Vijaya Bank Mudra Loan

Vijaya Bank now merged with Bank of Baroda, is a provider of banking and financial services that also offers Mudra...

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Google Play Store

4.5_/5

15.6L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

Best Loan Offers

Curated Offers from 20+ Lenders

Unsecured Loan

Term Loan & OD Facilities Available

Expert Advice

Guidance & Assistance

Top Up Facility

Loan to Get Additional Funds

Find Best Business Loan Offers

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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?

Get up to ₹1 Crore in 5 Simple Steps

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.

Vijaya Bank Mudra Loan Interest Rate

Like any other loan, the interest rate of Mudra loan is pegged with MCLR (Marginal Cost of funds based Lending Rate). The bank will charge the interest rate equivalent to MCLR (7.35) + SP + 0.50% onwards that is much below any other business loans prevailing in the market. Micro and small entrepreneurs’ may take advantage of this government supported loan.

Also Know: What is the interest rate on Mudra loan? Compare with Top Banks

Mudra Loan Categories

Based on loan amount sanctioned, Vijay Bank Mudra loan is categorised into three categories: Shishu, Kishor and Tarun. Below is the snapshot of these categories:

Sr. No	Category	Loan Amount
1.	Shishu	Up to Rs. 50000
2.	Kishor	From Rs. 50000 to Rs. 5 Lakh
3.	Tarun	Rs. 5 Lakh to Rs. 10 Lakh

Features and Benefits of Vijaya Bank Mudra Loan

Vijaya bank has introduced “V Mudra Card” to give Mudra loan to its micro enterprises’ The basic purpose of V Mudra Card is to fulfil working capital finance of microenterprises
V Mudra card is the co-branded debit card on Rupay platform
The rules and regulations of the card are jointly governed by Vijaya bank and Mudra Limited
Vijaya Bank is the issuer of the V Mudra card. The applicant has to fill simple form and submit it along with necessary documents at the nearest branch of Vijaya bank
The card is issued against simple hypothecation of the movable assets. However, there is no need for collateral to avail Mudra loan
Any micro entrepreneurs performing non-agricultural activity can avail Vijaya bank Mudra loan
There is no issuance charges or processing fees of the Mudra card. However, the applicable fees and charges as per Rupay card shall be applied to Mudra card as well

Eligibility of Vijaya Bank Mudra Loan

Mudra loan is provided under Pradhan Mantri Mudra Yojana (PMMY). The purpose of PMMY is to encourage entrepreneurship in the country.

Mudra Loan Category

Eligibility

Shishu Loan

Purpose: To facilitate funding for start-up business Primary requirements:

You have to submit your business idea report to the bank in a proper format. The report should include the profitability of your business and new employment generated from your business
Basic identification and residential documents of the applicant as per Document list

Kishor and Tarun Loan

Purpose: To facilitate funding for the expansion of your existing business Primary requirements:

You have to submit your expansion plans and capital equipment requirement needs. The report should include the profitability of your business and new employment generated from your business
Basic identification and residential documents of the applicant as per the list of documents
Financial statement and tax returns of the last 3 years

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Documents required to avail Vijaya Bank Mudra Loan

Identification Documents	Passport, Driving Licence, Voter’s ID Card, Aadhar Card
Residential Proof	Electricity Bill, Water Bill, Gas Bill
Mandatory Documents	PAN card Applicant’s passport size photographs (two) Caste certificate if the applicant is from SC/ST/Special category and desires to avail loan under this category at concessional terms
Business Identification and address Documents	Business License GST Registration SSI (Small Scale Industries) registration Rental or ownership agreement of the business premises
Business Continuity Documents	Last 3 years’ tax returns Last 3 years’ financial statements Current Account Bank Statement

Based on the applicant’s financial profile and loan amount, the bank may ask for more documents or waive off certain documents.

How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

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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FAQs

You can create hypothecation of any movable assets in favour of Vijaya bank to avail Mudra loan. There is no need to give any collaterals for this purpose.

Your V Mudra card is issued as Rupay Debit card to you, with the eligible loan amount. You can withdraw cash from your V Mudra card or use it at POS (Point of Sale) machines.

Mudra loan is aimed to “fund the unfunded”. Hence, small businessmen and entrepreneurs who find it difficult to avail regular bank loan can apply for Mudra loan. Few examples of the eligible applicants are small manufacturing unit owners, machine operators, truck operators, repair shops, food business owners and similar other applicants.

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