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Saraswat Bank Mudra Loan

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Updated: 12-07-2022 07:39:54 AM

Saraswat Bank is one of the leading co-operative banks offering banking and financial products and services to its customers. In addition to lending products, Saraswat bank is also a provider of Mudra loans to individuals and MSMEs across India.

Launched in 2015, Micro Units Development and Refinance Agency Limited (MUDRA) is a funding scheme initiated by government of India to provide financial support to MSMEs engaged in manufacturing, service and trading sectors. Saraswat bank offers Mudra loan at competitive interest rate of 11.65% onwards p.a. to its customers with flexible repayment options.

Saraswat Bank Mudra Loan Interest Rate
Category/Loan Scheme Shishu Kishor  Tarun 
Rate of Interest                                          11.65% onwards p.a. (Floating)
Loan Amount Up to Rs. 50,000 From 50,000 – Rs. 5 lakh From Rs. 5 lakh – Rs. 10 lakh
Repayment tenure TL – Max 36 months (including 12 months moratorium period) TL – Max 60 months (including 12 months moratorium period) TL – Max 60 months (including 12 months moratorium period)
Collateral Nil
Rate of Interest for Women 0.10% concession on interest rate
Shareholding 2.5% of loan amount, Maximum Rs. 25,000
Processing fee Nil Nil Rs. 5000
Renewal fee Nil Nil Rs. 500

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges

Mudra loan scheme is offered under Pradhan Mantri MUDRA Yojana (PMMY) to offer financial support to startup enterprises and for business expansion and growth of existing MSMEs. Mudra loan is categorized in three loan schemes which are names as Shishu, Kishor and Tarun. Under these loan schemes maximum loan offered is up to Rs. 10 lakh.

Mudra loans can be availed by individuals, small manufacturers, traders, shopkeepers, artisans, startup enterprises, people engaged in agriculture related activities, etc.

Also Read: Mudra Loan Eligibility Criteria

Mudra Loan Amount

Loan Scheme Loan Amount
Shishu Up to Rs. 50,000
Kishor From Rs. 50,000 – Rs. 5 lakh
Tarun From Rs. 5 lakh – Rs. 10 lakh

Shishu: Under this loan scheme, applicants can avail loans up to Rs. 50,000 who want to start new business or for money required at initial stages of their start-ups.

Kishor: Under Kishor scheme, individuals can get loans from Rs. 50,000 to maximum of Rs. 5 lakh for business expansion purposes or maintaining cash flow to meet working capital requirements.

Tarun: Entrepreneurs with established businesses can opt for Tarun loan scheme from which they can avail loan amount up to Rs. 10 lakh.

Mudra Loan Schemes are provided by various financial institutions, such as private sector and public sector banks, Regional Rural Banks (RRBs), Micro Finance Institutions (MFIs) and Small Finance Banks (SFBs).

Also Read: How to Apply for Mudra Loan Online?

Document Required

  • Duly filled application form
  • 2 passport-sized photographs
  • Photo ID proof – Passport, Voter’s ID card, Aadhaar Card, Driving License
  • Address proof of applicant
  • Business plan
  • Business address and identity proof
  • Quotation(s) on items to be purchased
  • Proof of applicant belonging to SC, ST, OBC, etc.

FAQs

I want to start a new business, which loan scheme will be best suitable?
If you plan to invest approximately Rs. 10 lakh then Tarun scheme under Mudra loan is best suited and if you plan to invest small amount then Shishu scheme shall be beneficial.

I am 19 years of age, so can I apply for Mudra loan from Saraswat Bank?
Yes, the minimum age limit to apply for Mudra loan is 18 years at time of loan application.

Do I need to deposit any collateral to avail Mudra loan from Saraswat Bank?
No, there is no requirement of submitting any collateral to any bank before taking Mudra loan.

How can I contact Saraswat Bank?
You can contact Saraswat bank by visiting the below address, calling Toll free number or writing on mentioned email address:

Saraswat Co-operative Bank Limited

Ekanath Thakur Bhawan 953,
Appasaheb Marathe Marg,
Prabhadevi, Mumbai – 400 025
Toll Free Number: 1800229999
Email: corporatecenter@saraswatbank.com

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