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HDFC Mudra Loan

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Micro Units Development and Refinance Agency (MUDRA) is a Non-Banking Financial Company (NBFC) that supports and promotes the development of micro enterprise sector. HDFC bank being one of the leading private banks that provides banking services, also offers Mudra loans for non-corporate, non-farm small/micro enterprises.

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हिंदी में पढ़े
Updated: 02-03-2021 08:59:00 AM

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 is introduced to meet the requirements of various business segments and entrepreneurs.

HDFC Bank Mudra Loan Interest Rate – 2021

Loan AmountMax. up to Rs. 10 lakh
Interest RateBased on the applicant’s profile
Loan Amount: Shishu schemeUp to Rs. 50,000
Loan Amount: Kishore schemeBetween Rs. 50,000 and Rs. 5 lakh
Loan Amount: Tarun schemeBetween Rs. 5 lakh and Rs. 10 lakh
CollateralNot required
Processing FeeNil
Repayment TenureUp 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.

HDFC Mudra Loan offers very low-interest rates compared to other private sector banks offering loans under the Pradhan Mantri Mudra Yojana scheme. This attracts many healthy micro enterprises looking for loans towards HDFC Mudra Loan. The credit offered to micro enterprises under this scheme is expected to shoot up in this financial year.

Check – Mudra Loan Interest Rate of Popular Banks

Types of Mudra Loan
Mudra Loan Eligibility Criteria in HDFC
Features of PMMY offered under HDFC bank
Documents Required to Apply Mudra Loan in HDFC Bank
About PMMY under Mudra (Micro Units Development and Refinance Agency)

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 Criteria in HDFC

Mudra loans are offered to various business segments that include

  • Individuals
  • SMEs & MSMEs
  • Start-ups business owners
  • Manufacturers, Traders, Retailers
  • Small Industrialists
  • Small business vendors
  • Shopkeepers
  • Enterprises engaged in Trading, Services and Manufacturing sectors

Features of PMMY offered 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

Documents Required to Apply Mudra Loan in HDFC Bank

  • Duly filled application form with passport-sized photographs
  • Business Plan
  • 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

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.

FAQs

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

 

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