Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • ICICI Bank Mudra Loan is Rated as "Great!" by 15654 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
      "Its average"
      0.5 4.0/5 "Great!"
      ICICI Bank expected the salary of Rs.17500 on monthly average, but I was getting the salary of Rs.15,000. Hence I could process my loan with ICICI. Therefore they have closed the loan application. I was looking for principal amount around Rs.1 lakh it was not successful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Poor services"
      0.5 1.0/5 "Really Bad"
      After me applying for a personal loan with ICICI Bank, I received a call and it was from a branch which was pretty far away. So I requested for a branch which is near by to me. Since I got no call from them, I contacted them personally and their phone is not in coverage. Due to which I postponed the loan decision.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Its good"
      0.5 4.0/5 "Great!"
      My loan was not been sanctioned with ICICI, because I already have other loan based on property and one personal loan. Hence ICICI not willing to do balance transfer option. I am an existing customer of the bank , but I am fine with their norms.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 5.0/5 "Blown Away!"
      I am happy with the services of ICICI Bank. I have taken a personal loan and I got the funds in my account within ten days. The rate of interest was very high, because my company was not listed in my account. The rate of interest was of 18% and they were high on the charges as well. I would suggest that they need to see the customers statement record and provide a lesser rate than too see to the company listed criteria.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      ICICI Bank contacted me for the personal loan and they asked me for couple of documents as I was talking to the executive about the same. My call was disconnected. It was not a very good experience with the bank. They need to be more professional.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Communication was proper"
      0.5 3.0/5 "Satisfactory"
      ICICI Banks communication with me regarding the Personal Loan application was top notch, I got the details pretty swiftly and efficiently. I felt the Rate of Interest of 17.99 % to be little high, but considering the urgency I was in it was alright for me. I also felt the new executive with the Bank lacked the communication required.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "Okay"
      0.5 4.5/5 "Excellent!"
      My experience with the ICICI bank was really good one for me with them and the customer service was really fine one for me. The loan amount got disbursed within a week of time. I am happy for the personal loan, which got disbursed.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • ICICI Bank Personal Loan
      "excellent service"
      0.5 4.5/5 "Excellent!"
      I have got a personal loan from ICICI I am very much happy with their service before the time I applied for the loan the rate of interest was high with them but once I applied for a loan their branch manger have reduced the rate of interest rate and already I have uploaded the documents in the website so they have not asked for my documents during the process ,service from ICICI for my personal loan was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Dissatisfed"
      0.5 1.0/5 "Really Bad"
      ICICI interest rate was very high for the personal loan, I have taken the amount 3.6 lakhs for the interest rate of Rs. 12.5% of interest it was huge and also they taken around Rs.10,000 as a processing fee. I am disappointed with them on charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      It was a good experience with ICICI Bank for the personal loan. The customer services are good and the response is also good. There has been no hassles in the document collection. The only drawback is the loan amount. I was initially offered 3.5 Lakhs and the bank wanted to offer only 1.5 lakhs. Then I refused the loan and the bank finally disbursed two lakhs.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Good response"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with ICICI bank. I got a proper and prompt response. The customer service is good. The interest was nominal. The documentation process was good. They have sanctioned the loan on time, The preclosure and part payment option is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Hassle Free"
      0.5 5.0/5 "Blown Away!"
      I don't have any issues with ICICI, they gave me good service, I took the personal loan of ICICI for the principal amount of Rs. 4 lakhs it has the tenure of four years. I am quite fine with their interest rate and processing fee even EMI option is also good.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from ICICI bank for an amount of one lakh at low interest rate they had taken a minimum amount of processing fees from my principle amount.They took almost 5-7 days to credit the amount. It was a much quick process as compared to other banks in the market.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI Bank and the customer support is excellent. The response is good and there are no hassles in the process for the loan. The interest rate was around 12% and the processing charges was normal too. The after loan service is good too.
      Was this review helpful? 0
      , gwalior
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI bank for an amount of 4 lakhs at the interest rate of 12%,rate of interest is quite high as compared to other banks.They took almost two weeks to process my application. Overall I am satisfied with the service, will continue to bank with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      It has not been a satisfactory experience with ICICI bank for the personal loan. They do not call the customer and I had to follow up continuously through the process. They do not give what they commit and the rate of interest and charges are also high.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "SATISFACTORY"
      0.5 4.0/5 "Great!"
      It was a nice process initially with ICICI Bank. They completed the personal loan process and the loan amount was to my need. Except that I kept receiving a message that the ECS mandate was rejected. I was not knowing whom to contact and I still get the message but the ECS is still going through. The rate of interest was of 16.5%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      ICICI Bank has been really good in the whole process of my personal loan. The initial process was quick and disbursed on time. The ECS was taken on time without any kind of hassles. Even after completing the loan, I received the NOC on time and it has been the best experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      I am a long time customer of ICICI Bank and it has not been a good experience with the bank for the personal loan. When ever I applied for the loan the bank has not been flexible to provide me the same. My application is always declined and I am not happy about it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • ICICI Bank Personal Loan
      "Good banking service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from ICICI bank for an amount of 3.10 lakhs they had deducted certain percentage as processing fees from the principle.Rate of interest is high as compared to other banks in the market .apart from that am happy to be an ICICI customer.Loan were processed within the promised TAT.
      Was this review helpful? 0
      , warangal
      Reviewed on Oct 16, 2017
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