The Pradhan Mantri MUDRA Yojana (PMMY) was initiated on April 8, 2015, to offer loans up to ₹10 lakhs to non-corporate, non-farm small/micro enterprises. The main purpose is to meet the financial needs of the micro-enterprise, business activities, and other entrepreneur segments. The MUDRA loans are offered in association with Banks/NBFCs, accessible both online and offline. These loans are unsecured, and the interest rate is competitive.
Continue reading to learn how to apply for a MUDRA Loan online and offline through leading Banks or NBFCs.
Small business owners, entrepreneurs, and individuals involved in income-generating activities in sectors such as manufacturing, trading, and services are eligible for MUDRA loans.
Before getting into the details, let’s go through the highlights of the MUDRA loan below:
MUDRA Interest Rates | Depends on the Lender |
Loan Amount | Upto 10 Lakhs |
Loan Category | Shishu, Kishore & Tarun |
Loan Type | Collateral Free Loan (without Security) |
Loan Facility | Cash Credit, Overdraft & Term Loan |
Repayment Tenure | Depends on the Lender |
MUDRA Processing Fee | Zero (For the Shishu category) As per Lender (For Kishore & Tarun category) |
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Applicants can submit their applications for MUDRA loans through the online process by adhering to the steps mentioned below.
If you prefer to apply for a MUDRA loan offline, you can follow the steps below:
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Borrowers also have the option to submit online applications for MUDRA loans on the Udyami Mitra portal (www.udyamimitra.in).
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Once you have applied for a MUDRA loan from a bank or a Non-Banking Financial Company (NBFC), you can track the status by logging into the official website of the bank using your login details. Alternatively, you can also inquire about the status by visiting the bank and speaking with a representative.
It's important to note that MUDRA loan is a refinancing facility and does not provide direct loans to microenterprises or individuals.
Various lenders provide business loans. Here is a comprehensive list of current interest rates for business loans provided by top banks and NBFCs to make informed financial decisions for your business ventures.
Bank/NBFCs | Interest Rate |
---|---|
Axis Bank | 14.95% - 19.20% p.a. |
Bajaj Finserv | 9.75% - 30% p.a. |
HDB Financial Services Ltd. | Up to 36% p.a. |
HDFC Bank | 10% - 22.50% p.a. |
IDFC First Bank | 10.50% p.a. onwards |
Indifi | 1.50% per month onwards |
Kotak Mahindra Bank | 16% - 26% p.a. |
Lendingkart | 12% - 27% p.a. |
Mcapital | 2% per month onwards |
NeoGrowth Finance | 19% - 24% p.a. |
Tata Capital | 12% p.a. onwards |
UGRO Capital | 9% - 36% p.a. |
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Note: The interest rates are subject to change. Please visit the official website for updated rates.Check out other details on Mudra Loans below:
Calculate your EMI with ease for your Mudra Loan with SBI. Just enter the loan amount, interest rate, & tenure to check your EMI. Utilize the Mudra Loan EMI calculator as per your needs.
Monthly EMI | ₹86 |
Principal Amount | ₹1,000 |
Total Interest | ₹32 |
Total Amount | ₹1,032.00 |
The MUDRA Loan Eligibility program covers a wide range of business activities to support micro-entrepreneurs in various sectors, fostering economic diversity and sustainability. It aims to empower individuals engaged in different businesses, leading to job creation and inclusive economic growth.
There are 3 types of Mudra loans:
Here are some key business activities included in the Pradhan Mantri MUDRA Loan scheme:
Small businesses involved in manufacturing, trading, and services in rural or urban areas are eligible for funding through the MUDRA scheme.
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Know more about different types of business loans offered as per the government schemes by various banks & other private lenders. Check more on this from the links in the table below:
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You can apply for a MUDRA loan online through the official website of participating banks or their online loan application portals. Offline applications can be submitted at the nearest bank branch offering MUDRA loans.
Individuals looking to avail of an SBI e MUDRA loan of ₹50,000 should meet the eligibility criteria set by the State Bank of India, which typically includes factors like credit history, income stability, and other requirements specified by the bank.
Small business owners, entrepreneurs, and individuals involved in income-generating activities in manufacturing, trading, and services are eligible for MUDRA loans.
No, MUDRA loans are not interest-free. Interest rates are applicable as per the guidelines of the participating financial institutions.
Generally, a good credit score is not mandatory for availing a MUDRA loan. However, individual banks may have their own criteria regarding creditworthiness for loan approval.
The period for Mudra loans can range up to 7 years.
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