ICICI Bank Mudra Loan

The interest rate charged on ICICI Bank Mudra Loan is dependent on the business profile, credit history and other parameters. The applicable interest rate charged will be decided by the loan officer after loan application submission.

Check and Compare – Mudra Loan Interest Rate of Popular Banks

Applicants must be Indian citizens looking to establish or run a non-farm based income generating business. The business must be in manufacturing, trading, servicing, or non-farm based agricultural sector such as beekeeping, fish farming and so on.

The loan amount can be used to purchase vehicles, plant machinery, renovate offices, or meet working capital requirements and so on.

Calculate your Monthly EMI on – Business Loan EMI Calculator

Under MUDRA Scheme there are 3 products namely, “Shishu”, “Kishore” and “Tarun” to highlight the growth stage or funding requirements of the MSME enterprise. The distinction also serves as a reference point for the next phase of growth of the beneficiary unit. The loan amounts covered under each of these products are:

• Shishu

Under Shishu scheme of ICICI Bank Mudra Loan applicants can avail up to Rs. 50,000. This amount is beneficial to customers who are just setting up their business. The interest rate charged by ICICI bank on Shishu scheme will be shared by the loan officer after verification.

• Kishore

Applicants who seek a loan amount greater than Rs. 50,000 but less than Rs. 5 lakh can apply for Kishore scheme. The loan amount can be used to establish a new business or expand one by hiring staff, purchasing equipment and so on.

• Tarun

Through Tarun scheme, applicants may avail a loan up to Rs. 10.00 lakh. The loan amount can be used to meet the demands of a rapidly growing business such as the purchase of machinery, or working capital needs.

The repayment period of the loan amount will be decided by the loan officer. It will be communicated to the borrower after the loan application submission. Do note that Mudra loan is granted with a maximum tenure of 3 years. Additional years may be granted by the bank if it sees fit.

Must Read: How to Apply for Mudra Loan Online?

ICICI Bank Mudra Loan has many features and benefits, some of these are:

• Security free loans up to Rs. 10.00 Lakh
• Loan tenure up to 3 years but can be extended if the bank sees fit
• The maximum loan amount that can be received is Rs. 10 lakh
• Flexible repayment option

Also Read: Is there any Subsidy on Mudra Loan?

The following documents are required to apply for ICICI Bank Mudra loan:

Vehicle Loans 

• MUDRA application form
• Vehicle loan application form
• 2 passport size colour photographs
• Photo Identity proof
• Address proof
• Income proof
• Bank statement of last 6 months

Business Instalment Loan

• MUDRA application form
• Business Instalment Loan application form
• Photo identity proof
• Address proof
• Establishment proof
• Bank statement of last 6 months
• Ownership proof of residence or office
• Proof of continuity of business
• Proof of qualification
• Trade references
• 2 years Income Tax Returns
• Chartered Accountant certified financials

Business Loans Group and Rural Business Credit

• MUDRA application Form
• Business Instalment Loan (BIL) or Rural Business Credit (RBC) application form
• Photo identity and age proof
• Address proof
• Ownership proof of residence or office
• Business vintage proof
• Bank statement of the last 12 months
• Income tax return of the last 2 years

Q. Who can apply for ICICI Bank Mudra Loan?

ICICI Bank Mudra Loan can be applied by Indian citizens who are in the MSME sector. The applicants must be in non-farm based activity like beekeeping, manufacturing, service, or trade sector.

Q. Will applicants be required to give collateral to secure a loan?

All eligible Pradhan Mantri Mudra Yojana (PMMY) loans are covered under Credit Guarantee Fund for Micro-Units (CGFMU). Hence, applicants do not need to submit collateral or security to avail ICICI Bank Mudra Loan

Q. What is Mudra?

MUDRA stands for Micro Units Development and Refinance Agency and was launched by the Prime Minister on April 08, 2015. The agency works to develop and refinance financial intermediaries like banks, Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) who provide loans to MSME enterprises. These MSME enterprises must be in manufacturing, service, or trading sector including non-farm based agricultural activities like fish farming, beekeeping and so on.