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    IDBI Mudra Loan

    With the Pradhan Mantri Mudra Yojana (PMMY) being launched by the Government of India, small and micro units can now avail Mudra loans to meet all their credit requirements. IDBI Bank offers Mudra loans with affordable financing options for non-farm income generating activities under the PMMY scheme for these enterprises. Mudra loans are available as term loans, cash credit or as overdrafts.

    Features of IDBI Bank Mudra Loan

    Given below are some of the important features pertaining to Mudra loans offered by IDBI Bank.

    Cash credit and overdrafts can be availed for meeting working capital requirements.

    Term loans can be taken to meet capital expenditure and to buy furniture or equipment and also to meet other business needs.

    Quantum of Loan - There is no minimum amount criteria that has to be met by a Mudra loan borrower. The maximum loan amount that will be approved by IDBI Bank is up to Rs. 10 lakhs.

    Tenure - Overdrafts and cash credits have to be repaid within a period of twelve months or on demand. Term loans can be repaid with tenures up to five years.

    Interest rates - The interest rates offered on Mudra loans is linked to the current base rate of IDBI bank.

    Security - Customers do not have to furnish any security collateral when they avail a Mudra loan from IDBI Bank.

    Margin - Customers do not have to bring in any margin for loans amounting up to Rs. 50,000. A margin of 25% is required for loan amounts above Rs. 50,000.

    Guarantee - Mudra loan borrowers do not have to submit any third party guarantee to IDBI Bank.

    Processing Charges - IDBI Bank does not impose any processing charges for loan amounts up to Rs. 5 lakhs. A processing charge of 0.50% will be levied for loans above Rs. 5 lakhs.

    Eligibility criteria for IDBI Mudra Loan

    Single applicants and MSMEs working in non-farm income generating activities like trading or manufacturing, service enterprises and professionals offering services in metro, urban, semi-urban and rural locations can apply for a Mudra loan from IDBI Bank.

        

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