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

    What are the Industries covered under Mudra Yojana

    MUDRA Bank or Micro Units Development and Refinance Agency Bank, is a new initiative by the Government of India set up for the development of micro units and refinance of MFIs. This bank has been conceptualized in order to encourage entrepreneurship, by offering funds to the non-corporate small business sector. The MUDRA Yojana was announced by the Finance Minister during FY2016’s Union Budget. According to this scheme, the loan under Pradhan Mantri Mudra Yojana (PMMY) can be availed by any Indian citizen, with a credit requirement of Rs 10 lakh and has a business plan for a non-farm sector income generating activity such as trading, manufacturing, service sector, or processing. A Bank, MFI (Micro Finance Institution), or NBFC (Non-Banking Finance Company) can be approached for availing of MUDRA loans.

    List of Industries avail Mudra Bank Loan

    The MUDRA Bank covers industries and other service sectors that are operating in rural areas of the country. The schemes are specifically designed for the weaker section of people with good entrepreneur skills who require working capital to start their business. The Yojna also operates a special scheme for women entrepreneurs called Mahila Uddyami Scheme. In order to avail the Mudra loans under PMMY, the usual terms and conditions of the lending agency are applicable. Rates are determined as per the guidelines of the RBI. Here is a list of industries that can avail the MUDRA Bank loan.

    • Shopkeepers
    • Fruits and vegetable vendors
    • Non-Corporate Small Business Segment (NCSBS) running as small manufacturing units that comprise millions of proprietorship or partnership firms
    • Service sector units such as beauty parlours, boutiques, courier agents, cycle and motorcycle repair shop, dry cleaning shops, DTP and Photocopying Facilities, gymnasiums, pharmacies, saloons, tailoring units, etc.
    • Truck operators.
    • Loans can be availed for purchase of transport vehicles for goods and personal transport such as passenger cars, auto rickshaw, e-rickshaws, taxis, small goods transport vehicle, 3 wheelers, etc.
    • Artisans,
    • Food-service units
    • Food processing units such as agricultural produce preservation at rural level, small service food stalls, biscuit, bread and bun making, canteen services, day-to-day catering, cold storages and cold chain vehicles, jams/jellies making, papad and pickle making, sweet shops, ice and ice cream making units.
    • Repair shops or mechanic sheds
    • Small industries such as chicken work, cotton ginning, traditional embroidery and hand work, handloom, knitting, apparel design, computerized embroidery, traditional dyeing and printing, powerloom, textile non garment products such as bags, vehicle accessories, furnishing accessories, zari and zardozi work, stitching and others.
    • Machine operators

    Interest Rates for MUDRA Bank Loans

    The bank offers nominal rates of interest based on the requirement. Here are the interest rates for loans of different schemes provided by the MUDRA Bank:

    MUDRA SHISHU Yojana

    Banks offer loans up to Rs 50,000 under the Mudra Shishu Yojana. Being a basic scheme, a nominal interest rate of around 10% to 12% is charged for the loan.

    MUDRA KISHOR Yojana

    A loan amount of Rs 5,00,000 is offered under Mudra Kishor Yojana. Categorized as unsecured loan and being a middle scheme the rate of interest ranges from 14% to 17% depending on the bank, where loan is availed.

    MUDRA TARUN Yojana

    The last scheme offered is the Mudra Tarun Yojana, where a loan amount of Rs 5,00,001 to Rs 10,00,000 can be availed. An unsecured loan, this comes with an interest rate of 16% and may vary according to the bank approached.

    This was all about the industries covered by the MUDRA Bank and interest rates offered on the loan scheme. In order to avail a loan, all essential details should be furnished to the bank for a seamless procedure.

    Banks offering Business Loans under PMMY

    The banks that are officially approved to offer Business Loans should meet the following criteria according to their category. The following criteria also applies to microfinance and small business companies.

    Scheduled Commercial Banks

      • Should be either public sector or private sector
      • Should have been operational for at least for 3 years
      • A profit track record 3 continuous years is a must
      • Non-performing assets should not be more than 3%
      • A minimum net worth of INR 100 crores is mandatory
      • Must have a Credit to Risk Assets Ratio of not less than 9%

    Regional Rural Banks

    • Non-performing assets should not exceed 3%
    • Credit to Risk Assets Ratio should be more than 9%

    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 –

    What are the Public Sector Banks offering Mudra Loans?

    1. Oriental Bank of Commerce
    2. Kotak Mahindra Bank
    3. Standard Chartered Bank
    4. Indian Bank
    5. State Bank of Patiala
    6. Bank of India
    7. Central Bank of India
    8. IDBI Bank
    9. Citibank
    10. Dena Bank
    11. State Bank of Bikaner and Jaipur
    12. State Bank of Travancore
    13. Canara Bank
    14. Allahabad Bank
    15. Vijaya Bank
    16. Karur Vysya Bank
    17. UCO Bank
    18. Bank of Baroda
    19. Union Bank of India
    20. Indian Overseas Bank
    21. South Indian Bank
    22. Bank of Maharashtra
    23. State Bank of Hyderabad
    24. State Bank of India
    25. Syndicate Bank
    26. Punjab & Sind Bank
    27. United Bank of India
    28. Andhra Bank
    29. State Bank of Mysore
    30. Corporation Bank
    31. Bharatiya Mahila Bank
    32. Central Bank of India
    33. Punjab National Bank

    What are the Private Sector Banks offering Mudra Loans?

    1. ICICI Bank
    2. HDFC Bank
    3. Indusind Bank
    4. Axis Bank Ltd
    5. Jammu & Kashmir Bank
    6. Karnataka Bank
    7. City Union Bank
    8. Yes Bank
    9. South Indian Bank
    10. Kotak Mahindra Bank
    11. Federal Bank
    12. Tamilnad Mercantile Bank
    13. Karur Vysya Bank
    14. DCB Bank
    15. Catholic Syrian Bank
    16. Nainital Bank
    17. Ratnakar Bank

    What are the Co-operative Banks offering Mudra Loans under PMMY?

    1. Kalupur Commercial Co-operative Bank
    2. Gujarat State Co-operative Bank
    3. Mehsana Urban Co-operative Bank
    4. Rajkot Nagarik Sahakari Bank

    What are the Other Institutions offering Mudra Loans?

    Apart from banks, certain micro finance institutions (MFIs) and non-banking financial companies (NBFCs) also offer MUDRA loans. Here is a list of the organizations:

    Mainline NBFCs

    • Mahindra & Mahindra Financial Services Ltd
    • Shriram City Union Finance Ltd.
    • Reliance Capital Ltd.
    • Religare Finvest Ltd.
    • Fullerton India Credit Co. Ltd.
    • Shriram Finance Corporation Pvt Ltd. (SRFCL)
    • Indiabulls Financial Services Ltd.
    • Shriram Transport Finance Co. Ltd.
    • India Infoline Finance Ltd (IIFL)
    • MAS Financial Services Ltd.
    • Bansal Credits Ltd.
    • SREI Equipment Finance Ltd.
    • AU Financiers India Ltd.
    • Vistaar Financial Services P. Ltd.
    • Magma Fincorp Ltd.
    • India Infoline Ltd.
    • Five Star Business Credits Ltd.
    • Intec Capital Ltd.
    • IKF Finance Ltd.
    • Esskay Auto Finance Ltd.
    • Equitas Finance Pvt. Ltd.
    • Electronica Finance Ltd.
    • Sakthi Finance Ltd.
    • SE Investments Ltd.
    • ECL Finance Ltd.

    What are the Microfinance Institutions (MFIs): MFI – NBFC offering Mudra Bank Loans?

    • Arohan Financial Services Pvt. Ltd.
    • Arth Micro Finance Pvt. Ltd.
    • Belstar Investment & Finance Pvt. Ltd.
    • Bhartiya Micro Credit
    • Cashpor Micro Credit
    • CDOT
    • Digamber Capfin Ltd.
    • ESAF Micro Finance & Investments Pvt. Ltd.
    • Equitas Micro Finance Pvt. Ltd.
    • Fusion Microfinance Pvt. Ltd.
    • Future Financial Services Ltd.
    • Grameen Development & Finance Pvt. Ltd.
    • Hindustan Microfinance Private Limited
    • IDF Financial Services Pvt. Ltd.
    • Jagaran Microfin Pvt. Ltd.
    • Madura Micro Finance Ltd.
    • Mahashakti Foundation
    • Margdarshak Financial Services Ltd.
    • Midland Microfin Ltd.
    • Muthoot Fincorp Limited
    • Namra Finance Ltd.
    • Navachetana Microfin Services Pvt. Ltd.
    • RGVN (North East) Microfinance Ltd.
    • SKS Microfinance Ltd.
    • S V Creditline Pvt. Ltd.
    • Sahyog Microfinance Ltd.
    • Saija Finance Private Ltd.
    • Sakhi Samudaya Kosh
    • Samasta Microfinance Ltd.
    • Sambandh Finserve Pvt Ltd
    • Satin Credit Care Network Ltd.
    • Shikhar Microfinance Pvt. Ltd.
    • Sonata Finance Pvt. Ltd.
    • Suryodaya Microfinance Ltd.
    • Ujjivan Financial Services Pvt. Ltd.
    • Utkarsh Micro Finance Pvt. Ltd.

    These were some of the institutions that offer PMMY loans to small businesses across the countries. The list of organizations, however, are subject to change as per the Government’s directive. Hence, it is always essential to check if the bank or micro-finance institution is offering MUDRA loan, before approaching it.

    What are the Industries covered under Mudra Yojana Reviews

    • Bank Bazaar Personal Loan
      "Awesome one stop shop "
      0.5 5.0/5 "Blown Away!"
      Various option available in Bank Bazaar, rather going to direct financier. here we can analyze the real information in website without going anywhere. I am using the site for past 2 months, the portal is good to post the request. The customer support team gave me the proper information.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Satisfactory Experience"
      0.5 4.0/5 "Great!"
      I am satisfied with Tata Capital documentation part and they have fulfilled the commitment on my personal loan. The interest rate is quite nominal they gave me the same thing which provided by other banks. Even the door step documentation process is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Axis Bank Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in Axis Bank before 4.5 years back and its been completed before 5 to 6 months have taken top-up loan. The customer service is very good. The charges are more compared to other banks. The loan duration is 5 years. Monthly installment is 5600 rupees through net banking.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was better. I have been using the bank bazaar website for past 2 years, It was helpful to take credit card,loans and to check the credit score. Am comfortable with the mobile app. Most I like the responsibility is very good and process was simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from Early Salary through online channel. The customer service is good and the response was proper. The interest rate is better, I have taken 18K from the Early Salary and have completed one EMI and two more is pending. The documents are collected by the executive.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was good. This is the first time with bank bazaar and it was recommended by my friend. The response was very quick from the bank bazaar, It is easy to compare and take the loan. Am comfortable with the mobile application.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The executive did not came to collect my documents and have tried to contact him, does not respond to me. The rate of interest is nominal. The process was easy in Early Salary to take the personal loan. The processing fee is okay. I have taken a loan for 35K which will be paid at single payment. I have request to extend my loan amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time I have logged in bank bazaar for the personal loan which has been recommended by some one. Its pretty good and feasible. I am able to compare with the multiple banks at one platform. I have used the website,I don't prefer mobile application.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from Citi Bank through online channel. I think the interest rate which can be lower compare to other banks. I believe they have charged the processing fee which is minor amount because have not received the whole amount on my loan. They took 3 to 4 days for the disbursement. My documents are collected by the executive.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I am happy with the bank bazaar and it was mentioned as paper less but at last they have requested for cheque leaf and other hard copy, this is to be informed to the customer in prior. The customer service is good, they were not very clear about the documentation alone. I used the website.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I guess the rate of interest is best which was given by Tata Capital where others are given more percentage. I opted for 3 years, I don't know about the terms and conditions for foreclosure. The executive came to my office and took some documents. The process was immediate and not has lengthy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good and sometimes the requirements are not fulfilled interms of rate of interest on the personal loan. There was no issues with the customer service and i would say its good. I am using the site for more than 2 to 3 years and have checked the credit score and showing some closed loans.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • IndusInd Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      They have given me a good service. I am satisfied with the Induslnd Bank. They have taken bit longer time to collect the documents. The rate of interest was prompt and there was no processing fee. They took a week to deliver the loan amount. I can do partial payment and foreclosure anytime without charges.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have applied for the personal loan in bank bazaar, the representative was very co-operative. probably am using it for 3 to 4months and have known it through online. Everything was fine and used the mobile app which was easy to compare and hassle free.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have no issues with the Early Salary and there is no need for me to contact their customer service. Only one thing is the rate of interest and charges are high compared to others. I have taken the loan of 20, 000 rupees. The documentation procedure was perfectly fine.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have to be a mediator for the bank and bank bazaar and need to followup every day. After disbursing They said will get Amazon gift voucher which I yet to receive. Its my first time and known through online Google search and TV advertisement. Their mobile app was simple and handy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      HDFC have delayed too much in disbursing the loan. The rate of intersect and charges are good. The document are submitted online, I opted for 4 years. The partial payment can be done after one year and they charge 4% for foreclosure. The customer service and response was not up to the mark.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have dealt with bankbazaar.com for the first time to apply the personal loan. Initially I used to check my credit score and later have tried for the loans. The process was very good and it was done without any hassle. Am comfortable with the website than my phone. I like the service very much.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The process was very faster and the response was on time. They have delivered the loan within a week. The documentation procedure was easy and have submitted online and as well as to the executive. I think the rate of interest was little bit high suggest them to reduce the charges. The loan tenure is 5 years and its a fixed interest rate.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan through bankbazaar.com and it was my first time experience. I have used the website on my mobile phone which was simple to access. I have received the promotional message. I have checked my credit score and have checked personally with HDFC, both are not matching.
      Was this review helpful? 1
      , nellore
      Reviewed on Jan 14, 2019
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