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HDFC Mudra Loan

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Updated: 29-01-2020 09:49:40 AM

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.

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.

Mudra Loan from HDFC Bank 2020
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

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
Features of PMMY offered under HDFC bank
Documents Required:
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

Mudra loans are offered to various business segments that include

  • Start-ups business owners
  • Manufacturers
  • Small Industrialists
  • Business vendors
  • Shopkeepers
  • Individuals involved with agriculture

Features of PMMY offered under HDFC bank

  • Loan amount offered is up to Rs. 10 lakh
  • Minimum documents required
  • Mudra loans offer credit to non-farm enterprises services, trading and manufacturing segment whose credit needs are below Rs. 10 lakhs
  • Mudra Loans are offered for the stage of growth / development and funding needs of the micro units and business owners
  • Quick Disbursal

Documents Required:

  • Duly filled application form
  • Attractive interest rates
  • Photo identity proof
  • Address proof of current residence
  • Income Proof: Latest ITR documents, income proof
  • 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.

Mudra is a refinancing institution that does not directly lend loans to individuals or entrepreneurs. Interested applicants need to directly visit the bank branch, NBFC to apply for Mudra loan. As on 2019, the capital of Mudra is close to Rs. 1000 cr and paid up capital is approximately Rs. 750 cr. Mudra provides refinancing solutions to all micro-enterprises sector and provides micro finance support to the micro enterprise sector.

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