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  • ICICI Bank Mudra Loan is Rated as "Great!" by 16796 Users

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    ICICI Bank Mudra Loan

    Overview about ICICI Mudra Loan

    The Government of India has set up the Micro Units Development & Refinance Agency Ltd. (MUDRA) to offer financing to non-corporate and non-farm segment income generating activities belonging to Micro and Small enterprises. These enterprises, having credit requirements below Rs. 10 lakhs can easily receive funding through this scheme.

    Features of ICICI Mudra Loan

    MUDRA Bank has announced three products under the Pradhan Mantri MUDRA Yojana (PMMY) scheme, namely, Shishu, Kishore and Tarun. These products can be availed according to the needs and growth of micro units.

    • Under Shishu, customers can get loans to up to Rs. 50,000.
    • The Kishore scheme offers loans for amounts above Rs. 50,000 and up to a maximum of Rs. 5 lakhs.
    • The Tarun scheme offers loans for amounts above Rs. 5 lakhs and up to a maximum of Rs. 10 lakhs.

    ICICI Bank customers can avail Mudra loans for three specific purposes in the form of a) Vehicle Loans, b) Business Installment Loans and c) Rural Business Credit (RBC) / Business Loans Group Loans (BLG).

    • Vehicle loans can be procured for purchasing cars, commercial vehicles and two-wheelers.
    • Business Installment Loans can be availed for purchasing plants and machinery, meeting working capital requirements, for renovation of offices and also for various other purposes.
    • Under Business Installment Loans and Rural Business Credit categories, ICICI Bank offers the Overdraft facility, Drop line overdraft and Working capital loans.
    Apply for Personal Loan

    Borrowers do not have to submit any security collaterals while availing Mudra Loans.

    Customers can contact the nearest ICICI Bank to get more details and then apply for a Mudra loan. ICICI Bank will approve Mudra loans according to the customer’s requirements.

    Eligibility criteria for ICICI Mudra Loan

    Non-Corporate Small Business Segments (NCSBS) consisting of partnership firms and proprietorships which have service sector units, small manufacturing units, truck operators, shopkeepers, repair shops, for-service units, fruits and vegetable vendors, small industries, machine operators, food processors and applicants from urban/rural areas can qualify for funding under the Mudra Loan scheme.

    Documentation Required for ICICI Bank Mudra Loan

    The following documents have to be submitted by applicants of an ICICI Mudra Loan -

    For Business Installment Loans

    1. Mudra application form
    2. Photo ID proof
    3. BIL application form
    4. Establishment proof
    5. Address proof
    6. Proof of business continuity
    7. Ownership proof of office or residence
    8. Bank statement for the last six months
    9. Trade references
    10. Proof of qualification

    For Vehicle Loans

    1. Mudra application form
    2. Photo ID proof
    3. Vehicle loan application form
    4. Passport size Photos - 2
    5. Income Proof
    6. Address Proof
    7. Bank statement for the last six months

    Rural Business Credit / Business Loans Group

    1. Mudra application form
    2. Age Proof
    3. Photo ID proof
    4. RBC/BIL application form
    5. Ownership proof of office or residence
    6. Bank statement for the last twelve months
    7. Business vintage proof

    Income tax return statements for the last two years

    ICICI Bank Mudra Loan Reviews

    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan process was good from the ICICI bank but the rate of interest and the charges were quite high and they haven't gave me any chance to negotiate. They took around 3 weeks time to disburse the loan amount. The rate of interest and the charges need to be reduced.
      Was this review helpful? 0
      , hosur
      Reviewed on May 21, 2018
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with ICICI bank few months back. The loan amount was 4 lakhs and the interest rate was 10.99%n which is satisfactory . The customer service and responses was very good,. The process was bit lengthy and they have take much time. They have provided door step service for collecting documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan amount within a week time. The customer support service and the response is very good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank when compared with others. The loan amount was low with the ICICI bank .
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      The ICICI bank support was god in regards to my personal loan application and I have got the loan amount within 10days of time. The customer support service and the response is good from the ICICI bank. The rate of interest was quite high with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with ICICI bank, the loan amount was for Rs 2.5 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. Customer service was good and the tenure for this loan is 4 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have approached ICICI bank for my personal loan . I gave all my details later they said that they are not providing loans for employees and rejected my application. The loan amount was 2.5 lakhs and the interest rate was 15.99% . I am not happy with the customer service and responses .
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on May 17, 2018
    • ICICI Bank Personal Loan
      "good Expereince "
      0.5 5.0/5 "Blown Away!"
      I took a personal loan for 2 lacs from the ICICI bank. The loan was disbursed with in a week, the interest rate was 13% which was not so high. The whole application process was simple and the EMI gets reflected in my credit card outstanding. Overall It was good experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 17, 2018
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      The rate of interest and the charges are bit high with the ICICI bank personal loan services. The fore closure charges were high with the ICICI bank and they are collecting up to 5% . The customer support service and the response is good from the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "No partpayment for personal loan"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan from ICICI bank and the disbursed loan amount was 7.52 lakhs. The rate of interest was 11.29%. The monthly emi is 8500 for tenure of 5years.There was a no processing fee. Pre closure facility is there but they don't have the option of part payment, for that i am not satisfied with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Quick Service"
      0.5 4.5/5 "Excellent!"
      I took a personal loan for 2 Lacs from ICICI. They offered the personal loan at an interest rate of 14%. The application process was really easy and hassle free. I never had any issues with their services. Overall it was a good experience taking loan from ICICI
      Was this review helpful? 0
      , new delhi
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Below Average service"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan via a financial website, and the ICICI bank rejected my loan application saying that the repayment period is short so they have cancelled the application. The ICICI bank need to fulfill the customer query.
      Was this review helpful? 0
      , mysore
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I recently got the home loan , so that was the reason I have closed the personal loan application with the ICICI bank. The service was good from the ICICI bank they gave me better response . The customer support service is pretty good from the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I recently got the home loan , so that was the reason I have closed the personal loan application with the ICICI bank. The service was good from the ICICI bank they gave me better response . The customer support service is pretty good with the ICICI bank.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The ICICI bank was about to approve the personal loan and they have sent their executives to collect the documents , but I am not available to submit the documents on time , so that was the reason I haven't got the personal loan from ICICI bank. The customer support service and the response is average with the ICICI bank. The rate of interest and the charges are average here.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan with the ICICI bank and the service was good average from them . I have cancelled the application due to my personal reasons, but the rate of interest which they have offered was quite high when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken this loan amount almost six months back, the services which they have provided me was all very good. The loan amount was also pretty good and i was pretty satisfied with it. It was a fast process and was quick in getting. The rate of interest was only a little high.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 15, 2018
    • ICICI Bank Personal Loan
      "High on ROI and charges"
      0.5 3.0/5 "Satisfactory"
      It was not a up to the mark experience with ICICI Bank for the personal loan. The bank informed me a status update only after ten days. I had to follow up for the same. The rate of interest is around 17% and the processing charges is also on the higher.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 14, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using the same institution for most of my banking and transaction account where in which was the main reason to choose to go with them for the personal loan. The rate of interest which they have offered was okay during the time they had provided it. The response from the customer service team was good, and i have not faced any issues during the process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      There was a need in the finance for the maintenance of my home where in which i had applied for this loan. The rate of interest which they had offered was satisfactory and i was also sure about clearing the loan because of the less premium amount. There has been good follow ups from their end and the document submission was quite easy and smooth.
      Was this review helpful? 0
      , kochi
      Reviewed on May 12, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      It has been all average with the services which they have provided when i had applied for the particular personal loan. It was a good experience though. the customer service was not up to the mark where there was no reason intimated me before closing it.
      Was this review helpful? 0
      , phaltan
      Reviewed on May 12, 2018
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