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United Bank of India Mudra Loan

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HDFC Bank
Max Loan Amt.Upto ₹75L
Rate of Interest10.75% - 28%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
ICICI Bank
Max Loan Amt.Upto ₹50L
Rate of Interest13.25% 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
Axis Bank
Max Loan Amt.Upto ₹75L
Rate of Interest15% - 19.25%
Tenure uptoUpto 5 Years
Processing FeeUpto 2%
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How Can I Apply for a Business Loan Online?

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

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Features and Benefits of Mudra Loan

Under the PMMY, United Bank of India is providing the applicants with some of unique features which will benefit the borrowers in their businesses. Some of the features of United Bank of India’s mudra loan are as follows:

  • No Processing fees required
  • No collateral required
  • Repayment period of the loan is extended up to 5 years
  • Applicant should not be defaulter of any Bank/Financial Institution

Other benefits offered by PMMY are as follows:

  • Mudra loan provides financial assistant to the needed
  • It ensures banking to the unbanked
  • It provides credit to the small-scale businesses and micro enterprises
  • The interest rate on loans under PMMY will be based on the MCLR decided by the Reserve Bank of India

Eligibility Criteria

Individuals, Groups, Entities who can avail loan under PMMY are as follows:

  • Partnership / Proprietorship firms
  • Small manufacturing units / food service units
  • Repair shops
  • Small industries
  • Truck operators
  • Shopkeepers / Fruit or vegetables vendors
  • Service sector units
  • Other industries in rural and urban areas
  • Agriculture sector Enterprises
  • Income generating firms

Related Post: What is the eligibility criteria for Business loan?

United Bank of India Mudra Loan Categories

Like all other private or public sector banks or NFBCs, United Bank of India also provides Mudra loan that comes in three categories named as Shishu, Kishor and Tarun which are as follows:

  • Shishu- Under this category, the proposed loan amount is Rs. 50,000/-. In this category, banks or financial institutes cater to entrepreneurs who are in their initiative stages of starting a business. As the amount is limited, this helps those only who are in need of small amount to invest in their new or existing business
  • Kishor- Under Kishor scheme, entrepreneurs who are in need of amount from Rs. 50,000/- to that of Rs. 5 lakhs are benefited. This is helpful to those who need to start a medium range business or expand their existing business
  • Tarun- Under PMMY, this is the highest sanctioned loan. In this category, the entrepreneurs are provided with maximum amount of Rs. 10 lakh. Those who qualify through the eligibility criteria can avail the loan under this category

Documents Required for Loan Application

  • Business Plan
  • Duly filled application form
  • Self-attested copy of Voter’s ID card/Driving licence/ PAN card / Aadhaar card /passport/photo IDs issued by Governmental authority is required for identity proof
  • As a Residence proof, the applicant has to submit any of recent telephone bill/electricity bill/property tax receipt (not older than 2 months)/Voter’s ID card/Aadhaar Card/ passport of Individual or proprietor/partners bank passbook or latest account statement duly attested by bank officials/domicile certificate/certificate issued by Govt. authority or local Panchayat or Municipality, etc.
  • Recent 2 copies photograph of the applicant (not older than 6 months)
  • Quotation of machinery/other items to be purchased (under ‘Shishu’ category)
  • Name of supplier/details of machinery/price of machinery and/or items to be purchased
  • Proof of identity/address of the business enterprise- copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity of address of business unit, if any
  • Sales achieved during the current financial year up to the application date
  • Project report containing details of technical and economic viability
  • Memorandum and articles of association of the company/partnership deed of partners, etc.
  • Projected balance sheet of one year in case of working capital limits. (applicable for loan of Rs. 2 lakh and above)
  • Proof of category like SC/ST/OBC/Minority, etc.
  • Annexure on total net-worth/Income of the borrower

Also Read: How to get subsidy in Mudra loan?

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How Can I Apply for a Business Loan Online?

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

Apply Now

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FAQs

United Bank of India provides MSME loan at an interest rate of 12.25% p.a. onwards.

Yes, Any income generating activities are applicable for the loans under PMMY scheme. As hand loom falls under the textile sector, it is eligible to avail Mudra loan.

Minimum amount that can be availed under PMMY has no citeria.

You can go to the nearest branch of United bank of India with all the required documents and can apply for the loan.

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