The government of India has initiated MUDRA Loan under Prime Minister MUDRA Yojana program to support the medium and small business owners. Using MUDRA Loan, the medium & small businessman can meet their expenses. The MUDRA Loan interest rate is very attractive and range between 8.4%* to 12.45%* p.a. Based on the MUDRA Loan Eligibility interest rate, you can avail loan up to Rs. 10 lakhs. The Pradhan Mantri MUDRA Yojana Loan interest rate is also dependent on the MUDRA Loan schemes. With a competitive MUDRA Loan interest rate, you can easily repay within 5 years.
MUDRA Loan Interest Rate- Features
- There are three different schemes of MUDRA Loan- Shishu, Kishore and Tarun. So, the MUDRA Loan interest rate charged is dependent on the scheme type.
- You can avail loan up to Rs. 50,000 under MUDRA Loan- Shishu Scheme for the businesses at an early stage. The MUDRA Yojana Loan interest rate charged is quite low.
- MUDRA Loan interest rate charged is based on the loan amount under the Kishore Scheme to meet the capital needs. You can avail loan starting from Rs. 50,000 to Rs. 5 lakhs.
- You can apply for Tarun Scheme under MUDRA Loan to expand your business. The MUDRA Loan interest rate is based on the loan amount offered ranging from Rs. 5 lakhs to Rs. 10 lakhs.
- The financial institutions that are allowed to provide MUDRA Loan interest rate at an attractive range are- NBFCs, Private & Public Sector Banks, Small Finance & Regional Rural Banks and micro-finance institutions.
- Based on the MUDRA Loan eligibility interest rate is charged. You need to be involved in non-farm businesses like- manufacturing, trading & services to enjoy a competitive MUDRA Loan interest rate.
- You do not have to keep any security with the banks or NBFCs. The MUDRA Loan interest rate charged depends on the loan amount which is a maximum of Rs. 10 lakhs.
- There are 4 funding support under the MUDRA Loan interest rate charged- Women Enterprise program, Micro Credit Scheme, Securitisation of loan portfolio and Refinance Scheme.
MUDRA Loan Interest Rate- Documents Required
To avail the best MUDRA Loan interest rate, you need to submit the required documents. Following are the documents need for MUDRA Loan interest rate-
- Duly filled application Proof
- Passport size photograph
- ID proof
- Age Proof
- Income Proof
- Business Continuity Proof
- Bank Statement
- Establishment Proof
MUDRA Loan interest rates of different institutions
|Bank Name||MUDRA Loan Interest Rate|
|SBI||9.75%* onwards (Processing fee applicable)|
|Bank of India||10.7%* onwards|
|Oriental Bank of Commerce||10.65%*-11.65%*|
|Tamilnad Mercantile Bank||9.90%*-12.45%*|
*interest rate changes from time to time