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| Interest Rate | Depends on the applicant’s profile |
| Maximum Loan Amount | Rs. 10.00 Lakh |
| Age | Min. 18 years and Max. 65 years |
| Margin | Up to 25% |
| Collateral / Security | Not required |
| Repayment Tenure | Up to 5 Years |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges
| Bank/NBFCs | Interest Rate |
|---|---|
| Axis Bank | 10.75% p.a. onwards |
| Flexiloans | 1% per month onwards |
| HDB Financial Services Ltd. | 8% - 26% p.a. |
| HDFC Bank | 10.75% - 25% p.a. |
| IDFC First Bank | 10.50% p.a. onwards |
| Indifi | 1.50% per month onwards |
| Kotak Mahindra Bank | 16% - 26% p.a. |
| Lendingkart | 12% - 27% p.a. |
| Mcapital | 2% per month onwards |
| NeoGrowth Finance | 15% - 40% p.a. |
| Tata Capital | 12% p.a. onwards |
| UGRO Capital | 9% - 36% p.a. |
| Bajaj Finserv | 10% to 26% |
Micro Small and Medium Enterprises (MSMEs) involved in income generating sectors like service, manufacturing and trading are eligible to apply for IOB Mudra loan. The Enterprise can even be in agriculture-related activities like dairy, beekeeping and so on. The loan can be availed by any Indian citizen.
IOB Mudra Loan is divided into three categories based on the loan amount offered. The three categories and the amount that is disbursed through them 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 IOB Mudra Loan applicants may get up to Rs. 50,000. This amount is beneficial to customers who require initial funding to set up their business
Customers who require loan amount over Rs. 50,000 but less than Rs. 5 lakh can apply for Kishore scheme under IOB Mudra Yojana. It is a good option for businesses that are already set up but want expansion. The money can be used to hire additional staff, purchase machinery and so on
Through Tarun scheme, customers may avail a loan up to Rs. 10.00 Lakh. This allows the customer to expand their business rapidly, purchase expensive equipment, or meet other demands of their growing business
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The maximum repayment tenure offered by IOB Mudra Loan is up to 5 years.
The documents required to successfully apply for IOB Mudra Loan are as mentioned:
| Identity Proof | Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc. |
| Residence / Business Proof | Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill (not more than 3 months old), etc. |
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Indian citizens engaged in non-corporate, non-farm-based agricultural activities like agribusiness, beekeeping, and so on can apply. Moreover, applicants in the manufacturing, trading, or service sector can also apply for IOB Mudra Loan.
The maximum loan amount that IOB will disburse through Mudra Loan is Rs. 10 lakh.
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