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Bank of India Mudra Loan

Bank of India offers MUDRA loan to micro enterprises engaged in manufacturing, trading, processing and service sector and enterprises carrying out agricultural activities under the Pradhan Mantri MUDRA Yojana (PMMY). Prospective borrowers can avail Bank of India Mudra loan for up to Rs 10 lakh for repayment tenure of up to 7 years. Note that as per the Budget announcement and Official Gazette, the Mudra loan limit has been increased to Rs 20 lakhs for entrepreneurs who have repaid previous loans in the Tarun category.
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HDFC Bank
Max Loan Amt.Upto ₹75L
Rate of Interest10.75% - 28%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
ICICI Bank
Max Loan Amt.Upto ₹50L
Rate of Interest13.25% 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
Axis Bank
Max Loan Amt.Upto ₹75L
Rate of Interest15% - 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
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Bank of India Mudra Loan Highlights

Facility Term Loan, Working Capital
Interest Rates As prescribed by the Bank
Loan Amount For the Shishu Mudra loan category - Up to Rs 50,000
For the Kishore Mudra loan category - Above Rs 50,000 to Rs 5 lakhs
For the Tarun Mudra loan category - Above Rs 5 lakhs to Rs 10 lakhs(Up to Rs 20 lakhs under Tarun Plus category as per Budget announcement and Official Gazette, 24 October 2024)
Tenure 3 years for Demand Loan
7 years for Term Loan (including moratorium period)
Processing Fees As prescribed by the Bank

Updated as of 2 April 2025

Interest Rates of Bank of India Mudra Loan

Bank of India has not disclosed the interest rates of Mudra loans for micro business enterprises and businesses engaged in allied agriculture activities.

Features of Bank of India Mudra Loan

Purpose

Eligible micro-entrepreneurs can avail Mudra loans for setting up new enterprises or upgrading existing micro business enterprises engaged in the manufacturing, trading, processing, and service sectors and carrying out activities in specified allied agriculture sector

Loan Amount

Bank of India offers Mudra loans for up to Rs 10 lakhs. As per the Budget announcement and the Official Gazette dated 24 October 2024, a new loan category, Tarun Plus, has been introduced, offering loans ranging from above Rs 10 lakhs to Rs 20 lakhs. The loan is provided to those individuals who have previously availed and successfully repaid loans under the Tarun category.

Security

Primary

  • Asset created out by Bank of India Finance
  • Personal guarantee of directors or promoters

Collateral: Nil

Margin

Loan Amount Margin
Up to Rs 50,000 NIL
Above Rs 50,000 15%

Fees & Charges of Bank of India Mudra Loan

Bank of India has not disclosed the fees and charges of the Mudra loan. Applicants can visit the branch for more details.

Eligibility Criteria for Bank of India MUDRA Loan

Mudra loan is offered to the following individuals:

  • Women,
  • Proprietary concern,
  • Partnership firm,
  • Private limited company, or any other entity

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Documents Required for availing Bank of India Mudra Loan

Bank of India has not explicitly mentioned the documents required for availing Mudra loan. Prospective borrowers can visit the Bank of India branch or can give a missed call at 8010968334 for the same. Applicants can also send a text message – ‘SME’ to 7669021290.

How Can I Apply for a Business Loan Online?

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Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

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