Hon’ble Prime Minister launched Pradhan Mantri Mudra Yojana on 8th April, 2015 in order to bring such enterprises to the formal financial system and to make sure that affordable credit is available to them. Loans under PMMY is sanctioned by all the branches of Andhra Bank.
Competitive interest rates is one of the most attractive features of Andhra Bank Mudra Loan.
As a borrower, one need not worry about putting up a collateral at all. Further, the friendly customer care service providers make sure that customers are taken care of throughout the process by handholding them through all the steps.
Up to Rs. 10 lacs can be availed with this loan. Loan under Mudra are divided into three categories:
Tarun: which is for loans between Rs.5.00 lakhs and Rs.10.00 lakhs
Kishore: which is for loans between Rs.50,000/- and Rs.5.00 lakhs
Shishu: which is for loans up to Rs.50,000/-.
In the case of Kishore and Tarun: Applicable as per extant guidelines
Base Rate + 1.75% p.a. at present
9.75 + 1.75 = 11.50% p.a.
The loan does not require collateral security or guarantee.