Mudra Loan EMI Calculator

Check the EMI for your Mudra Loan by providing the Loan Amount, Interest rates (per annum), and loan tenure (in months) details.

The Mudra Loan is a financial scheme launched by the Government of India in 2015 under the Pradhan Mantri Mudra Yojana (PMMY). It's essentially a government-backed loan provided by banks and NBFCs to small businesses and micro-units. The aim is to provide funding for income-generating activities in the manufacturing, trading, and service sectors.

A Mudra Loan Calculator helps you estimate the Equated Monthly Instalment (EMI) you would pay on a Mudra Loan. This helps with financial planning as you can understand the affordability of the loan based on the amount you borrow, the interest rate offered, and the chosen repayment period.

Mudra Loan Categories

Mudra loans are offered in three loan categories, Shishu, Kishore & Tarun. Check the scheme-wise loan amounts from below:

Mudra Loan Interest Rates & EMI

Mudrs loan interest rates are linked to the MCLR rates and each bank or other lenders will have different interest rates to offer. In general, Mudra loan interest rates vary from 8% to 12%.

Mudra Loan EMI for Different Loan Amounts

Now, assuming the interest rate to be 9% and a loan period of 2 years, let's check the Mudra loan EMI for different loan amounts.

Calculation of Mudra Loan EMI

You can manually calculate Mudra Loan EMI using the following formula:

EMI = [P * R * (1 + R)^N] / [(1 + R)^N - 1]

Where,
P - Loan principal amount
R - Monthly interest rate
N - Loan tenure in months

Loan Amortization Table for a Mudra loan of ₹2 lakhs at an 8% interest rate and 1-year tenure:

Steps to Use Mudra Loan EMI Calculator

By using a Mudra loan EMI calculator, you can get a general idea of the monthly payment you'd be responsible for based on your loan amount, interest rate, and repayment term. This helps you assess if the loan is affordable for your business.

You can calculate your Mudra Loan EMI using any Business Loan EMI calculator. Using this EMI calculator, you can understand your affordability and make informed decisions about your loan amount and tenure.

Here are the steps to use the Business Loan EMI Calculator:

1. Visit the Business Loan EMI calculator page.
2. Enter the following key details: Loan Amount (in Rs), Interest Rate (%), Loan Tenure (in months)
3. The EMI amount will be displayed along with the total interest payable and total repayment amount

Note: Various factors influence the interest rates of Mudra loans, including the applicant's income, creditworthiness, type of business, desired loan amount, repayment period, and other relevant considerations.

Features of Mudra Loan

The table below shows the overview of the features of Mudra Loan:

Benefits of Mudra Loan Calculator

The Pradhan Mantri Mudra Loan EMI Calculator provides several advantages to borrowers such as:

• Precise Financial Planning: The calculator offers accurate EMI estimations, enabling borrowers to plan their financial commitments effectively.
• Time-Efficient: Manual calculations can be time-consuming and prone to errors. This calculator is reliable and saves time.
• Comparison: Borrowers can assess different loan options based on various criteria. They can compare different scenarios and select the most suitable option.
• Informed Decision-Making: With clear EMI amounts, borrowers can make informed decisions about the loan amount and tenure.
• Budgeting: EMI projections assist customers in budgeting for future expenses.

List of Banks & NBFCs Offering MUDRA Loans

MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY) are offered by the following selected financial institutions:

• Axis Bank
• Bajaj Finserv
• Bank of Baroda
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• City Union Bank
• Flexiloans
• SFMG India Credit
• HDFC Bank
• ICICI Bank
• Indian Overseas Bank
• Lendingkart Finance
• Punjab National Bank (PNB)
• SIDBI PSB Loans
• State Bank of India (SBI)
• UCO Bank
• Union Bank of India

Tips to Avail a Mudra Loan at a Low Interest Rate

Securing a Mudra loan at a favorable interest rate can significantly boost your small business or entrepreneurial venture. Here are key strategies to help you obtain a Mudra loan with lower interest rates:

• Maintain a good credit score to improve your chances of securing better rates.
• Compare offers from different lenders to find the most competitive interest rates.
• Choose the appropriate MUDRA loan category (Shishu, Kishore, or Tarun) based on your business needs and loan amount.
• Prepare a solid business plan to demonstrate your creditworthiness and potentially secure better terms.
• Consider opting for a shorter loan tenure or providing collateral, as these factors can lead to lower interest rates.
• Look for government schemes or special programs (like those for women entrepreneurs) that may offer subsidized rates.

You can also check other related Business Calculators below

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: