Mudra Loan Scheme

Mudra Loan or Mudra Loan Scheme in Icici Bank , Eligibility, Document Required, Interest Rate & How to apply?: Government of India has launched Pradhan Mantri Mudra Yojana (PMMY) on 8th April 2015 with a concept of 'funding the unfunded' micro enterprises in the country. It is government's finance scheme to provide business loan to new or existing micro or small scales businesses from rural areas in India.

Mudra Loan Purpose Icici Bank

To extend Mudra loan to Micro enterprises engaged in trading, service and manufacturing activities and the maximum eligible loan amount under the scheme is Rs. 10 lakhs.

Mudra Loan Eligibility Icici Bank

Mudra Loan Eligibility in Icici Bank is mentioned below in full detail

1. Applicant must be Indian Citizen, above 18 years old.
2. All non-farm enterprises under Micro Enterprises and Small Enterprises segment
3. Now allied agriculture activities have also been included under PMMY scheme w.e.f. 01.04.2016
4. The applicant should be engaged in income generating activities
5. The applicant should be engaged in manufacturing, trading and services
6. The applicant should have credit needs up to Rs.10.00 lakhs
7. The borrowers must be any of the following list:
   • Any individual including women
   • Proprietorship
   • Partnership firms
   • Company
   • Association of persons (AOP)
   • Limited Liability Partnership (LLP)

Mudra Loan Amount Icici Bank

1. Shishu: Loans up to Rs.50,000 provided to only startup businesses
2. Kishore: Loans above Rs.50,000 and up to Rs.5 lakh provided to only those businesses that have already started up but need financial aid for establishing
3. Tarun: Loans above 5 lakh and up to Rs.10 lakh provided to only those business that are already established but require funds for expansion

Credit Facility

1. Vehicle loan: Commercial vehicle loan, Car loan and Two-wheeler loan
2. Business Installment Loan (BIL): Loan for working capital requirement, buying plant and machinery, renovating offices, etc.
3. Business Loans Group Loans (BLG) and Rural Business Credit (RBC): We offer Drop line overdraft/Overdraft facility/Working capital loans

Mudra Loan Margin

Margin will be taken is based on the policy framework of the bank, depending upon overall guidelines of RBI in this regard. Banks may not insist for margin for Shishu loans.

Further, margin depends upon activity of finance. Please contact your nearest bank branch for more details.

Mudra Loan Interest Rate Icici Bank

12% to 20%

Security for Mudra Loan

Loans under this scheme are collateral free loans.

Mudra Loan Tenure Icici Bank

• For cash credit or overdraft: Repayable on demand. Renewal and Annual Review as per internal guidelines of the Bank.
• For Term Loan: Please contact your nearest bank branch.

Guarantee

No requirement of third party guarantee.

Mudra Loan Processing Charges

Banks may consider charging of upfront fee as per their internal guidelines. The upfront fee/ processing charges for Shishu loans are waived by most banks.

Please contact your nearest branch for getting more details.

Mudra Loan Documents Required Icici Bank

Mudra Loan Documents Required in Icici Bank are mentioned below infull detail.

Vehicle Loans

1. Mudra application form
2. Vehicle loan application form
3. 2 passport size colour photographs
4. Photo Identity proof
5. Address proof
6. Income proof
7. Bank statement (last 6 months)

Business Installment Loan

1. Mudra application form
2. BIL application form
3. Photo identity proof
4. Address proof
5. Establishment proof
6. Bank statement (last 6 months)
7. Ownership proof of residence/office
8. Proof of continuity of business
9. Proof of qualification
10. Trade references

Business Loans Group and Rural Business Credit

1. Mudra application Form
2. BIL/RBC application form
3. Photo identity and age proof
4. Address proof
5. Ownership proof of residence/office
6. Business vintage proof
7. Bank statement (last 12 months)
8. Income tax return (last 2 years)