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    ICICI Bank Mudra Loan

    We found 1 ICICI Bank Mudra Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    ICICI Bank Mudra Loan is Rated as "Great!" by 13843 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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.

    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

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  • ICICI Bank Mudra Loan Reviews

    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have provided my salary account details for my personal loan disbursement. The loan got disbursed on 31st of march but the amount got credited after 20 days. ICICI normally take 3 to 4 days to disburse the loan but they took around 20 days. There was a miscommunication happened with the account details. The rate of interest is on higher side, when compared with others. Overall the service is average.
      Was this review helpful? 0
      , jalandhar
      Reviewed on May 19, 2017
    • ICICI Bank Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the ICICI bank and the loan amount got processed within short span of time. Response was fine one with the ICICI bank and the processing charges were around 3000 Rupees and 7000 Rupees for insurance policy. Customer service is fine one with the ICICI bank.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 19, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      ICICI bank was very prompt in their response, because they have made very good follow up in concern to my personal loan application. The rate of interest is nominal with this ICICI bank. Overall, I can say, it was very good service with ICICI bank.
      Was this review helpful? 0
      , asansol
      Reviewed on May 19, 2017
    • ICICI Bank Personal Loan
      "Happy banking"
      0.5 3.0/5 "Satisfactory"
      I visited ICICI bank directly and applied for a personal loan. As I received my salary by cash, I could not go through online source, but thank God that ICICI bank provided the loan even when I get my salary by cash. I am happy with ICICI bank and interest rate is very normal with them.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 4.0/5 "Great!"
      The personal loan process with ICICI Bank has been good. I got the loan within one week. The rate of interest is extremely high. It was around 17.99% and the processing charges was of 1.5%. The customer services and response has been good in collection of documents. I would still not want to recommend the bank.
      Was this review helpful? 0
      , dindigul
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Prompt communication"
      0.5 4.0/5 "Great!"
      I got the interest rate as 16.75% for the personal loan with the ICICI bank, but I expected it should be lesser than this. The loan amount got disbursed within six to seven days of time and I would like to suggest that they would stick with the commitment of the turn around time.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The interest rate was pretty high with ICICI bank, it was around 17%. When compared with other banks there is a lot of differences. The processing charges were also high. The process was good for the personal loan but the bank took around ten days of time for the disbursement.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      Personal loan was processed within 7 working days from ICICI bank. And the documentation and verification was done in a short time by the executives. Interest rate offered by them was 14% and processing fee was around .99% lees than 1% applied for 5 laks rupees received received full amount regret part is they told initially it will be 13% then after giving they said 14%
      Was this review helpful? 0
      , durgapur
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Interest rate is high"
      0.5 3.0/5 "Satisfactory"
      I found interest rate is on higher end with ICICI bank. Recently I took personal loan from them, they processed the loan without any hassles but I am not happy with interest rate. Their customer service is really good and I got good response as well from them for my loan.
      Was this review helpful? 0
      , sikar
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "After loan services to be improved"
      0.5 1.0/5 "Really Bad"
      The process for the personal loan was good at ICICI Bank I got the loan on time. But the after loan services has not been up to the mark. They have not sent me any details about my loan account number and the insurance policy that was attached to the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Supportive Service"
      0.5 5.0/5 "Blown Away!"
      I do not have any idea about the rate of interest for personal loan with ICICI bank. But when I took loan from them I got good customer service and they responded well for my loan application. There is no hassles with the bank during the process.
      Was this review helpful? 0
      , mudhol
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      All things went good with ICICI bank when I applied for a personal loan with them. They had done with the process in a good manner. I received proper response from the bank for my loan application. Interest rate is something better from the bank.
      Was this review helpful? 0
      , chandrapur
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      I had taken a personal loan from ICICI Bank. I received the loan within 10 days and it was to what I had applied for. The rate of interest was of 12.59% and there were processing charges of 10000 rupees and the tenured amount they have given me is five years But I have asked them for 3 years so they said it is not possible. Service was ok.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Should give some exclusive offers for an existing customer"
      0.5 2.5/5 "Just OK"
      ICICI have taken long time to the disbursement, it was almost one month, they collected the papers on initial stage but due to some issue it got rejected again collected the documents and finally done the disbursement. I am an existing customer of ICICI but they were not done good job in term of service or the interest rate is not good. They should interact with the customer and give the best offer to an existing customer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Actually response was good from ICICI bank but I got delayed service from them. Almost they took two and a half week to done with the personal loan process. When I did not receive any response from the bank end, I reported this to online source then only I got response from the bank. About interest rate, it was high actually. But the main concern is, still I did not receive loan sanctioned letter from the bank. Though they messaged me about the loan disbursement, I did not receive any kind of documents for the loan and I am waiting for that.
      Was this review helpful? 0
      , noida
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Interest and charges has to be reduced"
      0.5 2.0/5 "Expected more"
      ICICI loan process got too much delayed, online channel committed I would be receiving the my loan disbursement from ICICI within 10 days but ICICI taken more than fourty to complete the loan process and they were charged the interest rate of 16.50%. My loan amount is Rs.1.1 lakhs within the tenure of three years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The ICICI bank has responded properly in concern to my personal loan application. The bank executives came to my place and collected the documents. Interest rate was nominal processing charges was 2500 I received the loan amount after ten days.
      Was this review helpful? 0
      , kalyani
      Reviewed on May 18, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 4.0/5 "Great!"
      Rate of the interest was around 12.75% but I have expected it should be less. Within one week of time, the loan amount got disbursed to my account. The services are fine one with them and the processing charges were around 2000 Rupees, also I would like to suggest that ICICI bank can make nil for the processing charges.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2017
    • ICICI Bank Personal Loan
      "Very good process"
      0.5 5.0/5 "Blown Away!"
      The rate of interest was 2% higher at ICICI Bank when compared to other banks. I got a rate of around 17%. The process took a week and the processing charges was also high. The bank is recommendable for the easy process and without any struggle I got the personal loan.
      Was this review helpful? 0
      , surat
      Reviewed on May 17, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The services for my personal loan from ICICI bank is quite good. I had not gone through any challenges with the bank during the loan process. The bank was very prompt in processing my application. Interest rate is just same as the other banks.
      Was this review helpful? 0
      , haldwani
      Reviewed on May 17, 2017
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