ICICI Bank is one of the leading banks in India that offers many financial services including loans to MSME sector through ICICI Bank Mudra Loan scheme. The Loan can be availed by MSME businesses that are engaged in service, trade and manufacturing sector including non-farm based agricultural activities. Customers may get a loan amount up to Rs. 10 lakh to start a business or expand it.
ICICI Bank Mudra Loan Highlights – 2022 | |
Maximum Loan Amount | Rs. 10 Lakh |
Collateral or Security | Not Required |
Interest Rate | Depends on Business Profile |
Processing Fee | Nil |
Part-payment / Foreclosure Charges | Nil |
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.

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Comparison of Interest Rates on Business Loan Offered by Top Banks in 2022
Bank/NBFCs | Interest Rate | |
IIFL Finance | 11.75% – 25.75% p.a. | Apply Now |
HDFC Bank | 11.90% – 21.35% p.a. | Apply Now |
FlexiLoans | 1% per month onwards | Apply Now |
ZipLoan | 1% – 1.5% per month (Flat ROI) | Apply Now |
Axis Bank | 14.25% – 18.50% p.a. | Apply Now |
IDFC First Bank | 14.50% onwards | Apply Now |
Kotak Mahindra Bank | 16% – 19.99% | Apply Now |
Fullerton Finance | 17% – 21% | Apply Now |
Bajaj Finserv | 17% p.a. onwards | Apply Now |
RBL Bank | 17.50% – 25% p.a. | Apply Now |
ICICI Bank | 18% onwards | Apply Now |
Indifi Finance | 1.5% per month onwards | Apply Now |
Lendingkart Finance | 1.5% – 2% per month | Apply Now |
Tata Capital Finance | 19% p.a. onwards | Apply Now |
NeoGrowth Finance | 19% – 24% p.a. | Apply Now |
Hero FinCorp | Up to 26% p.a. | Apply Now |
Check and Compare – Mudra Loan Interest Rate of All Banks
Eligibility for ICICI Bank Mudra Loan
- 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 sectors only
- Minimum age of the applicant should be 18 years and maximum 65 years
- The loan amount can be used to purchase vehicles, plant machinery, renovate offices, or meet working capital requirements and so on

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ICICI Bank Mudra Loan – Categories
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:
Mudra Loan Scheme | Amount |
Shishu | Up to Rs. 50,000 |
Kishore | Between Rs. 50,000 & Rs. 5.00 Lakh |
Tarun | Between Rs. 5.00 Lakh & 10.00 Lakh |
What is the repayment period of Mudra loan in ICICI Bank?
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. ICICI bank Mudra loan is granted with a maximum repayment tenure of 5 years.
Must Read: What is the process and requirement of taking a loan from Mudra Bank?
Features and Benefits
ICICI Bank Mudra Loan has many features and benefits, some of these are:
- Collateral / Security free loan
- Repayment tenure is up to 5 years
- Maximum loan amount that can be received is Rs. 10 lakh
- Flexible repayment option
Also Read: Is there any Subsidy on Mudra Loan?
Documents Required for Loan Application
The following documents are required to apply for ICICI Bank Mudra loan:
Vehicle Loans
- Duly filled application form with passport sized photographs of applicant
- Age, Address, Identity & Income proofs
- Business vintage proof
- Business establishment certificate
- Last 12 months’ bank statement
- Proof of belonging to SC/ST/OBC category, if applicable
- Any other document required by the bank
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

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How to Apply For ICICI Bank PMMY Mudra Loan Online?
To apply for Mudra loan under PMMY, you shall have to visit the nearest ICICI bank branch along with filled loan application form and documents required, as there is no online application process from ICICI bank for Mudra loan under PMMY.
ICICI Bank Mudra Loan Customer Care Number
Corporate / Business | 1860-120-6699 |
ICICI Toll-Free Number | 1600-229-191 |
FAQs
Q. Who can apply for ICICI Bank Mudra Loan?
Ans. ICICI Bank Mudra Loan can be applied by Indian citizens who are in the MSME sector. All Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits/vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, food processors and others in rural and urban areas, are also eligible for Mudra loan.
Q. Will applicants be required to give collateral to secure a loan?
Ans. 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?
Ans. 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.
Related Post: What is MSME Loan