ICICI Bank Mudra Loan

ICICI Bank Mudra Loan Highlights
Loan Amount	Shishu Category: Up to Rs 50,000 Kishore Category: Above Rs 50,000 to Rs 5 lakh Tarun Category: Above Rs 5 lakh to Rs 10 lakh (Up to Rs 20 lakh under Tarun Plus category as per the Budget 2024-25 announcement and Official Gazette, 24 October 2024)

Rates as of 6th February 2024

Interest Rates for ICICI Bank Mudra Loan

ICICI Bank has not specified the interest rates of its Mudra Loan scheme. However, consumers can visit the ICICI bank branches to get details on the ICICI Bank Mudra Loan interest rates.

Features of ICICI Bank Mudra Loans

Purpose

• Vehicle Loan: For purchasing commercial vehicles, cars and two-wheelers
• Business Installment Loan (BIL): For meeting working capital requirements, cost of purchasing plant and machinery, office renovation costs, etc.
• Business Loans Group Loans (BLG) and Rural Business Credit (RBC): Drop Line Overdraft/Working Capital Loans/Overdraft facility

Loan Amount

Prospective borrowers can avail ICICI Bank Mudra loans of up to Rs 10 lakh. These loans are offered under Shishu, Kishor and Tarun categories, each signifying the stage of growth or development and funding needs of the beneficiary unit and covering loan amounts as below:

• Shishu Category – Up to Rs 50,000
• Kishore Category – Above Rs 50,000 – Rs 5 lakh
• Tarun Category – Above Rs 5 lakh – Rs 10 lakh

*However, as per the Budget announcement and the Official Gazette dated 24 October 2024, a new loan category, Tarun Plus, has been introduced in Mudra loans, which covers loan amounts ranging between Rs 10 lakh and Rs 20 lakh. The loans under this new category are offered to those eligible individuals who have previously availed and successfully repaid loans under the Tarun category.

Collateral

No collateral is required to avail ICICI Bank Mudra Loans.

Eligibility Criteria for ICICI Bank Mudra Loan

ICICI Bank offers Mudra Loans to all non-corporate small/microbusinesses including proprietorship or partnership firms running as small manufacturing units, shopkeepers, machine operators, fruits/vegetable vendors, truck operators, food-service units, service sector units, repair shops, small industries, food processors and others in rural and urban areas.

Documents Required for Availing ICICI Bank Mudra Loan

For Vehicle Loans:

• Photo ID proof
• Address proof
• Income proof
• 2 coloured photographs passport size
• Mudra application form
• Application form for vehicle loan
• Bank statement for last 6 months

For Business Installment Loan:

• Photo ID Proof
• Address Proof
• Establishment Proof
• Mudra application form
• Application form for Business Installment Loan
• Bank statement for last 6 months
• Residence/office ownership proof
• ITR for 2 years
• Qualification proof
• Business continuity proof
• Trade references
• Financials certified by CA

For BLG (Business Loans Group) and RBC (Rural Business Credit):

• Photo ID Proof
• Age Proof
• Address Proof
• Mudra application form
• Application form for BLG and RBC
• Bank statement for last 1 year
• ITR for last 2 years
• Business vintage proof