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    Mudra Loan Eligibility

    Pradhan Mantri Mudra Yojana is a special scheme set up by the Government of India through an institution named Micro Units Development & Refinance Agency Limited (MUDRA) in order to provide financing aid through loans to the non-corporate non-farm sector income generating activities of micro and small entities (subject to those enterprises with credit needs below INR 10 lakhs).

    The Pradhan Mantri Mudra Yojana (PMMY) has three facilities or options available for catering to enterprises at different stages of growth and financing needs. These options are Shishu, Kishore and Tarun.

    The basic eligibility criteria for Mudra Loans are

    • Indian citizens
    • Non-farm income generating activities
    • Non-corporate entities
    • Funds to be invested for business activities
    • Small business owners like truck operators, vegetable vendors, shopkeepers, fruit vendors, repair shops, artisans, paper/food processing units etc. are all eligible for Mudra Loans.

    On top of the basic criteria set by the government, lending institutions will have their own norms and guidelines for providing loans under the scheme. As such, you need to read the terms and conditions of your particular lender to ascertain the extra eligibility conditions that they might have put in place. You can check sample requirements for the Mudra Loan below.

    Eligibility Criteria for Pradhan Mantri Mudra Yojana (Mudra Bank Loan)

    Mudra Loan Eligibility Criteria

    The loans availed as per this scheme can be used for multiple purposes, like vehicle loans for automobiles meant for commercial purposes, business instalment loans that can aid in working capital financing / purchase of plant and machinery / renovating the infrastructure and/or business loans group and rural business credit.

    A versatile loan as this has the following criteria to be met in order for the applicant to avail the loan

    1. The age of the applicant should be 23 years to 28 years at the time of the loan sanction and should not be more than 65 years at the time of the loan maturity
    2. The applicant should have monthly income above INR 17000 or INR 15 lakhs or more as annual turnover. The minimum profit after tax for non-individuals should be INR 1 lakh per year and for proprietorship/self-employed, it is INR 2 lakhs
    3. In case of salaried individuals, the minimum occupational stability should be 2 years and business stability should be at least 5 years, with 3 years’ service stability for doctors
    4. Applicants either have to have spent a year in the current residence or have a 1 year service relationship with the bank through which they are applying for the loan.

    Based on the different options available under the scheme, differing rates of interest and repayment tenures are available for loans availed under Pradhan Mantri Mudra Yojana (Mudra Bank Loan). Aimed to facilitate growth and prosperity of businesses and enterprises in the micro segment, these loans can be very helpful to ease any kind of financial crunches.

    Mudra Loan Eligibility FAQs

    1. What is the eligibility criteria under the Mudra Scheme?

      The Mudra Scheme is applicable for Indian citizens who are investing in non-farm income activities like service, trading, processing and manufacturing with credit needs up to Rs.10 lakhs can apply for loans under the Mudra Scheme through any of the recognized intermediaries. These intermediaries include Public and Private Sector banks, NBFCs, MFIs, RRBs and other financial institutions.

    2. Do I need to submit my Income Tax Returns for availing Loans under this scheme?

      No, there is no directive from the central government regarding submission of ITRs. However, the lending institution may ask you for this under its own rules and regulations.

    3. Can I get the Mudra loan amount on the basis of my Savings Bank account?

      Yes, the loan amount may be requested on the basis of your SB account. The terms of the loan will be decided by the lending authority which includes amount of loan, interest rate and repayment tenure. The lending authority takes into account multiple factors before deciding the terms of the loan for each case.

    4. Which individuals can avail Mudra Loans?

      All Indian citizens including women, men, proprietary concern, private limited company, partnership firms and other such entities can apply for Mudra Loan.

    5. Can Physically Disabled/Handicapped individuals avail Mudra Loans?

      Yes, the scheme doesnt differentiate between applicants who fulfil the basic criteria and is applicable for all Indian citizens irrespective of region, religion, physical prowess, economic background etc.

    6. Do I need to provide PAN card for availing Mudra loan?

      There is no direction under the scheme for providing PAN card details. However, the lending institution may ask you to fulfil KYC norms which may ask for PAN details.

    7. What are the documents required for Mudra loan application?

      Documentation requirements are decided by the lending intermediary under RBI guidelines. You may approach any of the lenders to find what documents they are looking for.

    8. As a small dealer with my own shop of used goods, can I claim loan under the Mudra Scheme?

      Yes, the Mudra loan can be claimed through NBFCs, banks or MFIs. Service, trading and manufacturing units are included under the Mudra Scheme, with rational pricing of products to help their needs.

    9. Im newly graduated and joined the workforce just now, can Mudra Scheme assist me?

      Yes, you can get loans up to Rs.10 lakhs as per the three distinct bands namely Shishu, Kishor and Tarun. If your business requirements fall under the broad ambit of Mudra Scheme, you can approach any of the intermediaries for a loan under the scheme.

    10. What are security/collateral requirements for Mudra Loans?

      There are no security or collateral requirements for Mudra Loans, essentially making them unsecured loans.

    Mudra Loan Eligibility Reviews

    • Bank Bazaar Personal Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I came to know about bank bazaar service through on line,like i was checking for my credit report and i have applied through it, and i am happy with their service, i have been using this bank bazaar service beyond one year, and i have been using mobile application it is user friendly application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • Tata capital Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have applied for Tata capital for an personal loan .Their was clear misunderstanding between the bank, like i have applied for 2,50,000 as an personal loan and they thought i am asking for an top up so they have given me just 1,50,000 ,and 1,00,000 they took as closure of that loan, and the rate of interest they have charged me 10.99% which was nominal,and even processing fee they have charged me was nominal, and the loan was on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • IDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with IDFC bank from last 5 years, the loan amount was for Rs 6 lacs with tenure period of 5 years. Customer service was good and they collected documents on time. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2019
    • Citibank Personal Loan
      "Instead of top up they can provide new loan"
      0.5 4.0/5 "Great!"
      CITI bank personal loan have only top up facility. The interest rates were fair and the processing fee was 1% which is good. They have sanctioned the loan within few hours. I have not faced any issues in this loan. Total tenure period of the loan is 14 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • HDFC Bank Personal Loan
      "Reduce the interest rate"
      0.5 5.0/5 "Blown Away!"
      HDFC interest rates are more compared to other bank but we can able to get the loan in seconds by using their app. The service has been fantastic. They have offered me a rate of interest which is 11% but they have increased upto 17% which is showing in the app and they are providing the loan without any documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • RBL Bank Personal Loan
      "Friend in need"
      0.5 5.0/5 "Blown Away!"
      RBL personal loan services are fantastic. The loan is getting over in few months. They have sanctioned the loan immediately and they have given me loan amount of my credit limit. Total tenure period of the loan is 12 months. Interest rates are fine and processing fee was 2% which is too high. I never had any issue with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 5 years and i preclosed the loan in 3 years with nominal preclosure charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 15, 2019
    • review Personal Loan
      "Not satisfied with the service "
      0.5 1.0/5 "Really Bad"
      Based on my previous experience with Bajaj for consumer loan based on that i have taken personal loan where they given some high rate of interest than what they promised for. They have high charges for the processing and documentation . Overall am not happy with their financial service.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Best financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Icici bank . Am satisfied with the rate of interest which they have provided . There is processing fees for the loan which is nominal one and its been refunded . I make the payments through Ecs every month . They gave the tenure period of 2 years . They did quick documentation and received the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Best financial Service "
      0.5 5.0/5 "Blown Away!"
      I Have taken personal loan from the Hdfc bank , they have given good rate of interest which is satisfactory . There is nominal charges for the processing for approval and documentation . Am satisfied with the customer service as they have explained the terms and condition for the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience i had with this loan where the process in getting this loan was quite simple. The loan amount was sufficient and the interest rate with them has been nominal as well. There has not been any sort of additional charges which they had made so far. Overall it had been a very good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for ICICI personal loan and to get my application processed it took only 7 days .Loan amount was credited with in an hour. It was a super fast loan application process with zero documentation. The tenure period is 4 year and i am happy to have their services .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 15, 2019
    • Fullerton Personal Loan
      "Interest should come down"
      0.5 2.0/5 "Expected more"
      Fullerton gave me the 28% of interest rate duration for the amount of five years, the loan amount was around Rs. 2.11 lakhs, the process was easy, concern about the interest, they should reduce the percentage as per the market. But the customer satisfactory is not good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 15, 2019
    • ICICI Bank Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI Bank and the process to get the loan is good and smooth. The customer services and response is good and the documentation process is satisfactory too. The after loan services are good and the interest rate and charges is fine too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Quick and Hassle free loan experience"
      0.5 5.0/5 "Blown Away!"
      Being a customer I got the attractive interest rate of 10.5% on my personal loan, I took the loan of Rs. 20 lakhs for the tenure period of Rs. 5 lakhs, I went to the bank I approached for the loan products on time they sanctioned within a day I got the money.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 15, 2019
    • Axis Bank Personal Loan
      "Need improvement on statement"
      0.5 5.0/5 "Blown Away!"
      I think 4 to 5 months I have been using AXIS card,the procedure was very simple to avail the card, I received the card on time, the customer service is genuine and they are explaining keen about the billing, its a life time free card. But I have not received the bank statement only I used get the sms.
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 15, 2019
    • Axis Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been an excellent experience i had with them in getting my personal loan through them and they are one the best banks in getting the personal loan. The process has been simple and the loan amount has been sufficient as well. There has not been any foreclosure charges of part payment charges which they had made as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a very good experience i had with the services of them where the process in getting this loan was very quick and simple. The loan amount was sufficient and the interest rate with them has been nominal as well. There has been foreclosure charges with them, their customer support has been helpful at times.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • Bank Bazaar Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has a quick process for personal loan and credit cards. Past 2 years, i have been using this website. Through online, i have come to know about the website. Totally its a paperless process. Support team has given me a proper guidance regarding the loan process.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
    • HDFC Bank Personal Loan
      "Good Loan service"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for choosing the HDFC but i have received a message stating that its a pre-approved loan. They have offered me a interest rate of 17% which I'm not satisfied with it. I paid the processing fee of Rs. 3000 and they have sanctioned the loan on time. Since i related with HDFC, i have not submitted any documents except ID proof.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 15, 2019
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