Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched to promote the development and growth of micro-enterprises. Pradhan Mantri MUDRA Yojana (PMMY) offered by HDFC Bank is introduced to meet the business requirements of various business segments and entrepreneurs.
HDFC Bank Mudra Loan Features – 2023
|Loan Amount||Max. up to Rs. 10 lakh|
|Interest Rate||Based on the applicant’s profile|
|Loan Amount: Shishu scheme||Up to Rs. 50,000|
|Loan Amount: Kishore scheme||Between Rs. 50,000 and Rs. 5 lakh|
|Loan Amount: Tarun scheme||Between Rs. 5 lakh and Rs. 10 lakh|
|Repayment Tenure||Up to 5 years|
Also Compare – Mudra Loan Interest Rate List of All Banks and NBFCs
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Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – 2023
|Axis Bank||14.95% - 19.20% p.a.||Apply Now|
|Bajaj Finserv||9.75% - 30% p.a.||Apply Now|
|Flexiloans||1% per month onwards||Apply Now|
|HDB Financial Services Ltd.||Up to 36% p.a.||Apply Now|
|HDFC Bank||10% - 22.50% p.a.||Apply Now|
|IDFC First Bank||10.50% p.a. onwards||Apply Now|
|Indifi||1.50% per month onwards||Apply Now|
|Kotak Mahindra Bank||16% - 26% p.a.||Apply Now|
|Lendingkart||12% - 27% p.a.||Apply Now|
|Mcapital||2% per month onwards||Apply Now|
|NeoGrowth Finance||19% - 24% p.a.||Apply Now|
|Tata Capital||12% p.a. onwards||Apply Now|
|UGRO Capital||14.90% p.a.||Apply Now|
Types of Mudra Loan
Mudra Loans are categories under three types which are mentioned below with loan amount:
- Shishu: Loan amount offered is up to Rs 50,000
- Kishore: Loan amount offered is between Rs 50,000 and Rs 5 lakh
- Tarun: Loan amount offered is between Rs 5 lakh and Rs 10 lakh
Mudra Loan Eligibility Entities
Mudra loans are offered to various business segments that include
- SMEs & MSMEs
- Start-ups business owners
- Manufacturers, Traders, Retailers
- Small Industrialists
- Small business vendors
- Enterprises engaged in Trading, Services and Manufacturing sectors
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Features of PMMY under HDFC bank
- Interest Rate: Varies from applicant to applicant
- Loan amount offered is up to Rs. 10 lakh
- Minimum documents required
- No collateral required
- Repayment Tenure is up to 5 years
- Nil processing fee
- No foreclosure charges
- Duly filled application form with passport-sized photographs
- Identity, Address, Age and Income proofs
- Business address and vintage proof
- Business establishment certificate
- Applicant’s and business PAN card
- Last 1 year ITR and last 6 months’ bank statement
- Proof of continuity of business
- Trade references, if any
- Any other document required by HDFC bank
Mudra Loan is an offline process and the interested people can directly visit HDFC bank to apply for Mudra Loan. The interest rate offered by HDFC Mudra loan will depend on the profile of the applicant.
About PMMY under Mudra (Micro Units Development and Refinance Agency)
Launched in 2015, Pradhan Mantri MUDRA Yojana (PMMY) is a scheme for providing loans up to Rs. 10 lakh to non-farm, micro and non-corporate enterprises. Under PMMY schemes these loans are classified as Mudra. Mudra loans under PMMY schemes are offered by NBFCs, Co-operative Banks, commercial banks, small finance banks, regional rural banks and micro finance institutions. There are three types of loan categories formed by Mudra under PMMY named as Shishu, Kishore and Tarun.
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Q1. How much amount can I borrow for business loan from HDFC Bank?
Ans. The maximum loan amount offered by HDFC bank under Mudra Yojana is up to Rs. 10 lakh.
Q2. What is the repayment criteria for MUDRA Loans?
Ans. The repayment tenure of Mudra loan is minimum from 3 years to maximum up to 5 years.
Q3. Who is eligible for HDFC Mudra Loan?
Ans. Mudra loans can be availed by individuals, MSMEs, artisans, retailers, traders, manufacturers, small vendors, shopkeepers, private and public limited companies, sole proprietorship, partnership firms, limited liability partnerships and various other entities.
Q4. How long does it take to get a Mudra loan?
Ans. The Mudra loan approval and loan disbursal takes around 7-10 working days, depending upon lender and applicant’s profile.
Q5. How can I download Mudra loan application form?
Ans. To download Mudra loan application form, you need to visit PMMY’s official website or can click on this link: https://www.mudra.org.in/Home/PMMYBankersKit