Union Bank of India Mudra Loan

Here's why choosing Union Bank of India Mudra Loan to finance your business is advantageous:

1. Affordable Interest rates: Mudra loan by Union Bank of India is offered with competitive interest rates. It is in the range of Base Rate (at present 9.65%) to Base Rate +1.50%.
2. Simple, transparent processing: As a borrower, one need not worry about putting up a collateral because loans covered under MUDRA yojana do not need collateral. Further, the friendly customer care service providers make sure that customers are taken care of throughout the process by handholding them through all the steps.

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FAQs on Union Bank of India Mudra Loan

• What kind of business is eligible to apply for a loan from Union Bank of India?

  Micro enterprises are offered loans under Pradhan Mantri Mudra Yojana Loan by Union Bank of India. Micro enterprises, particularly those in the trading, manufacturing and service sector in urban, rural and metro areas will be offered loans by the bank.

• Can I apply for Mudra Loan online through Union Bank's digital channels?

  Yes, Union Bank of India provides the facility to apply for Mudra Loan online through its internet banking portal or mobile banking app, making the application process convenient and accessible.

• Can I apply for Union Bank Mudra Loan if my business is located in a rural area?

  Yes, Union Bank of India extends Mudra Loan facilities to businesses located in rural as well as urban areas, aiming to promote entrepreneurship across all regions.

• Do I need to have a Union Bank account to apply for Mudra Loan with them?

  While having a Union Bank account may facilitate the application process, it is not mandatory to have an account with Union Bank to apply for Mudra Loan. Non-account holders can also apply.

• Can I use Union Bank Mudra Loan for purchasing machinery or equipment for my business?

  Yes, Union Bank Mudra Loan can be utilized for purchasing machinery, equipment, tools, or any other assets required for the business operations.

• Is there any special scheme for startups under Union Bank Mudra Loan?

  Yes, Union Bank of India offers a special scheme called "Union Start-up Scheme" under Mudra Loan for financing innovative startups and new ventures.