Mudra Loan

Get Mudra Loan In-principle Approval in 59 Minutes. From anywhere, anytime without vising Bank Branch

A MUDRA Loan Yojna is being provided under the MUDRA Yojna to the non-corporate and non-farming small and micro enterprises/ businesses. Loans upto INR 10 Lacs can be availed under the MUDRA scheme. Micro Units Development and Refinance Agency Limited (MUDRA) is an NBFC supporting the development of small business owners in India.

The MUDRA Loan Yojna are to be provided for income generating small business activities across manufacturing, processing, services or trading sectors and would cover all Individuals/ Proprietary Concerns/ Partnership Firms/ Private Limited Companies/ Entities of any other legal forms running as shopkeepers, artisans, self-help groups, manufacturing units, hawkers, professionals, service providers, etc.

The MUDRA Yojna can be extended under 3 categories as mentioned below:

Shishu : Offers loans upto INR 50,000.
Tarun : Offers loans above INR 5 Lacs and upto INR 10 Lacs.
Kishore : Offers loans above INR 50,000 and upto INR 5 Lacs.

Mudra Loan Eligibility

Mudra loan can be availed by the following entities:

  • Applicants with minimum age of 18 years and maximum 65 years
  • Business owners
  • Shopkeepers
  • Small Industrialists and Manufacturers
  • Individuals involved with Agricultural activities
  • Startup entrepreneurs
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What are the products under Mudra Loan?

The Mudra Loan Yojna scheme offers 3 products to eligible entities, namely Shishu, Kishore, and Tarun. The details of these three products are explained here.

Shishu Loan

Shishu loans under the Mudra Yojna scheme allow entrepreneurs on the threshold of starting a business to borrow up to Rs. 50,000. The following details need to be furnished to avail this loan.

Tarun Loan

Tarun loans under the Mudra Loan scheme range from Rs. 5,00,001 to Rs 10,00,000. Business owners who wish to avail a Tarun loan need to furnish these documents, in addition to the details required for applying to Kishore loans.

With the Mudra Loan scheme, you can borrow up to Rs. 10 lakhs. If your business is in need of more capital or funds, or if you don’t qualify to borrow under the Mudra Loan scheme, you could always avail a business loan on Finserv MARKETS. On Finserv MARKETS, you can apply for loans as high as Rs. 30 lakhs without the need to provide any collateral. The process from application to disbursal is also quick and easy, since there’s minimal documentation involved.

Apply For Mundra Loan

A SMART, EASY & FAST PROCESS

In a few steps of Online Application Process and a business can have Mudra loan In-
principle approval from Preferred Bank.

GST Identification Number
Bank statement for last six months in pdf format
Director/Owners details: basic, personal, educational & ownership details
Inprinciple approval in 59 minutes

What is the interest rate for MUDRA loan?

There are several banks in the public sector as well as the private sector offering MUDRA loans. Here are some of the top lenders and their MUDRA loan offerings:

Bank Interest Rate Tenure
State Bank of India 11.25%% Up to 5 years
Syndicate Bank 8.60% - 9.85% Based on the bank’s terms
Bank of India 10.70% onwards 36 - 84 months
Andhra Bank 8.40% to 10.35% 36 months onwards
Tamilnad Mercantile Bank 9.90% - 12.45% Up to 84 months

Documents Required

Type of loan Documentation
Vehicle Loans
  • Mudra application form
  • BIL application form
  • Income proof
  • 2 passport-size colour photographs

  • Photo Identity proof
  • Bank statement for the last 12 months
  • Bank statement for the last 6 months
Business Instalment Loan
  • Mudra application form
  • Address proof
  • 2 years’ ITR
  • CA certified financials
  • Photo identity proof
  • Bank statement for the last 6 months

  • BIL application form
  • Proof of qualification
  • Establishment proof
  • Ownership proof of residence or office

  • Proof of business continuity
  • Trade references
Business Loans Group and Rural Business Credit
  • Mudra application form
  • BIL application form
  • Income tax return for the last 2 years
  • Photo identity proof and age proof
  • Address proof
  • Bank statement for the last 12 months
  • Business vintage proof
  • Ownership proof of residence or office

List of activities which cover MUDRA loans

The Mudra Loan Yojna scheme offers 3 products to eligible entities, namely Shishu, Kishore, and Tarun. The details of these three products are explained here.

MUDRA offers financing for buying transport vehicles for goods as well as personal transport like auto rickshaws, three-wheelers, passenger cars, e-rickshaws, taxis, etc.

MUDRA loans can also be availed for bee keeping, pisciculture, livestock, sorting, agriclinics, dishery, etc.

MUDRA loans are extended for the setting up of micro enterprises by buying the necessary equipment/machinery.

Funding Support under MUDRA Loan

MUDRA offers four types of funding support:

1.Micro Credit Scheme
  1. Loans can be availed to the extent of Rs.1 lakh. The funds can be used for a variety of micro enterprise activities.
  2. Targeted primarily at groups such as Joint Liability Groups (JLGs) and Self Help Groups (SHGs).
  3. Any Micro Finance Institution (MFI) that wishes to avail a loan should enrol with MUDRA and comply with its requirements.
2.Women Enterprise Programme
  1. Additional facilities are offered to women entrepreneurs to encourage them to follow their dreams.
  2. Facilities include the reduction of interest on loans. Currently, MUDRA loans can be availed by Micro Finance Institutions (MFIs) or Non Banking
    Financial Companies (NBFCs) with a discount of 25 basis points or 0.25% on the interest rates, provided they offer loans to women.
3.Refinance Scheme for Regional Rural Banks/Commercial Banks/Scheduled Co-operative Banks
  1. Various banks such as Scheduled Co-operative Banks, Regional Rural Banks, and Commercial Banks can avail refinance.
  2. Refinance amount offered can go up to Rs.10 lakh per unit, and the funds can be availed as working capital loans or term loans. This is applicable
4.Securitisation of loan portfolio

Benefits of Taking MUDRA Loan

Here are the key features and benefits of MUDRA loan:

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