Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Mudra Loan Eligibility

    We found 32 Mudra Loan Eligibility

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
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    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.59% - 18.49% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Mudra Loan Eligibility is Rated as "Great!" by 73830 Users

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    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    What is Pradhan Mantri Mudra Yojana?

    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.

    Perfect Personal Loan Deals for you

    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 doesn’t 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. I’m 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.

      Know more about Mudra Bank Loan

      The Prime Minister Mudra Yojana (PMMY) is a loan scheme that plans to provide start-up capital or working capital loans which are unsecured to non-farm non-corporate income generating activities. Read more about Mudra Bank

    11. Check Mudra Loan Interest Rates from Different Lenders

      Mudra Loan interest rates are dynamic and vary from lender to lender. You can check the interest rates for loans from 33+ top institutions under the Mudra Loan Scheme here. Check Mudra Loan Interest rates from top banks here

    News About Mudra Loan Eligibility

    • Central schemes to be implemented more aggressively in Puducherry

      The Government of Puducherry has appointed and installed a five-member committee whose duty it is to monitor and report on the implementation of Central-government sponsored social security schemes. The Centre-sponsored social security schemes are going to be implemented in a more aggressive manner going forward, according to reports. This move comes in response to directives issued by the Union Finance Ministry, who communicated the need for such a committee to the Puducherry government.

      This special 5-member committee will consist of the following members:

      1. Head – Chief Secretary.
      2. Nodal Officer of the Finance Ministry.
      3. Secretary of the Department of Rural Development, Puducherry.
      4. Nodal Officer of the State Level Bankers Committee.
      5. Project director of the District Rural Development Agency.

      The committee will focus on the implementation of the following schemes in particular:

      Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, Pradhan Mantri Mudra Yojana (PMMY) and Pradhan Mantri Jeevan Jyoti Bima Yojana. The 5-member committee’s functions will include regularly reviewing issues that arise during the implementation of these schemes and finding resolutions for the same.

      /></p><p><em>8th July 2016</em></p></div><div class=

    • Mudra Invests in Securitisation deal

      The Mudra Bank has announced an investment of Rs.50 crores in a securitisation deal struck with Janalakshmi Financial Services. The bank has made its foray into the capital market with this investment and aims to access the domestic capital market efficiently. Meanwhile, IFMR Capital has also invested in the same deal with Rs.1.63 crores.

      /></p><p><em>27th April 2016</em></p></div><div class=

    • Banks not pushing the MUDRA scheme in Odisha

      The objective of the government scheme Micro Units Development and Refinance Agency Limited (Mudra), is to provide finance to start-ups and encourage them as well to create employment options. But the State’s banks have been reluctant to do so. The government of the State of Odisha, were given a target of Rs 4,011 crore to be disbursed under the MUDRA scheme, but sources has said that the 43 banks in the state, have disbursed only Rs 1,425 crore. The scheme loans are Shishu (child), Kishore (adolescent) and Tarun (youth).

      /></p><p><em>3rd March 2016</em></p></div><div class=

    • Visakhapatnam, will have the new office of the MSMEDCI

      The MSMEDCI or the Micro, Small and Medium Enterprises Development Corporation of India, will have their new office in Visakhapatnam. The Reserve Bank of India Governor, Raghuram Rajan is all set to inaugurate the office on 4th March 2016. Pradhan Mantri MUDRA Yojana (Mudra Loan) launched the government of Narendra Modi to set up, and develop the micro, small and medium entrepreneurs. The scheme will offer loans to the maximum of Rs. 10 lakhs and will be provided by a network of 49 banks to small-scale industries.

      /></p><p><em>19th February 2016</em></p></div><div class=

    • Many jobs will be created, thanks to the Mudra Yojana says Union MSME Minister

      Silver prices gained 1.04% to end at Rs 37,557 per kilogram in futures trading today in India, as traders built up for fresh new positions.

      Union MSME Minister Kalraj Mishra, said that Mudra Yojana will create great job opportunities in the country. The Mudra Yojana has 3 scheme under this banner, namely the Shishu, Kishore and Tarun. Shishu scheme offers coverage of loans to Rs 50,000, while the Kishore loan covers amounts of above Rs 50,000 but up to Rs. 5 lakh, and the Tarun loan scheme covers above Rs 5 lakh and up to Rs. 10 lakh. He also spoke of the Jan Dhan Yojana, which has over 30 crore accounts opened through it, making it the largest ever in the world of financial inclusion.

      /></p><p><em>12th February 2016</em></p></div><div class=

    • Being a job creator will get you a Loan from the Government

      Instead of looking for jobs and building your careers, the government is offering you a loan of Rs. 1 lakh crore, to the youth of the country to become job creators instead. The loans will be offered to small entrepreneurs under the Pradhan Mantri MUDRA Yojana. The scheme will provide the youth of the country with an opportunity to be self-sufficient.

      ></p> <p><em>10th February 2016</em></p> </div> <div class=

    • Women’s Safety Depends on Society’s Acceptance of Its Need

      Union Human Resource Development Minister Smriti Irani has said that the society should understand the need for women’s safety and work with the government to facilitate it. Speaking at the valedictory of ‘Sthree Swabhimaan Yatra’ in Thiruvananthapuram on Sunday, Irani said the NDA government at the Centre has initiated many women’s welfare schemes that focus on their safety and empowerment.Under the MUDRA scheme, the government extends bank loans of up to Rs. 10 lakh to women without any collateral security. The Jan Dhan Yojana for women would also facilitate their progress and financial security, she said.

      ></p> <p><em>8th February 2016</em></p> </div> <div class=

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  • Mudra Loan Eligibility Reviews

    • ICICI Bank Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      Due to lacking of documents only especially when it comes to address proof, I have not taken the personal loan with the ICICI bank and the rate of 12%. I would like to say that the customer service needs to improve with the ICICI bank and the response too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      The interest rate is too high for the personal loan with ICICI bank,which is of 16.5% so I just cancelled my loan application. But from the bank I received very good response for the loan application. I do have multiple account with ICICI bank. All their service are good.
      Was this review helpful? 0
      , meerut
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is an excellent one because they have contacted me in couple of times, also I am using it from the last two to three months of time. I would like to say that the response is good one with the Bankbazaar.com and am happy with them.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Financial Advisor"
      0.5 5.0/5 "Blown Away!"
      My experience with Bank Bazaar is good, The website is good to check the interest rates of ICICI, Axis and other banks and its convenient to choose the best bank in the market. I got instant response from Bank Bazaar website once I have posted the request for personal loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      ICICI bank have not reverted to me till now and the rate of interest was around 14.5% and the customer service was not good like I have went there thrice to their place for submitting the documents. I would like to suggest that ICICI bank need to be more transparent with the customers.
      Was this review helpful? 0
      , satara
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      ICICI Interest rate is competitive as per the market, but first time when I applied for the personal loan through online channel it was rejected, again I went to bank personally and I took the personal loan with nominal interest rate, I am fine with that.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar.com is also good and they have approached me and they have helped in a good way. I have used it for the first time. Website of the Bankbazaar.com is easy to access and the response is an immediate one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • HDFC Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I got the personal loan with the HDFC bank for the interest rate as 12.9% and the customer service was pretty good,. Within a week of time, the loan amount got disbursed to my account and the response was very good. Processing charges and the insurance charges were around 7000 Rupees, which should be optional.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Better service with bankbazaar"
      0.5 5.0/5 "Blown Away!"
      I have made a web search for the personal loan , then I have found bankbazaar.com, There web portal is easy to use and customer friendly. The customer support with bankbazaar is really helpful and supportive. This is my first product getting through bankbazaar.com.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan application went smooth with the standard charted bank. The documentation process also went smooth. They just took around 2 to 3 days to disburse my personal loan. The rate of interest is nominal with them. Overall the service is better with Standard Charted Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Informative web portal"
      0.5 5.0/5 "Blown Away!"
      I got an excellent service from bankbazaar. They provided a lot of information about the loan. It was easy to select the bank for the loan as they are providing the bank details. Since they are providing the information in detail, it is very easy to go with the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      ICICI bank closed my personal loan application due to constrains with eligibility criteria. When I submitted the application they were so active and very responsive towards my application. There was no issues with ICICI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Helpful"
      0.5 4.0/5 "Great!"
      Bankbazaar.com have helped me and the website is good and the response is fast too. I came to know about Bankbazaar.com through some professional knowledge and they have contacted me within three to four months of time from the time of my inquiry.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Oriental Bank of Commerce Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have not taken the personal loan with the Oriental bank of commerce because I have postponed the plan to some extent. Rate of interest was around 10% for the personal loan and the customer service was good one and they were polite too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      The experience at Bankbazaar has been good in the services and they responded well to me and on time. The calls continued till the end of the process checking my loan application has been on track. The website is designed well and very informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Fullerton Personal Loan
      "High ROI & charges"
      0.5 3.5/5 "Pretty good"
      Since I was not in town I could not submit the documents for the personal loan at Fullerton. More over the rate of interest was extremely high and so was the processing charges. I got a rate of 19%. The services and response was on time to check on my requirement.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The overall experience was good at Bankbazaar as the process was on time and the services was fast. I received a follow up call as well which was helpful. The website is good and it is easy to access and also informative with the details of various banks
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • IndusInd Bank Personal Loan
      "Disappointed with the service"
      0.5 1.0/5 "Really Bad"
      I have not received good response from Indusind bank for my personal loan application. Actually they informed me that since Iam salaried person loan cannot be sanctioned to me if Iam salaried then only it can be done it seems I have opted for 4 laks loan,
      Was this review helpful? 0
      , panchkula
      Reviewed on May 24, 2017
    • ICICI Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from ICICI bank. The interest rate is around 16.75% which is little higher than the other banks. But I got very good response from the bank, the entire process went good without any hassles.
      Was this review helpful? 0
      , indore
      Reviewed on May 24, 2017
    • Bank Bazaar Customer Support
      "Good in Customer service"
      0.5 4.0/5 "Great!"
      Customer service is good with bankbazaar. I received regular updates and proper service on my application. Website was quite easy and it is accessible. I did not find any challenges with bankbazaar while processing my loan request with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 24, 2017
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