Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • ICICI Bank Mudra Loan is Rated as "Great!" by 16249 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
      "Better"
      0.5 3.0/5 "Satisfactory"
      Customer service is okay one with the ICICI bank and the response is good one for the personal loan. The loan amount got disbursed within four days of time, also the services are better one with the ICICI bank and I have not faced any issues with them.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 23, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      Customer service and other things are quite good one for me with the ICICI bank and the response is fine one. I would like to say that the rate of interest is fine one with the ICICI bank, also I have not faced any hiccups on it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 23, 2017
    • ICICI Bank Personal Loan
      "Needs to improve"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan from ICICI bank, my loan application was close because there was no proper follow up done after the application was submitted. Customer service part was not up to the mark, there was no response from them and they did not follow up further. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , bareilly
      Reviewed on Nov 22, 2017
    • ICICI Bank Personal Loan
      "Unhappy with the services. "
      0.5 2.0/5 "Expected more"
      ICICI Bank has contacted me initially for the personal loan. They did not collect the documents and after which the bank has rejected the loan without giving me any reason for it. Not sure on the interest rate and processing charges. I am not happy with the is experience.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank is overall good in the response. I had applied for a personal loan and they contacted me on time and informed me the necessary details. I could not proceed ahead because I did not have the pay slip as requested. The interest rate and charges are very much normal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 22, 2017
    • ICICI Bank Personal Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank is overall good but can be better in the customer services. They can be more quick in the process. The rate of interest is normal and the processing charges is also normal. It was for a personal loan and the after loan services are good overall.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 21, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from ICICI bank, my loan application was closed because the rate of interest was way high when compared to other banks. They initially said that ROI will be 11% and later on they changed to 15%, there was no proper guidance. Customer service was not up to the mark and they did not respond in time.
      Was this review helpful? 0
      , jhajjar
      Reviewed on Nov 21, 2017
    • ICICI Bank Personal Loan
      "Needs to improve with ROI"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from ICICI bank, my loan application was closed because after submitting the documents, they were supposed to send an OTP and also there was a network issue so the application was closed. Customer service was good and they responded on time. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , guwahati
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Good response"
      0.5 4.0/5 "Great!"
      I got good response from ICICI bank end, but at that time i had no requirement so i close the loan application with ICICI. In future if i am planning to take a loan the i could definitely consider ICICI. They response from their end was really good.
      Was this review helpful? 0
      , meerut
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with ICICI bank the loan amount is 5 lakhs.the rate if interest is 12.75% nominal like other banks.They had deducted 2% as processing fees from the principal amount,foreclosure is 5% including GST.No part payment option is avialible with this bank.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Looking for better service"
      0.5 3.0/5 "Satisfactory"
      ICICI have rejected my personal loan request without giving any proper information. They told as per their internal norms they have closed the request. Even ICICI bank interest rate is quite higher than other bank. I am not fine with them, hence I wont suggest this service.
      Was this review helpful? 0
      , nuzvid
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from ICICI bank, my loan application was closed because the company was not listed in their norms. The customer service from ICICI bank was good and they responded on time. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , mohali
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Poor service"
      0.5 1.0/5 "Really Bad"
      I have applied for a personal loan with ICICI bank. They collected the documents by next day but they rejected my personal loan application stating that my address is not in their serviceable area list but for namesake they called me and collected the documents.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "No proper response"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with ICIC bank. I got the call once and confirmed me with the application and later they come to collect the documents. After that one one contacted me. They did not gave me any reason. Later my application got closed.
      Was this review helpful? 0
      , anuppur
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Needs to improve"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan from ICICI bank, my loan application was closed because they were asking to take the insurance policy mandatory and also to open a savings account with this bank. Customer service was not up to the mark, their is no option for not to take an insurance policy. The rate of interest is way high when compared to other banks.
      Was this review helpful? 0
      , bhuj
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Good customer service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from ICICI bank, my loan application was closed because i have taken loan from other source. When it comes to customer service, it was good, they responded on time and also followed up correctly. The rate of interest was way high when compared to other sources in the market.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with ICICI bank. They collected the documents the next day but there was no proper response from the bank end as well as from the reporting manager. Later he didn't call me to inform this but they disbursed my loan after some days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Poor Service"
      0.5 1.0/5 "Really Bad"
      I have applied for a personal loan with ICICI bank. They collected the documents by next day but ICICI bank rejected my loan application stating that my salary is Rs. 18000 less than their loan eligibility criteria they told all this after my documentation process got over.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for a personal loan with ICICI bank. They collected the documents by next day and said that the loan will be disbursed within 1 week but done in 3 weeks of time. They offered me the loan with 10.99% as the rate of interest and the processing fees was Rs. 1500 which is also little high. And no status was given properly to me, I followed up from my side.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 20, 2017
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with ICICI bank. They collected the documents within 2 days itself and they took lot of time to approve the loan and disbursed my funds after follow up was done repeatedly from my end. I don't remember how much is the rate of interest and the processing fees.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 20, 2017
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