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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.

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    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.

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    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.

      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

    Mudra Loan Eligibility Reviews

    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from more than 1 year. The website of bankbazaar is easy to use and is user friendly. Customer service was good and they followed up on time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with HDFC bank for personal loan, the loan amount was for Rs 4 lakhs with nominal interest rate in the market. The process was smooth and it took 10 days to receive the loan amount. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 2 years but i have used bankbazaar for the first time. The services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 17, 2018
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was an average experience with Standard Chartered Bank for personal loan, the process was quite long and it took 20-25 days to complete. Documents were collected on time and the customer service was good. The loan amount was for Rs 6 lakhs for 5 years with high interest rate.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from last 1 year. Customer service was very good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 17, 2018
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with TATA CAPITAL and the experience was good, the loan amount was for Rs 2 lakhs with the tenure period of 3 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 3-4years, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and they responded on time. Mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with HDFC bank and the experience was good, the loan amount was for Rs 3 lakhs with the tenure period of 4 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of paytm from last 1 year, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. I check my credit score on the website of bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was very good with ICICI bank for personal loan,, the process took more than 15 days to complete. The loan amount was for Rs 1 lac with nominal interest rate. Customer service was good and they followed up on time. The tenure period for this loan is 3 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with bankbazaar so far, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with Kotak Mahindra bank for personal loan, the loan amount was for Rs 3 lakhs with nominal interest rate in the market. The process was quite long and it took 15 days to receive the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with AXIS bank and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The tenure period for this loan is 4 years and there are no preclosure charges.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This was my first time experience with bankbazaar and it was good, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. I check my credit score on the website of bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Need to follow up on time"
      0.5 3.5/5 "Pretty good"
      It was a fine experience with HDFC bank for personal loan, the rate of interest of 11.29% was nominal when compared to other banks. Customer service was average and the follow up was not that great. The process was quick and i received my loan amount on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2-4 years, the services provided by bankbazaar is good when compared to other banking websites. Customer service was good with bankbazaar and they responded on time. I check for offers on the website of bankbazaar.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 17, 2018
    • Cashe Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with CashE for personal loan, the process was quick and i received the loan amount immediately after the documents were approved. Customer service was good and they responded on time. The rate of interest and charges are nominal when compared to others.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with HDFC bank and the loan experience was good. The loan amount was for Rs 1.25 lakhs with nominal interest rate with the tenure period of 3 years. There are no preclosure charges and the customer service was very good with HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good so far with bankbazaar, i am using the services of bankbazaar from last 6 months. Customer service was good with bankbazaar and they responded on time. The mobile application of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • Early Salary Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Early salary for personal loan, i have taken the loan for Rs 10000 for the tenure period of 20 days. The rate of interest and charges were nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2018
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