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  • ICICI Bank Mudra Loan is Rated as "Great!" by 16619 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"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan with ICICI bank 4 years back.The loan amount was 4 lakhs and the Interest rate was 16%which is very high than other banks.The tenure period was 48 months. The loan process was every good which is satisfactory . They have provided door step service for collecting documents .
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 17, 2018
    • ICICI Bank Personal Loan
      "Better"
      0.5 3.5/5 "Pretty good"
      I took my personal loan from ICICI Bank through online portal. It was a good experience. They charged more interest rate and the processing was 760 rupees. The documents are submitted online and its a paperless approval. They have disbursed the loan amount on the committed time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • ICICI Bank Personal Loan
      " ."
      0.5 3.5/5 "Pretty good"
      I took my personal loan through online channel. The loan disbursement was fine from ICICI BANK. Actually there was no requirement for the policies but they charged for the policy without any information. The rate of interest was good. The premium was paid through ECS.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 16, 2018
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I have the personal loan with the ICICI bank and the interest rate is on higher end. Customer service is not good one ad the processing charges were on higher end. Responsiveness could be get improved as such. I am really happy with the ICICI bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • ICICI Bank Personal Loan
      "Looking best Interest"
      0.5 3.0/5 "Satisfactory"
      ICICI interest rate is high for the personal loan, though I am an existing customer of the bank. I didn't get any attractive interest. But the process was good, I got the loan amount within a week. The have foreclosure charges around 3000 to 4000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had a good experience with ICICI Bank on personal loan. The interest rate was average. They charged a processing fee. They took around a week for the disbursement. I had applied for 50K and the same I received. The loan duration is 3 years. Overall good
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 15, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank.The loan amount was 1 lakh and the Interest rate was 16.25% which is very high than other bank.The loan process was smooth and hassle free .They have provided door step service for collecting documents . My overall experience was good.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 15, 2018
    • ICICI Bank Personal Loan
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the ICICI bank and the customer service is good one like they have approved my loan within 24 hours of time. Everything is good one with the ICICI bank and I am really happy with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Personal loan with ICICI bank and the experience was good. The loan amount was for Rs 90000 with the rate of interest of 14% which is nominal rate. The process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The tenure of the loan is 12 months.
      Was this review helpful? 0
      , noida
      Reviewed on Feb 14, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Personal loan with ICICI bank and my loan experience was quite good. The process was smooth and the loan amount was disbursed on time. The loan amount was for Rs 3 lakhs with the interest rate which is nominal in the market. Customer service was very good, they responded on time and the tenure of this loan is 4 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 14, 2018
    • ICICI Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I took my personal loan from ICICI Bank through online channel. The rate of interest was quite high. It is a pre approved loan, they agreed the interest rate of 15% later informed higher rate but after negotiating I got 14.99%. The documentation process was good. They charged processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 14, 2018
    • ICICI Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had a good experience with ICICI Bank on my personal loan. They provided a good service. The rate of interest was standard as per the market price. The processing fee was bit higher. I have applied equal to 2L in that they deducted 6000 rupees for the charges. The documentation process was smooth.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 14, 2018
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Actually I had applied applied my personal loan for 2 years but the ICICI representative said loan got approval for 5 years of EMI. The rate of interest was more and they charged around 4300 rupees as a processing fee. They took 16 to 17 days for the disbursement. The documentation process was okay.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 14, 2018
    • ICICI Bank Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The rate of interest is quite high with the ICICI bank personal loan service. Around 3 years ago, I have got the personal loan from the ICICI bank. The customer support service is good with the ICICI bank and they gave me better response in regards to my personal loan disbursement.
      Was this review helpful? 0
      , nagpur
      Reviewed on Feb 13, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Around 4 years ago I have got the personal loan from the ICICI bank. The executives came to my place to collect the documents on time. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges were high with the ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the loan on time from the ICICI BANK , they have disbursed the required loan amount. The rate of interest and the charges are pretty high with the ICICI BANK personal loan services, when compared with others. I have got this personal loan around 3 years ago.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 13, 2018
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I would say there is no one point of contact to the ICICI bank, it would be great if they can issue a contact number to get in touch with them , I have got the personal loan from ICICI bank and they took more than a month time. The rate of interest and the charges are low with the ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The ICICI bank has processed my loan application within a week time and they have disbursed my required loan amount. The rate of interest and the charges are average with the ICICI bank. The customer support service is good with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 13, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The ICICI bank personal loan service was good and they have disbursed the loan amount within a week time. The customer support and the response was good with the ICICI bank. The rate of interest and the charges are average with the ICICI bank personal loan .
      Was this review helpful? 0
      , surat
      Reviewed on Feb 12, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application was approved with ICICI bank and the experience was very good. The loan amount was for Rs 2.80 lakhs with the rate of interest of 15.5% which is way high when compared to all other banks. The tenure of this loan is 5 years. Customer service was good, they provided door step service to collect the documents and they responded on time.
      Was this review helpful? 0
      , alwar
      Reviewed on Feb 12, 2018
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