MUDRA LOAN INTEREST RATE

img

Home > Mudra Loan Interest Rate

Mudra Loan Interest Rate

The Government of India has launched the Mudra loan for providing affordable business and entrepreneurship loans. It is also called the PMMY or Pradhan Mantri Mudra Yojana. The full-form of Mudra is Micro Units Development and Refinance Agency Loans which are provided to small enterprises and non-farm agencies engaged in the generation of earnings through services, trading and manufacturing. Such loans are also available to small companies that are involved in different agricultural activities. At FlexiLoans, we deal in the standard Mudra loan interest rates that are different for the different varieties of loans available under this scheme.


The Different Varieties of Mudra Loans and Mudra Loan Interest Rate

Under the PMMY scheme, there are three different varieties of Mudra loans available to the borrowers, and these include:

  • Shishu Loans: These are starter loans available up to an amount of Rs. 50,000.
  • Tarun Loans: These loans are perfect for businessmen who are in the lookout of launching brand new businesses. The loan amount availed through such loans is between Rs. 5,00,000, and Rs. 10,00,000.
  • Kishore Loans: Such loans are perfect for the mid-level businessmen with loan amounts ranging between Rs. 50,001 and Rs. 5,00,000.

Calculating the Mudra Loan Rate of Interest

The ones who are looking to calculate the Mudra loan rate of interest can make use of our Mudra loan interest rate calculator that offers exact results. The calculator can be used for calculating the monthly installments that need to be paid against the loan amount. Using the calculator is quite easy. You just need to enter the loan amount and the rate of interest along with the tenure of the loan. This will give you the exact amount that you will have to pay as Mudra loan rate of interest.


Basic Eligibility Criteria

Minimum Business Vintage 1 year
Monthly Business Sales Minimum 2,00,000

Benefits of Mudra Loans

We, at FlexiLoans, offer Mudra loans in different categories which include merchant cash advance, line of credit, invoice financing, and working capital loan. These loans, by way of the PMMY scheme, are available to the small and medium-sized companies dealing in services, trading or manufacturing or the ones engaged in agriculture.

These loans are perfect for small and micro companies that do not have any collateral to be placed against the loan amount. Such loans available from FlexiLoans do not require the borrowers to pay any processing charges as well. Also, the credit availed through these loans can effectively be used for overdraft facilities and term loans.


Documents Required for Mudra Loan

Personal KYC PAN card
Residential Address Proof (Any One) Rent Agreement | Driving License | Voter's ID | Ration Card | Passport | Aadhar Card
Banking Last 6 months current account bank statements
Business KYC (Any One) GST Registration Certificate | Shops & Establishment Certificate | Business PAN Card

Frequently asked questions

What are the purposes for which I can get a loan via FlexiLoans?

FlexiLoans is here to provide you financial access for your business funding needs. You have to undergo simple and transparent Credit Evaluation, basic documentation before we disburse the loan. You may get loans via FlexiLoans for:
  • Expanding your business
  • Servicing regular working capital needs
  • Managing seasonal working capital requirements
  • Manage short term cash flow gaps

Why should I avail loan via FlexiLoans?

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

What documents are required to apply for a loan?

KYC document

  • - Pan card

Proof of residential address (any one)

  • - Rent Agreement
  • - Driving License
  • - Voter's ID
  • - Ration Card
  • - Passport

Banking

  • - Last 6 months of bank statement of current account

Business KYC (any one)

  • - GST Registration Certificate
  • - Shop Establishment Certificate

Financial documents (For loans greater than 20 Lakhs)

  • - 2 years Audited financials
  • - Last 2yrs ITR
  • - GST Returns of 6 months

Are there any charges other than interest rate that I have to pay to avail the loan?

We may charge processing fee to facilitate the loan towards legal and documentation charges. You may be charged penal charges for late or irregular payment behavior.

How do I repay my Business loan from FlexiLoans?

You repay your loan in EMI. You can choose to debit your EMI's from your Bank account directly.

What is the lowest interest rate on a Mudra loan?

Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.

Quick credit assessment ensures fast disbursal of loan at best rates and flexible terms, thus providing financial access at a click! Our business is to help you grow your business.

We may charge processing fee to facilitate the loan towards legal and documentation charges.

Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc.