self-declaration form, thus no additional paperwork is required. UAM does not require payment.
Process for Registering for Udyog Aadhaar
In order to register your business, keep that in mind. You’ll need to have access to your Aadhaar data. If you do not already have an Aadhaar, go to an Aadhaar enrollment center to apply.
- By navigating to the official website in your web browser, you can access it.
- In the fields labeled “Aadhaar Number” and “Name of Entrepreneur,” respectively, enter your name and Aadhaar number.
- Select “Validate and Generate OTP” from the drop-down menu after checking the box.
- The registered mobile device’s registered one-time password (OTP), which was sent there.
- Once your verification has been successfully completed, you will be directed to a form in the other window.
- Please be sure to fill out all relevant fields, including “Name of Enterprise” and “Type of Organisation.”
- After you’re done, you should double check the data to make sure there are no errors.
- When you get to the bottom of the page, click the “Submit” button.
- The registered cellphone number will thereafter receive a second OTP.
- When you’re done, click “Submit” after entering the information accurately.
Advantages of Udyog Aadhar
The government offers free registration for Udyog Aadhar, which may be completed swiftly and easily online. A company loan is also available without security. The following benefits are available to a corporation after it purchases Udyog Aadhar:
- The applicant will receive financial support in order to exhibit their products at international expos.
- The company can be qualified for financial support from the government.
- If your business is registered, opening current bank accounts in its name will be easier and require fewer paperwork.
- It will also allow businesses to apply for government microloans and other beneficial schemes of a similar nature.
Required Documents for Udyog Aadhar
The applicant’s Aadhar number is the main requirement for getting an Udyog Aadhar in the event of a proprietorship. The complete list of documents needed for Udyog Aadhar is provided below.
- PAN Number
- Information on the District Industry Centre
- Group of applicants
- Organization type
- Name of the company
- Major activity
- Bank details
- Total number of employees
- Code for the National Industrial Classification
- Date of beginning
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Let’s say a potential applicant or a firm’s authorized signatory does not already have an Aadhar. If so, individuals must first file an application for Aadhar at an Aadhar enrollment center. The process for getting an Udyog Aadhar can begin once the Aadhar number has been obtained. Additionally, you can submit an online loan application. You can obtain a mudra loan with the aid of a certificate of SME registration.