MUDRA Loan Interest Rates

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Get Mudra Loan to Start your own Business

  • Min. Loan Amount: Rs. 50,000
  • Max. Loan Amount: Rs. 10 lakh
  • Up to 5 years Repayment Tenure
  • No Collateral Required

Get Mudra Loan at attractive interest rates

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CIBIL TERMS AND
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To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
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Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

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F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

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Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
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Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

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I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

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Date : 23/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
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Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
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YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 23/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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हिंदी में पढ़े
Updated: 17-01-2020 07:37:04 AM

MUDRA Bank Loan Yojana or Pradhan Mantri MUDRA Yojana is a business loan scheme tailored specifically for small-scale businesses. MUDRA, which stands for Micro Unit Development and Refinance Agency, was launched on 8th April 2015 to provide support to small business owners in the country. The scheme operates across three stages – Shishu, Kishor, and Tarun. In the first stage or Shishu, loans are provided amounting up to Rs. 50,000. In the second stage Kishor, loans are provided up to Rs. 5 lakh and in the third stage Tarun, loans are provided up to Rs. 10 lakh. The tenure of each loan cannot last for more than 5 years and the loan has to be paid within the given time.

The MUDRA loan scheme is not just about supporting small business owners but also about creating an efficient credit delivery and recovery system. An additional purpose of this scheme is to encourage banks to use efficient credit recovery methods to create a justified credit recovery system.

To achieve its objectives, the funding support offered by MUDRA is classifiable into four kinds, viz.,

  • Micro Credit Scheme for loans up to Rs. 1 lakh. The lending is done through microfinance institutions
  • Refinance scheme for commercial banks, regional rural banks and scheduled cooperative banks
  • Mahila Uddyami Scheme or Women Enterprise Programme
  • Loan portfolio securitisation for lending institutions

MUDRA Loan Interest Rates of Popular Banks

The Mudra Loan Interest Rates vary from bank to bank and depends on the applicant’s profile and business requirements. To check the exact interest rate the applicant shall need to contact the respective bank or may check from the banks’ official website. However, we have mentioned below some of the popular banks who offer Mudra Loan.

Mudra Loan Interest Rates – 2020
BankInterest RateProcessing FeeMaximum Loan AmountRe-payment Tenure
SBI10.65% onwardsNil, for Shishu schemeUp to Rs. 10 lakhUp to 5 years
Andhra Bank10.35% onwards50% concession on applicable Processing feeUp to Rs. 10 lakhUp to 5 years
Bank of Baroda8.60% onwards + SP (Strategic Premium)NilUp to Rs. 10 lakhUp to 5 years
Corporation Bank9.60% onwardsAs per applicant’s profileUp to Rs. 10 lakhUp to 7 years
Bank of Maharashtra9.40% onwardsAs per applicant’s profileUp to Rs. 10 lakhUp to 5 years

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges

Must Read: General Documents Required for MUDRA Bank Loan

In addition to setting up detailed guidelines to provide oversight to banks participating in the scheme, RBI has also provided guidelines on MUDRA loan interest rates for banks availing MUDRA refinance. The central bank has put a cap on MUDRA loan interest rates by pegging it at the Base Rate or MCLR for finance provided to micro units by commercial banks who avail MUDRA refinance. The Regional Rural Banks and Scheduled Cooperative Banks have been prescribed to lend at a rate of not more than 3.5% over and above the MUDRA refinance rate.

Stages of MUDRA Loan Scheme

The interest rates of MUDRA loans vary depending on the category of loans. MUDRA categorises these loans into three segments, as mentioned earlier, viz., Shishu, Kishor, and Tarun. The interest rates that banks offer are meant to suit each segment based on their needs and prescribed guidelines.

The three categories are:

StageMaximum AmountDetails
ShishuRs. 50,000This stage caters to the needs of entrepreneurs who are yet to start their businesses or whose enterprises are at an early stage.
KishorRs. 5 lakhThis stage helps the businesspersons who have started their business but are in a need of funds to sustain it in the market. This segment is also for those entrepreneurs who need a larger sum of money than what Shishu loan offers for starting their businesses.
TarunRs. 10 lakhThis is the highest level of the scheme and an entrepreneur is eligible for a loan of up to Rs. 10 lakh. These loans are meant for business owners who need to set up a large business or need funds to expand the enterprise.

Must Read: How to Apply for Mudra Loan Online?

Schemes Offered Under MUDRA Loan Yojana

The MUDRA Loan Yojana has a variety of sub-schemes designed for specific business needs. These schemes include:

  • Credit for Micro Enterprises: This is in line with the most basic motive of the scheme. It focuses on maximising the involvement of the population so that there can be more benefits and an increasing number of beneficiaries. The segment of the population which is involved in land transport, food production, textile and community services can take advantage of the scheme and start their own small business unit to become self-dependent
  • Mahila Uddyami Scheme: This sub-scheme has been designed keeping women entrepreneurs in mind. It has an objective to encourage women, groups of women, joint liability groups, and self-help groups of women to setting up micro business entities. Under this scheme, special interest concessions are also offered to enterprising businesswomen 
  • Refinance Scheme for Banks: The MUDRA Yojana also refinances loan amounts of up to Rs. 10 lakh extended by the banks to borrowers. However, refinancing can only be provided for manufacturing and service sector micro and small enterprises. As per RBI guidelines for the scheme, scheduled commercial banks have to lend to the ultimate borrowers at their base rate to avail MUDRA refinance. Also, regional, rural and cooperative banks need to cap their MUDRA loan interest rates margins at 3.5% above their loan refinance rate 
  • Micro Credit Scheme: The micro-credit scheme focuses on Micro Finance Institutions (MFIs) and provides them the financial support they need. The scheme makes funds available to individuals, group of individuals, and micro business entities
  • MUDRA Card: This extraordinary product helps create easy credit accessibility and provides exceptional flexibility to the cardholder. It can be used as a debit card for the assigned overdraft limit for ATM withdrawals 
  • Credit Guarantee Fund: The credit guarantee fund has been created to reduce the risk for lending institutions. It can provide loans worth more than Rs. 1 lakh crores to manage the risk of lending institutions 
  • Equipment Finance Scheme: This scheme is designed to help microenterprises in their expansions. With the help of this scheme, qualified equipment can be purchased through finance. It can greatly help organisations in increasing their production and expand their horizons of profitability and sustainability as well

Check your Mudra Loan Eligibility

Frequently Asked Questions (FAQs)

Some of the frequently asked questions regarding MUDRA Loan Scheme are explained here.

Q. What is the maximum loan amount that can i avail from Mudra Loan?

A. The maximum loan amount of Rs. 10 lakh can be availed under the category named as ‘Tarun’ and can be used for business expansion or related purposes.

Q. What is the repayment period of the Mudra loan?

A. The repayment period of Mudra loan goes maximum up to 5 years.

Q. Do i need to deposit any collateral to get Mudra loan sanctioned?

A. No, there is no need to provide any collateral to any bank and bank will also not ask you to provide any collateral.

Q. What are the roles and responsibilities of MUDRA?

A. MUDRA is responsible for refinancing all the last mile financiers including private & public sector banks, co-operative societies, small banks, scheduled commercial banks, and regional rural banks that lend to small and micro entities engaged in manufacturing, trading, and service activities. MUDRA also works with state and regional level financial intermediaries that offer finance to last mile financiers. 

Q. Who are the target clients of MUDRA? Who is eligible for a MUDRA Loan?

A. MUDRA focuses on Non-Corporate Small Businesses (NCSB) segment that includes small manufacturing units, service producing units, shopkeepers, fruit/vegetable vendors, food service units, truck operators, repair shops, machine operators, small industries, artisans, food processors and many more in both rural and urban areas. However, the eligibility criteria for MUDRA loan is not that complicated as any individual who has a bank account and willing to start a small or micro-business is eligible for such a loan. 

Q. Can a college graduate apply for a MUDRA loan?

A. Yes, any college graduate who wishes to set up his/her own business and requires finance can apply for a MUDRA loan. 

Q. How is the implementation of MUDRA Yojna monitored?

A. At the state level, monitoring is done by the State Level Bankers’ Committee (SLBC) forum and at the national level, the scheme is monitored by MUDRA or Department of Financial Services. All the banks and lending institutions feed their details about their work under the scheme. This data is consolidated by the system and reports are generated for analysis and further action.

Q. I am 19 years old, can i get Mudra loan to start my own business?

A. Yes, any individual who is more than 18 years is eligible to take Mudra loan for startup businesses in trading, services or manufacturing sectors.

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