Steps to Apply for Mudra Loan – Online
Applicants can apply for Mudra loans online by following the below-mentioned steps by visiting the official website of the eligible bank/NBFC that offers Mudra loans, as directed by the RBI:
Step 1: Download the loan application form from the bank’s official website
Step 2: Fill in the application form with the required details and attach relevant documents
Step 3: Submit the application form online at the official bank’s website to get a reference ID or number
Step 4: Bank’s representative will connect with you to proceed with the loan formalities. So keep the reference ID number handy
Step 5: After the loan application form and attached documents are processed and verified, the loan amount shall be approved and further disbursed by the bank to your bank account.
Compare here – Current Mudra loan interest rates of all banks
Procedure to Apply for Mudra Loan – Offline
If you want to file the Mudra loan application offline, you can follow the below-mentioned steps:
- Visit your nearest Bank branch eligible to offer Mudra loan under PMMY
- Fill in and submit the loan application form along with all the required documents at the bank’s counter
- Complete all the further bank formalities and procedures
- After all the documents are checked and verified, the loan application shall get approved
- After the loan approval, the desired amount shall get disbursed to the mentioned bank account within specified working days
Borrowers can also file online applications for MUDRA loans on the Udyami Mitra portal (www.udyamimitra.in).
Must Read: Is there any subsidy on Mudra loan?
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – 2022
Bank/NBFCs | Interest Rate | |
IIFL Finance | 11.75% – 25.75% p.a. | Apply Now |
HDFC Bank | 11.90% – 21.35% p.a. | Apply Now |
FlexiLoans | 1% per month onwards | Apply Now |
ZipLoan | 1% – 1.5% per month (Flat ROI) | Apply Now |
Axis Bank | 14.25% – 18.50% p.a. | Apply Now |
IDFC First Bank | 14.50% onwards | Apply Now |
Kotak Mahindra Bank | 16% – 19.99% p.a. | Apply Now |
Fullerton Finance | 17% – 21% p.a. | Apply Now |
Bajaj Finserv | 17% p.a. onwards | Apply Now |
RBL Bank | 17.50% – 25% p.a. | Apply Now |
ICICI Bank | 18% p.a. onwards | Apply Now |
Indifi Finance | 1.5% per month onwards | Apply Now |
Lendingkart Finance | 1.5% – 2% per month | Apply Now |
Tata Capital Finance | 19% p.a. onwards | Apply Now |
NeoGrowth Finance | 19% – 24% p.a. | Apply Now |
Hero FinCorp | Up to 26% p.a. | Apply Now |

Best SME/MSME Loan offers are just a click away Apply Now
Documents Required for Mudra Loan Application
Applicants need to gather all the below-mentioned documents along with the application form to apply for Mudra loans:
- Duly Filled Application form with recent passport-sized photographs
- KYC documents of the applicant, such as Passport, Voter’s ID card, Driving License, Aadhar Card, Utility Bills (Water or Electricity), PAN card
- Documents in case applicant belong to SC/ ST/ or any other special category
- Business address and vintage proofs
- Business establishment certificate (For existing enterprises)
- Last 12 months’ bank statement
- Any other document required by the bank
Also Know: What are the documents required to Apply for a Mudra loan in SBI?
About MUDRA Yojana under PMMY
Mudra Yojana is a funding option that is classified into 3 loan schemes or categories, named Shishu, Kishor, and Tarun. Below mentioned are the loan amount details offered under these three schemes:
- SHISHU Loan Scheme: Loans up to Rs. 50,000 (For start-ups and new businesses)
- KISHOR Loan Scheme: Loans from Rs. 50,001 to Rs. 5,00,000 (For buying equipment/machinery, raw materials, the business expansion for existing enterprises)
- TARUN Loan Scheme: Loans from Rs. 500,001 to Rs. 10,00,000 (For established businesses and enterprises)
Features:
- Collateral-free loan
- Interest Rate: As per business requirements
- Loan Amount: Up to Rs. 10 lakh
- Repayment Tenure: Up to 5 years
- Processing Fee: Nil to nominal
MUDRA loan under PMMY can be applied and availed Online/Offline by contacting your nearest and eligible Bank/NBFC. As per RBI, only selected banking and financial institutions are eligible to offer Mudra loans.
List of Banks/NBFCs offering Mudra Loans – 2022

Get Business Loan for Startups at Lowest Interest Rates Apply Now
Mudra Loan Toll-Free Customer Care Number | 1800-180-1111, 1800-11-0001 |
FAQs
Q. What is the interest rate offered by banks under Pradhan Mantri Loan Yojana?
Ans: As per the guidelines of RBI, a Mudra loan is offered at a reasonable interest rate depending on the applicant’s requirements and profile.
Q. How can I check my Mudra loan status?
Ans. You can visit the Mudra loan official website to check the status of your loan application or can click here.
Q. What should I do, if a bank manager rejects my Mudra loan application?
Ans. If a bank manager rejects your loan application, then you must try to improve your eligibility and reapply when you are confident with the chances of approval.
Q. Is any collateral or security required to be deposited by the applicant?
Ans: No, there is no need to submit any security/ collateral with any bank.
Q. What is the processing time under the Shishu loan scheme?
Ans: The processing time for the Shishu loan scheme is around 7-10 working days. Usually, it may vary from bank to bank and scheme to scheme.
Q. Is the Mudra loan applicable to all the banks in India?
Ans: Mudra loans can be offered by limited financial institutions that are given permission by the RBI.
Check- What is the process and eligibility criteria to avail Mudra loan?
Q. Is there any kind of subsidy under the Pradhan Mantri MUDRA Yojana (PMMY)?
Ans: There is no subsidy given under this scheme.
Q. Is there any specific format of application to avail MUDRA loans?
Ans: Yes, For the Shishu loan, a one-page format application has been designated. Whereas, for the Kishor and Tarun loan schemes, a three-page specific application format has been designed. Both of these forms can be downloaded from its official website.
Q. Does Paisabazaar.com offers Mudra loans to its customers?
Ans: No, Paisabazaar.com do not provide Mudra loans, however assists its customer in redirecting them to the respective or desired bank so that they can apply for business loan online. Interested applicants who want Mudra loan can online apply by visiting the official bank’s website.