ICICI Bank Mudra Loan

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.

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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

• Mudra application form
• Photo ID proof
• BIL application form
• Establishment proof
• Address proof
• Proof of business continuity
• Ownership proof of office or residence
• Bank statement for the last six months
• Trade references
• Proof of qualification

For Vehicle Loans

• Mudra application form
• Photo ID proof
• Vehicle loan application form
• Passport size Photos - 2
• Income Proof
• Address Proof
• Bank statement for the last six months

Rural Business Credit / Business Loans Group

• Mudra application form
• Age Proof
• Photo ID proof
• RBC/BIL application form
• Ownership proof of office or residence
• Bank statement for the last twelve months
• Business vintage proof

Income tax return statements for the last two years

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FAQs on ICICI Bank Mudra Loan

• Does ICICI Bank offer Mudra Loans for startups?

  Yes, ICICI Bank provides Mudra Loans to startups as part of its commitment to supporting entrepreneurship and fostering innovation.

• What types of businesses are ineligible for ICICI Bank Mudra Loan?

  Businesses involved in speculative activities or activities deemed illegal by law are ineligible for ICICI Bank Mudra Loan. Additionally, businesses with a history of default may not qualify.

• Are there any specific interest rate concessions for women entrepreneurs under ICICI Bank Mudra Loan?

  Yes, ICICI Bank offers special interest rate concessions for women entrepreneurs availing Mudra Loans, making it more accessible and affordable for them.

• Can I apply for ICICI Bank Mudra Loan online?

  Yes, ICICI Bank provides the facility to apply for Mudra Loan online through its official website or internet banking portal, offering convenience to applicants.

• Do I need to provide any collateral or security to avail ICICI Bank Mudra Loan?

  No, ICICI Bank Mudra Loan typically does not require any collateral or security for loan amounts up to Rs. 10 lakh, simplifying the borrowing process for micro-enterprises and small businesses.

• How long does it take for ICICI Bank to process Mudra Loan applications?

  The processing time for ICICI Bank Mudra Loan applications may vary, but it usually takes a few days to a few weeks, depending on the completeness of the application and other factors.

• Can I apply for ICICI Bank Mudra Loan if my business is located in a rural area?

  Yes, ICICI Bank extends Mudra Loan facilities to businesses located in rural as well as urban areas, aiming to promote entrepreneurship across all regions.