Mudra Loan Details
Mudra Loan Details
A Mudra loan is a credit facility initiated by the Government of India to offer business loans and working capital of amounts up to Rs.10 lakh to individuals, MSMEs and self-employed professionals.
No collateral/security is required by any financial institution. Typically, the maximum tenure offered under Mudra Yojana is up to 5 years with Nil to nominal processing fees and foreclosure charges.
Features of Mudra Loan
Nature of Loan
Term Loan, Working Capital & Overdraft
Type of Mudra Schemes
Shishu, Kishor and Tarun
Loan Amount
- Under Shishu Scheme: Up to Rs. 50,000
- Under Kishor Scheme: Rs. 50,001 – Rs. 5,00,000
- Under Tarun Scheme: Rs. 5,00,001 – Rs. 10,00,000
Interest Rates
As per the applicant’s profile and business requirements
Processing Charges
Nil, or 0.50% of the sanctioned loan amount
Collateral/Security
Not required by Banks/NBFCs
Repayment Tenure
From 12 months to 5 years
Benefits of Mudra Loan
Collateral-free loans – No collateral or security is required by the banks/NBFCs from the applicant.
Get loan at low interest rates with even Nil to nominal processing fees
Mudra Loan Details can also be availed by borrowers belonging to SC/ST/Minority category at special interest rates.
Concessional interest rates for women entrepreneurs
Loans covered under Credit Guarantee Schemes from Govt. of India
Can be used as Term loans, Working capital loans, and Overdraft facilities
How to Apply for Mudra Loan?
- You need to visit financeseva.com to compare which lender is offering the best rates on mudra loans.
- Click on get quote to apply online.
- You will be asked to fill in a basic inquiry form that includes name, contact and requirements details.
- Shortly, a dedicated representative will get in touch with you for further formalities.
