Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 What are the Industries covered under Mudra Yojana

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Think about
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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.1,000 Amazon voucher free INSTANT DECISION
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    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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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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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.1,000 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
    Paperless approval option available
    What you'll love
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    Perks
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    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Perks
    Fees & Charges
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    What are the Industries covered under Mudra Yojana is Rated as "Great!" by 76020 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Industries Covered Under MUDRA Bank Loan Scheme

    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.

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  • What are the Industries covered under Mudra Yojana Reviews

    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
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      , kolkata
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    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
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      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
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      , lucknow
      Reviewed on Jun 23, 2017
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      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
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      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
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      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
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      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 1
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 1
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
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      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
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      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
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      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
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      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
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      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
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      , kolkata
      Reviewed on Jun 23, 2017
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