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Bank of India (BOI) is one of the most reputed banks in India, which offers several categories of business loans and MSME loans to its customers. Mudra loan under Pradhan Mantri Mudra Yojana (PMMY) is one of the government initiated schemes that Bank of India offers to its customers. The loan amount and interest rate offered by Bank of India, depends on the applicant’s profile and business requirements.
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Eligibility Criteria
The loans offered under the Mudra Yojana are available for multiple purposes like commercial purposes, purchasing plant or machinery, renovating the infrastructure, hiring staff, training employees, etc. The basic criteria to avail this loan are:
- Minimum age: 18 years and maximum up to 65 years
- Enterprises engaged in Non-farm income generating activities
- Applicant should be an Indian citizen with no criminal records
- Small business owners like vegetable vendors, truck operators, fruit vendors, shopkeepers, repair shops, paper/food processing units, artisans, etc. are eligible for loans under Mudra Yojana
- No previous defaults with any financial institutions by the applicant
Also Read: What is the process and requirement of taking a loan from Mudra Bank?
Documents Required for Loan Application
To avail Bank of India Mudra loan, applicants need to provide with the below mentioned documents:
- Duly filled application form
- Business Plan
- Photo Identity Proof: Voter ID card, passport, driving license, Aadhaar card, PAN card
- Address Proof: Passport, Voter ID, Aadhaar card, Telephone & electricity Bills
- Income Proof: Last 2 years’ Income Tax Return (ITR), Last 12 months’ bank statement
- Age proof
- Ownership proof of office or resident
- Business existence proof
- Proof of belonging to SC/ST/OBC category
Features of BOI – Mudra Loan
- Promotes Startups and Micro, Small and Medium Enterprises (MSMEs)
- Interest Rates: Depends on business requirements
- Loan amount: Minimum amount has not limit and maximum is up to Rs. 10 lakh
- Collateral / Security free loan
- No processing charges Borrowers would not charge any processing fee which is ideally range from 1% to 2% of the loan amount
- Nil foreclosure or pre-payment charges
Mudra Yojana is classified under 3 loan schemes, named as Shishu, Kishor and Tarun. The loan amount offered under these schemes is mentioned below:
- Shishu: covering loan up to Rs. 50,000
- Kishor: covering loans above Rs. 50,000 and up to 5 lakh
- Tarun: covering loans above Rs. 5 lakh and up to 10 lakh
Also Know: What is the difference between a term loan and a demand loan?
Bank of India Mudra Loan Customer Care No.
| Toll-free number (24*7) | 1800 103 1906 |
| Toll-free – Covid Support | 1800 220 229 |
| Telephone Number (Chargeable) | (022) – 40919191 |
FAQs
Q. What are processing fees & documentation charges for Mudra loan in Bank of India?
Ans. There are no processing fees or documentation charges for Mudra loans offered by Bank of India.
Q. How to track Bank of India Mudra Loan application status?
Ans. To track your Mudra loan application, you can either visit the official bank’s website or personally visit the nearest bank branch.
Q. What are demand loans?
Ans. Demand loans are a type of short-term loan offered by financial institutions to meet the working capital requirements.
Q. What is the repayment tenure of a mudra loan in Bank of India?
Ans. The repayment tenure of Mudra is from 12 months to 5 years.
Q. Is it really possible to get a mudra loan without collateral security/third party guarantee?
Ans. Yes, Mudra loan offered by Bank of India is collateral-free and no third party guarantee is required.
Q. 1: Is a guarantor required for Bank of India Mudra Loan?
Ans: No. There is no need for Collateral security or any guarantor for availing loan under Mudra Scheme.
Q: Is there any subsidy for Bank of India Mudra Loan?
Ans: According to the Mudra Loan policy, there is no mentioning of any kind of subsidy applicable to it yet.
Q: Can I take Mudra Loan from two different banks?
Ans: Yes. You can take loan from different bank at a time under this scheme, until or unless it exceeds the total amount of your applicable loan amount.
Q: How can I get Bank of India Mudra loan for Business?
Ans: Go online or approach to any bank or financial institute that facilitate Mudra Scheme and apply according. Ask any officials at branch to provide you with further guidance.
Also Know: How to get a loan from MSME?
Q: Is there any special offer exist under Mudra Loan for women entrepreneur?
Ans: Yes. You can apply under special refinance scheme for women entrepreneurs— Mahila Uddyami Scheme. Assistance will be provided under all three groups, ‘Shishu’, ‘Kishore’ as well as ‘Tarun’.