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 16404 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!"
      I have taken a personal loan with ICICI bank.the loan amount is 2.43 lakhs,Rate of interest is 11.4% nominal as compared to others.They had processed the loan quickly based on the relationship with the bank.The EMI is 7989 paid through an ECS payment.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 15, 2017
    • ICICI Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      It was a good experience with ICICI Bank as took personal loan from them . The bank gave me a full approval on the amount i asked for . The money got Disbursed in 2 working days time . The Rate of interest was 11%they charged and the processing fee was 5K they took . There was Pre closure option there available on the amount . I took this loan 6 months back .
      Was this review helpful? 3
      , chennai
      Reviewed on Dec 14, 2017
    • ICICI Bank Personal Loan
      "Not bad"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank 6 months back. The loan amount was 1 lakh and the rate of interest was 17% which was very high comparing to other bank . The processing fee was 2.5% here. They did not require too many documents since i have my salary account here.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 14, 2017
    • ICICI Bank Personal Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank. The rate 0f interest was 14% which was average in the market and the tenure period was 4 years . I had a very good loan process so would like to recommend to others. My overall experience was good so I would like to recommend this bank to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2017
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with ICICI bank 2 months back . The loan amount was 1,10,000 and the rate of interest was 0.9% which was very low. The tenure period was 12 months and here I am satisfied with the loan amount . They have sanctioned the loan with the committed time.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Dec 14, 2017
    • ICICI Bank Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      ICICI interest rate is good, they gave me 11.5% of interest for the personal loan. Hence I done balance transfer from HDFC to ICICI bank. The customer service is good, they done loan process on time. ICICI gave me loan period of five years for the loan amount of Rs. 6.5 lakhs.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 12, 2017
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank, they have disbursed the expected loan amount.The rate of interest is nominal as compared to others.Net banking is excellent to use,make payment and to get other transaction information.They had immediately responded to the request.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 12, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with ICICI bank.they have given loan amount of 73,000,rate of interest is little high as compared to other banks,they were quick to process my request.I submitted documents for the same.I got have paid my first EMI as yet.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Dec 12, 2017
    • ICICI Bank Personal Loan
      "Best banking"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI bank.The loan amount is 2 lakhs,rate of interest is good compared to others.They have deducted processing fees of Rs5300,submitted documents to process the request.Net banking and mobile App is fine.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Dec 12, 2017
    • ICICI Bank Personal Loan
      "Interest rate to be reduced"
      0.5 4.0/5 "Great!"
      I had taken a personal loan with ICICI Bank before 6 months. It is not a pre approval loan. The rate of interest was high, they charging around 18% compared to other banks. It is a tenure of 5 years. I pay premium of 2500 rupees per month through ECS. The documentation process was simple and provided doorstep service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2017
    • ICICI Bank Personal Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have applied for a personal loan with ICICI bank for a loan amount of seven lakhs.Rate of interest is 10% low as compared to other banks.They had immediately processed the request within a week post submitting documents. I would end up saying that it was great dealing with them.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank.The loan amount is two lakhs,rate of interest is 15.99% nominal as compared to others.They had processed the request within 10 days.The executives collected documents from my place.They have deducted processing fees of Rs 9000.
      Was this review helpful? 2
      , jaipur
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI bank.The loan amount is 1.70 lakhs,Rate of interest is 16% high compared to others,its been two months since i have taken the loan,they have deducted processing fees from the loan amount,i have submitted documents to process the loan.
      Was this review helpful? 1
      , ernakulam
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the ICICI bank and the interest rate was not really made me happy . I would like to say that the customer service was good one with the ICICI bank. I am happy with the ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Not bad"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with ICICI bank 3 years back. The loan amount was 2.5 lakhs and the interest rate was 2.5 lakhs . The tenure period was 17-18% which was very high than other banks in the market . It was a lengthy process and the processing fee was also high . Here the pre closer is after 1 year and My overall experience was not bad.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan with ICICI bank.the loan mount is 90,000,rate of interest is 16-17% nominal as compared to other banks.I have submitted documents and they have processed within a week.The response of the executives are good and prompt.
      Was this review helpful? 0
      , dwarka
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      ICICI Bank personal loan service was good ,the process was very fast. The customer support was good and they offered me a credit limit of 8.99 which was nominal compared to the market value and the documents have been collected from my door step from ICICI Bank personal loan department.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was a good experience with icici personal loan service ,they offered me a higher interest rate compared to the market value which was 17.99% ,and they collected all my documents from my work place which was a easy process ,it was a good service from icici personal loan service.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The documents process was very easy from icici personal loan department they collected from my door step and they said it will be a paperless process still they ask with some hard copy it was little disappointed for me. The customer support was prompt it was a good experience with icici personal loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2017
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The Icici personal loan service was really good,the rate of interest they offered me was 13.99 pretty high compared to the market value ,the documents were collected from my door step it was a good experience which I had received on ICICI personal loan department.
      Was this review helpful? 0
      , delhi
      Reviewed on Dec 11, 2017
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