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Vijaya Bank Mudra Loan

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Max Loan Amt.Upto ₹75L
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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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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.

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.

Mudra Loan Related Resources
Mudra Loan Mudra Loan EMI Calculator How to Apply for Mudra Loan Online
Mudra Loan Eligibility Mudra Loan Application Form Mudra Loan Subsidy
Mudra Loan Interest Rates Mudra Loan Documents Mudra Loan Project Report

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

Do I need to give any security or collaterals to avail Vijaya Bank Mudra Loan?

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.

Where can I use my V Mudra Card?

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.

Who can avail Mudra loan?

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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