What Is Rate Of Interest In Mudra Loan?

Which bank is best for Mudra loan?

Mudra Loans Interest RatesBankInterest RateLoan AmountHDFC Bank10.99% to 20.70%Maximum INR 15 lakhsICICI Bank10.99% to 17.99%Maximum INR 20 lakhsOriental Bank of Commerce10.65% to 11.65%INR 50,000 to INR 10 lakhsJan 5, 2021.

Is there any subsidy for Mudra loan?

The scheme does not offer any subsidy as such; however, the loan is offered to the business units with easier terms and conditions. Subsidy on Mudra loan is offered through three Mudra loan types which are Shishu, Kishor and Tarun.

What is the benefit of Mudra loan?

Helps you to meet the working capital needs of your company. Being part of the Pradhan Mantri Jan-Dhan Yojana, this loan also allows you to take advantage of the overdraft facility balance of up to Rs. 5000. One can also apply for a MUDRA debit card that provides them with hassle-free instant access to funds.

What happens if Mudra loan is not paid?

Mudra loan is a Government of India undertaking, which was started to provide financial support to small businesses in the country. … If a borrower is unable to repay a loan, the lender will pursue him/her to pay back the loan. As a result, the person’s credit score will also take a hit.

How much loan can I get in Mudra Yojana?

10 lakhPradhan Mantri Mudra Yojana is a Government of India scheme, which enables a small borrower to borrow from banks, MFIs, NBFCs for loans upto 10 lakh for non farm income generating activities. Generally, loans upto ` 10 lakh issued by banks under Micro Small Enterprises is given without collaterals.

Who all are eligible for Mudra loan?

Eligibility: Anyone who runs small business enterprise is eligible to apply for mudra loan. … Types of loan: The first is micro-credit scheme for loans upto ₹ one lakh finance through micro finance institutions. … Mudra Card: It is an innovative product, which provides working capital facility as a cash credit management.More items…•