IDBI Bank Mudra loan is divided into three categories based on the maximum amount of loan offered. These 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 |
Through Shishu scheme of IDBI Bank Mudra Loan, applicants can avail up to Rs. 50,000 . This scheme will greatly help customers who are starting a new business. The interest rate charged by IDBI Bank on Shishu loan is 12.00% onwards.
Kishore scheme provides a loan amount over Rs. 50,000 but less than Rs. 5 lakh . It is best suited for businesses that already exist but seeks expansion. The amount can be used to hire additional staff, purchase machinery and so on.
Tarun allows maximum loan amount disbursal under Mudra scheme. Customers under the Non-Corporate Small Business (NCSB) category may avail a loan up to Rs. 10 Lakh. This loan amount allows the customer to expand their business rapidly, or meet the working capital needs of their growing business.
What is the repayment period for Mudra loan in IDBI Bank
IDBI Bank Mudra loan must be repaid within the repayment period. The repayment periods are:
Term Loan
Term loans tenure can go up to a maximum of 5 years
Cash Credit / Overdraft
Cash credit or Overdraft must be repaid within 12 months. Do note that the bank may ask the customer to pay the principal amount anytime they want.
Features and Benefits
IDBI Bank Mudra Loan comes with many features and benefits, some of them are:
- Security free loans
- Loan tenure up to 5 years
- The maximum loan amount is Rs. 10 Lakh
- The processing fee is waived for loans up to Rs. 5 lakh
- Flexible repayment option
