Mudra Loan- Instant Approval up to 10L

Mudra is a business loan launched by Prime Minister on April 8, 2015. Get up to 10 lakh loans from Mudra Yojana. Under PMMY, these loans are categorized as MUDRA loans.

Mudra Loan Quick Recap

Interest rateDepends on Bank
Loan AmountUp to 10 Lakh
Mudra Loan TypesShishu, Kishor, and Tarun
Loan TenureFrom 12 months to 60 months
Eligibility AgeAbove 18 years
Processing FeesNIL
Who Can ApplySelf-Employed/ Business Person
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What is Mudra Loan

The MUDRA Loan Scheme, part of the Pradhan Mantri Mudra Yojana, is a government program that provides loans to people and MSMEs through banks and NBFCs.

Mudra Loan provides 3 types of loans that is Shishu, Kishor, and Tarun. Get Rs. 50,000 to 10 lakh loans through Mudra Scheme. 

Mudra Loan Benefits & Features 

  • Under the Mudra scheme, you can get a lower interest rate loan amount from the bank.
  • Both rural & urban areas are applicable for this scheme.
  • The lower interest rate offered who are fall under SC/ST categories.
  • Mudra loans are available to all non-farm companies, e.g small or micro corporations working in earnings industries.
  • Women will get lower interest rate loan offers.
  • No need to give extra processing fees.
  • Individuals, shops, retailers, dealers, vendors, and MSMEs in the manufacturing, business, and service sectors are the main beneficiaries of Mudra loans.
Also Know: MSME Business Loan Apply Online

Mudra Loan Other Features

Mudra Schemes offer some other features also. They are:

Best Offer for Women Business

Mudra scheme provides the best loan offer for women business owners. You can get up to a 10 lakh loan with a low-interest rate. Mudra now provides a 25 basis point discount on lending rates given by NBFCs and MFIs to female entrepreneurs.

If you have business documents like a Trade license/ MSME Certificate/ IT file, you can apply for the best loan offer.

Mudra Card

If you apply for a MUDRA Loan, you will be given a MudraCard, which is a debit card. When properly applying for loans, you will be required to open an account to receive the card.

Use this Mudra Card to withdraw your loan amount from ATM.

Also Read: Grow your small business

Mudra Loan Interest Rate

Mudra loan is a government undertaking mudra scheme. So, Mudra Loan offers lower interest rates.

BankInterest RateProcessing FeeLoan AmountTenure
State Bank of India9.75% per annumDecided by bankUp to Rs.10 lakhFrom 1- 5 years
Bank of Baroda9.65% per annumNilUp to Rs.10 lakhFrom 1 to 5 years
Oriental Bank of Commerce8.15% per annumDecided by bankUp to Rs.10 lakhFrom 1 to 5 years
Bajaj Finserv1% – 12% per annum0.5%Up to Rs. 10 lakhFrom 3 to 5 years
Also Read: MSME Business Loan

Mudra Loan Schemes

Mudra loans are divided into 3 schemes that are Shishu, Kishor, and Tarun. See the scheme details:

Mudra  Scheme Loan
Shishu SchemeUp to Rs.50,000 
Kishor SchemeRs.50,001 to Rs.5 lakh
Tarun SchemeRs.5 lakh to Rs.10 lakh

Mudra Loan Eligibility Criteria

  • Should be Indian
  • 18 years of above age required
  • Required A Business Owner
  • Shopkeeper
  • Individual Business
  • Textile Business
  • Food Business
  • Agriculture Business
Also Read: Top 7 Loan Apps in India

Documents Required for Mudra Loan

  1. Fill up the Mudra Application form with Applicant’s recent photo.
  2. KYC documents like Aadhaar Card/ Voter Card/ Passport/ Driving License etc.
  3. Caste Certificate (SC/ST/OBC etc.)
  4. 6 month Bank Statement
  5. Business documents like Trade license, MSME Certificate, and IT File.
  6. Address proof documents like Aadhaar cards, Voter cards, Gas bills, Electricity bills, etc.  

Where to use Loan Amount

  • Equipment for Business
  • Vehicle Loan
  • Start Own Business
  • Individual Loan for business
  • Poultry farm loan
  • Tractor loan
  • E-rickshaws loan
  • Auto rickshaws loan
  • Home Business Loan
  • Agricultural loan

How to Apply for Mudra Loan

Step 1 Go to & download the Mudra loan application form. Also, you can visit your nearest branch for more details.

Step 2 Fill up the application form correctly & paste your recent passport picture.

Step 3 Attached are the required documents that mention above.

Step 4 Visit your nearest branch and submit your application form.

Also Read: Lendbox Instant Loan

Mudra Loan Customer Care Number

Contact for any Mudra loan-related queries.

Toll free Number: 1800-180-1111 / 1800-11-0001

FAQs of Mudra Loan