Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • ICICI Bank Mudra Loan is Rated as "Great!" by 16500 Users
    Personal Loan BYTES FROM OUR KITCHEN

    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
      "Need to Improve"
      0.5 1.0/5 "Really Bad"
      I have my personal loan with ICICI bank. The loan amount was 2.27 lakhs and the interest rate was 15% which is average in the market . The tenure period was 4 years . The loan process was smooth but the processing fee was very high so I am but disappointed here . My overall experience was not up to the mark.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with ICICI bank. The loan amount was 3.7 lakhs and the Interest rate was 11.5% which is average in the market. The tenure was 5 years. They have provided door step service for collect9nmg document. My overall experience was good and its recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The customer support was good with the ICICI bank and they have disbursed the loan amount within 10 days of time. The promises need to be fulfilled by ICICI bank when it comes to interest rate. The rate of interest and the charges are quite high when compared with others.
      Was this review helpful? 0
      , khammam
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      The personal loan process took so much of time. The promises haven't haven't fulfilled by ICICI bank. Even though the loan was pre approved they were asked me to submit ht documents. The required loan amount has been given and I am satisfied with it. The rate of interest is average and I am fine with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The ICICI bank personal loan service was good. They took around 10 days of time to disburse my loan amount. The customer support service is good with the ICICI bank. They gave me better response in regards to my personal loan service. I have applied for the loan amount of Rs,12,00,000 but I have got only Rs,5,00,000. The rate of interest is high with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had the personal loan with the ICICI bank and the interest rate was around 11% to 12%. I would like to say that the disbursement took around a week of time. Responsiveness is very good one with the ICICI bank and am really happy with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with ICICI bank. The loan amount was 3.7 lakhs and the Interest rate was 11.5% which is average in the market. The tenure period was 5 years. They have provided door step service for collecing document. My overall experience was good and its recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Customer service is good one with the ICICI bank personal loan. I have not received any conformation from them in the hard copy. I would like to say that the rate of interest is around 14% ,which was later decision prior as 12%. Finally, they have increased their interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Customer service is good one with the ICICI bank personal loan. I have not received any conformation from them in the hard copy. I would like to say that the rate of interest is around 14% ,which was later decision prior as 12%. Finally, they have increased their interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Need improvement in disbursement"
      0.5 2.0/5 "Expected more"
      The ICICI bank took around 9 to 10 days of time to disburse the personal loan amount. The required loan amount has been given and I am satisfied with the loan amount. The rate of interest is average with ICICI bank when compared with other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Need to Improve"
      0.5 2.0/5 "Expected more"
      I have my Personal loan with ICICI bank. The loan amount was 1 lakh and the Interest rate was 11-12% which is average in the market. Here there are no proper responses and the tenure period was 3 years. The loan process was bit hard since they have delayed a month for processing so I am a bit disappointed.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      It was the good experience with the ICICI bank and the interest rate was around 14.23%. I would like to say that the customer service is good one for me. Response is also fine one for me with them and I have not faced any issues with them till now.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank. I had a very good loan process here. The loan process was good the loan amount what they had requested was for 4 lakhs and the Interest rate was satisfactory. The tenure period was 4 years.Here the loan process was good and the processing fee was higher than other banks in the market. My overall experience was good and this bank is very much recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank. I had a very good loan process here. The loan process was 4 lakhs and the Interest rate was satisfactory. The tenure period was 4 years.Here the loan process was good and the processing fee was high than other banks in the market. My overall experience was good and this bank is very much recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have my personal loan with ICICI bank. The process was really good and the loan amount was70,000 . The Interest rate was 15.99% which is bit high than other banks in the market. The tenure period was 2 years . The processing fee was nominal and the pre closer is after 6 months . MY overall experience was good and its recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Not good Not bad"
      0.5 3.5/5 "Pretty good"
      I have my card loan with ICICI bank. The loan amount was 1.80,000 and the Interest rate was 10.49% which is average in the market. The tenure period was 3 years. I am not satifeid with the customer service and responses here . I felt that there are some hidden charges. They have taken much time for the process also. They have provided door step service for collecting document here .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Customer service is good one with the ICICI bank for the personal loan. Rate of interest was around 16.99% and the response is better one with them. It took around nineteen days of time to get the loan amount from the date, when I have applied.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was very good experience that I had with ICICI bank for the personal loan, which I have got. I would like to say that the rate of interest was around 14.99% for the personal loan. The loan amount got disbursed within five to seven working days of time.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was quite high with the ICICI bank personal loan services. The loan process took around 10days of time. The customer support and the response was good with the ICICI bank. The required loan amount has been disbursed and I am satisfied with it. The personal loan process need to be transparent from ICICI bank.
      Was this review helpful? 0
      , salem
      Reviewed on Jan 18, 2018
    • ICICI Bank Personal Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with ICICI Bank on my personal loan. They offered a interest rate of 16% which was not satisfactory. I have taken 3L with tenure period of 5 years. The documents are collected by the executive at doorstep. The customer service and response was average.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 18, 2018
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