Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    What are the Banks offering Mudra Loan

    The Pradhan Mantri MUDRA Yojana or PMMY as the acronym goes, is a micro financing scheme that is meant for small industries that do not get ample amount of support from banks and other financial institutions due to lack of security and experience in business. The MUDRA Loan scheme is regulated by the Micro Units Development and Refinance Agency and can offer loans up to INR 50 lakhs to the trade bodies that need it.

    Categories of MUDRA Loans

    Mudra Loan is crafted into three options and each option is meant for the business that requires that kind of range of financial help. The three options available under the PMMY are as follows –

    1. Shishu MUDRA Loan – The beginner level loan option that can offer a loan amount of up to INR 50000 is the go to loan that can be taken up by almost any organisation to meet short term financial needs. It can bridge investment gaps, shortfalls in manufacturing processes or even for buying office appliances
    2. Kishore MUDRA Loan – This loan is a more versatile loan with a higher loan limit of up to INR 5 lakhs. The loans taken as per this can form the basis of any small business that needs urgent financing with respect to enhancing infrastructure and fulfilling manufacturing or production needs
    3. Tarun MUDRA Loan – The Tarun variant of the MUDRA loan allows for the maximum credit amount of INR 50 lakhs. Loans through this can easily serve as start-up funding for small to mid-size businesses that have plans for opening up in multiple locations.

    Popular Banks offering Business Loans under Pradhan Mantri Mudra Yojana (PMMY)

    The banks that are officially approved to offer Business Loans must meet the following criteria as per their category –

    • Scheduled Commercial Banks –
      1. Must be either public sector or private sector
      2. Must have been in operation for 3 years
      3. Must have 3 continuous years of profit track record
      4. Must not have non-performing assets more than 3%
      5. Must have a minimum net worth of INR 100 crores
      6. Must have a Credit to Risk Assets Ratio of not less than 9%
    • Regional Rural Banks –
      1. Non-performing assets should not be more than 3%
      2. Credit to Risk Assets Ratio should be more than 9%

    The above criteria also applies to micro finance and small business companies.

    The banks that are currently offering business loans under the Pradhan Mantri MUDRA Yojana have interest rates ranging from 11% to 37%. Some of the more popular banks that are offering MUDRA loans are as follows –

    1. Oriental Bank of Commerce
    2. ICICI Bank
    3. Kotak Mahindra Bank
    4. Standard Chartered Bank
    5. Indian Bank
    6. State Bank of Patiala
    7. Bank of India
    8. Central Bank of India
    9. IDBI Bank
    10. Citibank
    11. HDFC Bank
    12. Indusind Bank
    13. Dena Bank
    14. State Bank of Bikaner and Jaipur
    15. State Bank of Travancore
    16. Canara Bank
    17. Allahabad Bank
    18. Vijaya Bank
    19. Karur Vysya Bank
    20. UCO Bank
    21. Bank of Baroda
    22. Union Bank of India
    23. Tamilnad Mercantile Bank
    24. Indian Overseas Bank
    25. South Indian Bank
    26. Bank of Mahrashtra
    27. State Bank of Hyderabad
    28. HDFC Bank
    29. State Bank of India

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    What are the Banks offering Mudra Loan Reviews

    • ICICI Bank Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with ICICI. I am a customer of ICICI from the past 7 years and i am a happy customer of ICICI. The loan was approved instant , it was approved within seconds. There are no documentation work and with just one click things were taken care. Also the interest rates were reasonable.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 22, 2019
    • Axis Bank Personal Loan
      "Time being very helpful loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased a personal loan from Axis bank 2 years ago. From the offer they have ready to give the immediately hence i chosen them. They have sanctioned the loan in 3 days. They have offered me a interested in 17% and they have offered me a tenure period of 36 months. I can do the pre-closure any month after 3EMIs.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 22, 2019
    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been applied ICICI bank credit card , the loan amount they have given me was sufficient, the rate of interest they have charged me up to 15% it is nominal, the processing fee they have charged me up to 2000 it is nominal. Their service is good. There is no hidden charges . Still the loan is running.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 22, 2019
    • Standard Chartered Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was quite a good experience i had with this personal loan where the process in getting this loan was simple. The loan amount was fine and the interest rate with them was also nominal. There was no additional charges which they had made so far.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 22, 2019
    • ICICI Bank Personal Loan
      "Good Loan"
      0.5 4.0/5 "Great!"
      Purchased my personal loan from ICICI since I'm holding the salary account with the same. I bought the loan 5 years back without any documentation. Within a week, they have sanctioned the loan. They have not provided the partial payment and pre-closure facility.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with this loan has been quite good and the loan amount which they had provided has been sufficient as well. Their customer support and the staffs had been helpful during the process and the loan amount which they had provided was sufficient as well. There has not been any extra charges which they had made other than the processing fee.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 22, 2019
    • YES Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience in getting this loan has been quite good and the loan amount which they had provided has been sufficient as well. The interest rate with them has been quite good when compared with the market rate. There was some charges which they had made as processing fee and their staffs had also been responsive as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 22, 2019
    • Bajaj Finserv Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with this loan was quite good and the process had been simple. The loan amount which they had provided has been sufficient and there has not been any sort of charges which they had made additionally. Their customer support team had also been helpful as well.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 22, 2019
    • ICICI Bank Personal Loan
      "Good in Need"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with ICICI Bank and the loan is still running. The rate of interest is reasonable and there was less documentation work at the time of applying. My application was processed on time and there was no delay. The response was quick.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • RBL Bank Personal Loan
      "Good Loan services"
      0.5 5.0/5 "Blown Away!"
      They have offered me a interest rate of 14.5%. I have purchased a loan amount of Rs. 1. 50 lakhs from RBL bank. They have processed the loan immediately and they have charged me a processing fee of Rs. 499. I have chosen the tenure period of 24 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 22, 2019
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I carry a HDFC credit card and on that i had taken a perosnal loan. I was in need of loan and the moment i sent a request my request was taken care and it was processed with in 10 minutes. The rate of interest is bit high but apart from that i am happy with the services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 22, 2019
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using personal loan with HDFC bank, they have given me good loan amount,it is sufficient for me, as per my requirement they have given me, and the rate of interest they have charged me up to 13%,which is nominal compare to other market value,and the processing fee they had charged around 1.5% was nominal, there is no extra charged, still loan is running 2 Emi installment i have been paid.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting this loan was good but the interest rate with them has been a little high. The loan amount which they had provided has been sufficient and there has been some charges which they had made as well like the processing fee. Their customer support has also been responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
    • Citibank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I am not that much satisfied with this experience with this loan, because the interest rate with them has been higher than what they where promising initially, where the promises where not fulfilled. The loan amount has been fine, and there has been some processing fee as well. Their customer support has also been helpful as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
    • Axis Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan a long time back and it was closed recently. The process in getting this card has been smooth and simple where it had taken just two to three days in getting this loan. The loan amount which they had provided has been sufficient and the interest rate was nominal, the charges has also not been high.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Personal loan from them a very long time back and the experience i had during that time was very good. There was no hassle faced through out the process and they offered me with a good rate of interest when compared with the market rate. There was no extra charges which they had made and their customer support was also helpful.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • Bajaj Finserv Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a while back and the process in getting this loan was hassle free. They had provided me with a loan amount of 2,00,000 which was sufficient and there has not been much charges which they had made. The interest rate with them was very less and i personally know some of their staffs their and they are very much friendly.
      Was this review helpful? 0
      , goa
      Reviewed on Jan 22, 2019
    • Bank Bazaar Personal Loan
      "Keep up the good work"
      0.5 4.0/5 "Great!"
      Bankbazaar has a tie up with different bank and its a one stop shop where i can compare about all the financial products. Through online, i have came to know about this website. This is the first time i have used the website and my experience is good,
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 22, 2019
    • HDFC Bank Personal Loan
      "My experience have been good"
      0.5 4.0/5 "Great!"
      Based on the interest rate which they are providing and the service given to me thats the reason i have selected HDFC for my personal loan. The loan disbursal got little bit delayed. They have given me a interest rate of 16% and the processing fee is fine. I have chosen tenure period of 1 year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 22, 2019
    • Bank Bazaar Personal Loan
      "Good website"
      0.5 3.5/5 "Pretty good"
      In Bankbazaar i can able to get all the products. For insurance renewal i will visit the website and I'm using this website for last 2 years. Through Google search i have come to know about the website. Support team is really good and i have checked my credit score also.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 22, 2019
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    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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