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  • ICICI Bank Mudra Loan is Rated as "Great!" by 17079 Users

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    ICICI Bank 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!"
      My personal loan was taken with ICICI BANK , i have bitter experience with this bank , the customer support attitude not good with this bank . Initially they said 12.9% of interest rate but later they charge 14% so it is very disappointing part . Loan amount is 1.5 lakh and it is sufficient to me .
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 16, 2018
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with ICICI BANK , they charged 7000 of processing fee and it is nominal . The process of getting loan was so quick within few days i got my loan . The rate of interest is 15.5% , tenure period is 3 year .Loan amount is up to the mark . Customer support is good with this bank .
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 16, 2018
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with ICICI bank . The service and response was good. The loan amount was 50,000 and the interest rate satisfactory . The tenure period was 3 years . I had no issues with the documentation here and everything was on line so its was convenient actually. The processing fee was nominal
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with ICICI bank . The service and responses was good. The loan amount was 50,000 and the interest rate was satisfactory . The tenure period was 3 years . I had no issues with the documentation here and everything was on line so its was convenient actually. The processing fee was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • ICICI Bank Personal Loan
      "Falls below expectations"
      0.5 2.0/5 "Expected more"
      I have taken my personal loan with ICICI Bank. The loan amount was 2,51,000 but i have received 2,44,000. The interest rate was satisfactory The customer service and responses was up to the mark. The tenure period was 2 years here. The documentation was smooth and everything was on line
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Sep 12, 2018
    • ICICI Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with ICICI bank . The loan amount was 1 lakh and the process was good. The interest rate is very satisfactory and the tenure period was 5 years . There is no issues faced . They said that its a paperless approval but i was asked to submit the documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I got my personal loan through ICICI BANK , the tenure period is 4years . The bank did not gave me preclosere option . Customer support is up to the mark , and the process of getting loan is quick . I pay EMI 3440 and they charge 5000 rs of processing fee which is too high .Rate of interest is 11.3% .
      Was this review helpful? 0
      , angul
      Reviewed on Sep 12, 2018
    • ICICI Bank Personal Loan
      "Not satified"
      0.5 1.0/5 "Really Bad"
      I have approached ICICI bank for my my personal loan .The loan amount was 6 lakhs and the interest rate was not satisfactory since the interest rate which showed on the web portal was different so i have refused taking the loan. I am not happy with the service and responses here,.
      Was this review helpful? 0
      , kakinada
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with ICICI Bank and the bank is good in the process. The customer services and response is good and there are no issues for me to get the loan. The rate of interest and processing charges are normal. The after loan process is also too good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      Last year I have taken a personal loan with ICICI Bank and the process is good and quick. There were no issues in this experience. The rate of interest was of 10.99% and I had to pay a processing fee and also insurance. They need to work on the charges.
      Was this review helpful? 0
      , salem
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Need to work on the interest rate and charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with ICICI Bank. There was no difficulty to get the loan. The customer services and response is good and I got the loan on time. I had applied for 5.2 Lakh and I received only three lakhs. The rate of interest is of 13% and there was no processing fees. But I still rate them low is because though they have charged me a fee previously for the loan, they still wanted to charge me this time as well, since I negotiated they waived it off.
      Was this review helpful? 0
      , salem
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      After me applying for a personal loan with ICICI Bank. I received the loan in ten days. The customer services and response is good, but I did not get the loan as needed. I had applied for two lakhs and I received 1.5 lakh only. The rate of interest is of 15% and the processing fee is of 2%.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Hassle free"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with ICICI Bank. It is a very good experience and they were fast too. It was a convenient process and the loan was provided as per my requirement. The rate of interest is around 14% and the processing fee was there which is normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 11, 2018
    • ICICI Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have taken personal loan from Icici bank for 5 lakhs , as the rate of interest which they said is 11.9% after that while receiving the cash the rate of interest was 15% which is false commitment which they have given to me Their customer service and response is not satisfied . The processing fees is Rs 7000 which is too high .
      Was this review helpful? 6
      , bangalore
      Reviewed on Sep 07, 2018
    • ICICI Bank Personal Loan
      "Need to Improve their service"
      0.5 2.0/5 "Expected more"
      Its instant paperless approval personal loan which i got from icici bank. Based on the number of transaction which i made with icici. As the rate of interest is very high of 17%. Their customer service is kind of average service .I have chosen the tenure period of 3 years and there is nil processing fees.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 06, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with this personal loan where the loan amount which they had provided also had been satisfactory as well. The interest rate with them has been nominal when compared with the market rate. There has not been any hassle faced with them so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 04, 2018
    • ICICI Bank Personal Loan
      "Best banking service "
      0.5 4.5/5 "Excellent!"
      Its an instant paperless approval personal loan which i got from icici bank. Based on the number of transaction which i made with icici. As the rate of interest is satisfactory but it is acceptable based on our urgency. Their customer service is way good an response was quick .I have chosen the tenure period of1.5 years and the processing fees were NIL.
      Was this review helpful? 1
      , new delhi
      Reviewed on Sep 04, 2018
    • ICICI Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Personal loan a very long time back and it has been a good experience with it. The loan amount which they had provided had been satisfactory, and even the interest rate has been nominal. Their customer support and their staff responses had been good as well where there has not been any hassle so far.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 03, 2018
    • ICICI Bank Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have taken personal loan through ICICI BANK , my tenure period is 48 months . Initially they informed rate of interest will be 10.99% but later they charge 11.99% so i am not satisfied with interest rate . Customer service and their follow up is good . They charge processing fee with 4000 rs and loan amount is 10000 .
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 01, 2018
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 1.0/5 "Really Bad"
      My loan amount was taken with ICICI BANK , the services which has been provided through this bank is average because i expected loan amount rs 300000 but i just got 190000 . My tenure period is 48month but i am not aware about rate of interest . Processing fee is 11000 and there is no option for foreclose .
      Was this review helpful? 1
      , ajmer
      Reviewed on Sep 01, 2018
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