In order to avail Mudra loan under PMMY, the usual terms and conditions of the lending agency are applicable. Rates are determined as per the guidelines of the RBI.
The banks that are currently offering business loans under the Pradhan Mantri MUDRA Yojana have interest rates ranging from 11% to 37%. Here are the interest rates for loans of different schemes provided by the MUDRA Bank:
Loans up to Rs 50,000 under this scheme. A nominal interest rate of 10% to 12% is charged for the loan.
Loan amount of Rs 5,00,000. 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.
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.
Scheduled Commercial Banks –
Regional Rural Banks –
|Public Sector Banks||Private Banks||Co-operative Banks|
|Oriental Bank of Commerce||ICICI Bank||Kalupur Commercial Co-operative Bank|
|Kotak Mahindra Bank||HDFC Bank||Gujarat State Co-operative Bank|
|Standard Chartered Bank||Indusind Bank||Mehsana Urban Co-operative Bank|
|Indian Bank||Axis Bank Ltd||Rajkot Nagarik Sahakari Bank|
|State Bank of Patiala||Jammu & Kashmir Bank|
|Bank of India||Karnataka Bank|
|Central Bank of India||City Union Bank|
|IDBI Bank||Yes Bank|
|Citibank||South Indian Bank|
|Dena Bank||Kotak Mahindra Bank|
|Canara Bank||Federal Bank|
|Allahabad Bank||Tamilnad Mercantile Bank|
|Vijaya Bank||Karur Vysya Bank|
|UCO Bank||DCB Bank|
|Bank of Baroda||Catholic Syrian Bank|
|Union Bank of India||Nainital Bank|
|Indian Overseas Bank||Ratnakar Bank|
|South Indian Bank|
|Bank of Maharashtra|
|State Bank of India|
|Punjab & Sind Bank|
|United Bank of India|
|State Bank of Mysore|
|Central Bank of India|
|Punjab National Bank|
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:
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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