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    Mudra Loan Interest rates

    We found 36 Mudra Loan Interest rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    Up to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    11.25% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    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
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    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
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    11.49% - 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
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    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
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    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 PAPERLESS APPROVAL OPTION AVAILABLE
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    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
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    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
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    Fees & Charges
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    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
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    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
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    15.95% - 18.95% Fixed
    2% One time fee
    20L Max
    1-3 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
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    Personal Loan BYTES FROM OUR KITCHEN

    What is PMMY?

    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.

    Pradhan Mantri Mudra Yojana (Mudra Bank Loan) Interest rates

    Mudra Loan Interest rates

    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.

    As per the financing options available under the scheme, the interest rates and loan limits vary to accommodate for the growth stage of the concerned enterprise availing the loan. As of November 2015, the applicable rates and limits are as follows

    1. Shishu – Loans up to a maximum of INR 50000 with rate of interest being 1% per month or 12% per annum. Repayment period up to 5 years
    2. Kishore – Loans exceeding INR 50000 up to INR 5 lakhs. The rate of interest will be dependent on the bank, in accordance with the schemes guidelines, keeping the credit history of the applicant in view. Repayment period based on the discretion of the bank
    3. Tarun – Loans exceeding INR 5 lakhs up to INR 10 lakhs. The rate of interest will be dependent on the bank, in accordance with the schemes guidelines, keeping the credit history of the applicant in view. Repayment period based on the discretion of the bank

    It is clear from the above mentioned points that the first option which caters to budding businesses has the most affordable rates and a fixed repayment term irrespective of the applicant’s or the business’ performance and history. The above, however are subject to change based on the scheme’s guidelines.

    A total of 27 Public Sector Banks, 17 Private Sector Banks, 31 Regional Rural Banks, 4 Co-operative banks, 36 Microfinance Institutions and 25 Non-Banking Financial Institutions have currently been selected to allow disbursement of this loan. 60% of the loans under this scheme are set to be offered through the ‘Shishu’ option and the rest 40% will be through the ‘Kishore’ and ‘Tarun’ schemes.

    Mudra Loan Interest rates (Fixed)

    Sl NoBank/NBFC/MFIInterest rate (Fixed)Tenure
    1HDFC12.75% to 20%1-5 years
    2HDBFS15.95% to 18.95%1-3 years
    3Tata Capital13.49% to 19.50%1-5 years
    4Kotak Mahindra Bank11.5% to 18%1-5 years
    5Capital First13% to 20%1-5 years
    6Citibank12.75% to 15.75%1-5 years
    7IndusInd Bank Ltd12.99% to 18.25%1-5 years
    8Fullerton19.50% to 37%1-4 years
    9Standard Chartered Bank12.50% to 17%1-5 years
    10ICICI Bank11.49% to 17.50%1-5 years

    Mudra Loan Interest rates (Floating)

    Sl NoBank/NBFC/MFIInterest rate (Floating)Tenure
    1Aditya Birla Finance Ltd14%1-3 years
    2Allahabad Bank13.70%1-5 years
    3Bank of Baroda14.15%1-3 years
    4Bank of Maharashtra15.20%1-3 years
    5Bank of India12.7% to 14.7%1-3 years
    6Canara Bank13.65%1-3 years
    7Central Bank12.70%1-3 years
    8Dena Bank13 % to 14%1-3 years
    9IDBI Bank12.75% to 13.75%1-5 years
    10Indian Bank12.65% to 13.65%3 years
    11Indian Overseas Bank14.70%1-5 years
    12Karur Vysya Bank13.9% to 16.40%1-3 years
    13Oriental Bank of Commerce11.2% to 12.95%1-5 years
    14South Indian Bank14.80%1-4 years
    15State Bank of Bikaner and Jaipur13.2% to 14.2%1-5 years
    16State Bank of Hyderabad15.25% to 15.75%1-3 years
    17State Bank of India17.80%1-4 years
    18State Bank of Mysore16.90%1-3 years
    19State Bank of Patiala12.65% to 14.65%1-5 years
    20State Bank of Travancore13.2% to 13.45%1-5 years
    21Tamilnad Mercantile Bank14.4% to 16.4%1-5 years
    22UCO Bank14.1% to 15.1%4-5 years
    23Union Bank of India14.4%1-5 years
    24Vijaya Bank13.7%1-5 years

    Mudra Loan Interest rates FAQs

    1. What is the interest rate under the Mudra/PMMY Scheme?

      Interest rates are dynamic and decided by the lending institution under broad guidelines from the RBI so as to keep the products cost effective.

    2. What is the target audience for Mudra Scheme?

      Mudra is targeted at Non-Corporate Small Business (NCSB) segment that includes business entities such as small manufacturing plants, shopkeepers, service sector installations, vegetable/fruit vendors, repair shops, truck operators, food-service units, artisans, machine operators, small industries, food processors etc.

    3. Why are the interest rates different for different institutions?

      Mudra loans are unsecured in nature as no collaterals are required to avail the loan. This is a reason why interest rates vary from institution to institution as every organization calculates the risk factor on its own and establishes rates accordingly.

    4. Are the loans subsidised by the central government?

      No, these loans are not subsidised by the central or state governments.

    5. What does the Mudra application form look like?

      For the starting category of Shishu Loans, a 1 page application form needs to be duly filled and submitted. For Kishor and Tarun categories of loans, a 3 page application form needs to be submitted.

    6. Where can I find the Mudra Loan application forms?

      You can find the application forms online on the Mudra website or get one from any of the intermediaries.

    7. What is the repayment criteria for Mudra Loans?

      The repayments terms and conditions are decided by the intermediary lending institution according to its rules considering the cash flow of the business in question.

    8. Do all banks in India fall under the Mudra Scheme?

      Yes, the Department of Financial Services (DFS) has already sent advisories to Public Sector Banks, Scheduled Commercial Banks and Regional Rural Banks for bringing all loans up to Rs.10 lakhs disbursed for non-farm income generation activities after April 7th 2015 under the Mudra Scheme. The DFS has also instructed all banks to provide loans under the scheme and put targets per branch.

    9. Is the PMMY Scheme active now?

      Yes, the scheme has been active since April 8th 2015 throughout the country.

    10. How long is the processing time for Loans under the Mudra Scheme?

      Lower amount Shishu loans are generally disbursed within 7-10 days while the other categories have processing times varying from lender to lender.

      Know more about Mudra Loan

      Mudra loan is a new scheme from the Government of India that aims to rejuvenate the refinancing sector for micro unit’s enterprises. Learn more about the Mudra Bank Loan here.

      Know more about Mudra Loan Eligibility

      Mudra loans come with minimal eligibility requirements as the aim is to empower the business community at the margins. Learn more about the eligibility requirement for Mudra Loans here.

    News About Mudra Loan Interest Rates

    • Pradhan Mantri Mudra Yojana lending target set at Rs.2.44 lakh crore this fiscal year

      he Pradhan Mantri Yojana target has been doubled to Rs.2,44,000 crore. He quoted that there has been a significant contribution from the scheme to the funding of the under-funded and unfunded. The scheme exceeded last year’s target of Rs.1.22 lakh crore. Mr. Jaitley also added that tribals, backward classes, Dalits, women, and minorities will be given priority. He also said that more than 16,000 new enterprises have risen in diverse activities like garments, food processing, diagnostic centres, etc. with the help of the Stand up India scheme.

      ></p> 
<p><em>3rd February 2017</em></p> </div> <div class=

    • MUDRA Scheme to now be made available to fishers

      Bank of Baroda, which is mainly occupied in providing services such as corporate banking, international banking, personal banking, and treasury services apart from various other services, has opened a new branch in Whitefield, Bengaluru. K. Venkateswarlu, General Manager of Bengaluru zone, inaugurated the new branch. Holding a solid domestic existence with 5,377 branches and 8,975 ATMs, Bank of Baroda is looking forward to serving people with various banking solutions.

      ></p> 
<p><em>18th January 2017</em></p> </div> <div class=

    • Banks Directed to Step up MUDRA loans in Backward Areas

      Under the Pradhan Mantri Mudra Yojana (PMMY), commercial banks operating in the state of Odisha have sanctioned and disbursed MUDRA loans amounting to Rs.5,436 crore in 2015-16. The MUDRA loan scheme consists of three different segments: Sishu, Tarun and Kishore. So far, 23.43 lakh people have benefited from the loan scheme. Dharmendra Pradhan, Minister of State for Petroleum and Natural gas, has expressed his disappointment in the performance of the private banks, regional rural banks and public sector banks in disbursing small loans when compared to the performance of non-banking financial companies and micro finance institutions. Data indicates that only 35% of small loans have been disbursed to poor entrepreneurs. The Union Minister has now directed banks to increase the credit to women, youth and poor entrepreneurs. The target percentage to achieve in this financial year is at least 45%.

      ></p> <p><em> 21st November 2016 </em></p> </div> <div class=

    • Financial Inclusion of J&K

      The Indian Government in consultation with the Jammu and Kashmir government has organized a drive for the financial inclusion of every district in the state under the Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Yojana, Atal Pension Yojana, Pradhan Mantri Suraksha Bhima Yojana and Pradhan Mantri Mudra Yojana. The drive will be in effect till the 31st of October 2016. The interested parties in these schemes can contact their respective Deputy Commissioners or the Lead Banks for more information.

      ></p>
 <p><em>24th October 2016</em></p> 
</div> <div class=

    • 54,000 applicants from Pune for Mudra Scheme

      Based on statistics from the district administration of Pune, 54,000 applicants have applied for the MUDRA (Micro Units Development and Refinance Agency Bank) scheme and a total of Rs.995 crore has been disbursed under the scheme. MUDRA scheme is a government scheme introduced to develop micro units by offering refinancing options, in order to encourage entrepreneurship. The rural areas in Pune have displayed a good response for all the three schemes (Shishu, Kishore, Tarun). Despite the response, Pune district administration officials intend to educate more people about the scheme, and spread awareness on the same, so that more people can avail the benefits of the Mudra scheme.

      /></p>
<p><em>22nd September 2016</em></p></div><div class=

    • MUDRA Loans cross Rs.42,000 crore this Year

      MUDRA has disbursed over Rs.42,000 crore in the first five months of this financial year. MUDRA is the Micro Units Development and Refinance Agency, a pet project of Prime Minister Modi. It was set up as a subsidiary of Small Industries Development Bank of India in April 2016. The annual target of MUDRA is Rs.1,80,000 crore. MUDRA has already hit one-fourth of this target. In the first quarter of this financial year, the agency disbursed only Rs.15,000 crore. In the last two months, this figure almost doubled to Rs.27,000. The agency expects the second half of the fiscal year to be much brighter as the monsoons have been good. The upcoming harvest season and the festivals should lend more support to the loan market.

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

    • Loan Mela organized by Punjab National Bank

      Under the MUDRA scheme and Stand up India scheme, Punjab National Bank organized a series of workshops and seminars. As part of their Monsoon Festival Bonanza for their customers, the bank launched a Loan Mela which involves giving out loans to select customers of the bank. The loans offered under this scheme have a variety of waivers attached to them such as waiver of processing fees and document fees for select loans such as housing loans and education loans. Along with providing loans, the Loan Mela also serves as a workshop which offer educational seminars as well as target other products such as such as term plans and health policies.

      ></p>

<p><em>25th August 2016</em></p> </div> <div class=

    • Maharashtra, One among the Top Three beneficiaries of the Pradhan Mantri Mudra Yojana Scheme

      In the year 2015-2016, residents of Maharashtra received around Rs 13,372.42 crore as advancement credit to micro units in the state. In his report submitted to Lok Sabha, Santosh Kumar Gangwar, Minister of State for Finance, stated that Maharashtra is the third state which received such high credit for micro units after Karnataka which received around Rs. 16,469.43 crore and Tamil Nadu which received about Rs 15,496.86 crore. Around 35 lakh state residents were benefitted by the Pradhan Mantri Mudra Yojana Scheme, out of which, over 83% of loan disbursals went to women. According to the ministeries data, about Rs. 1.33 lakh crore funds were released by banks and other financial institutes under this scheme so far.

      ></p> <p><em>24th October 2016</em></p> </div> <div class=

    • Micro-finance Institutions, Banks Also Providing MUDRA Loans, says Credit Suisse

      A research note issued by Credit Suisse mentions that besides Public Sector Banks, financial institutions like microfinance lenders and private banks are also providing MUDRA (Micro Unit Development and Refinance Agency) loans to customers. MUDRA, is a government led initiative, started in the year 2015, which aims at extending financial aid to individuals who are in the initial stages of becoming entrepreneurs. The agency started off with the target of providing loans worth Rs 1.2 lakh crore, with a ticket size of below Rs 10 lakh.

      ></p> <p><em>16th August 2016</em></p> </div> <div class=

    • SBH Extends Loans worth Rs. 306 crore under Mudra Scheme

      According to reports, State Bank of Hyderabad (SBH) officials mentioned that during the current financial year, SBH has extended loans worth Rs 221 crore to almost 11,323 beneficiaries in Telangana and loans worth Rs 85 crore to 5,181 beneficiaries in the state of Andhra Pradesh, under the Mudra scheme. These loans were disbursed from out of Rs 515 crore which has been provided to over 24,000 beneficiaries across the country under the Mudra Scheme by State Bank of Hyderabad. In 2015, SBH had extended loans worth a total of Rs. 1,374 crore to over a lakh beneficiaries, going over and beyond the set target of Rs.1,275 crore. In Telangana, the bank disbursed loans worth Rs. 565 crore to 47,229 borrowers.

      ></p> <p><em>2nd August 2016</em></p> </div> <div class=

    • MUDRA Plans to Launch Portal to Streamline Loan Application Process

      In an effort to simplify the loan application process for customers, Micro Units Development & Refinance Agency Ltd. (MUDRA) plans to launch a web portal which will not only make application forms available but also guide customers through the process of the application. The portal will also provide customers with extensive support regarding the various aspects of setting up of a business enterprise. Jiji Mammen, CEO of MUDRA Bank, mentioned that the portal is one of the first initiatives proposed by the agency this year, along with others like including enterprises that are related to agriculture like poultry, food processing units and dairy.

      ></p> <p><em>22nd July 2016</em></p> </div> <div class=

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