HDFC Bank Pradhan Mantri Mudra Loan Yojana : Pradhan Mantri MUDRA Yojana (PMMY) is a scheme initiated by the Honourable Prime Minister on April 8, 2015 to provide credit facility to Non-Corporate, Non-Farm MSME units with loans of up to Rs.10 lakh. This credit can be utilized for setting up a new business unit or for expanding an existing enterprise.
MUDRA stands for Micro Units Development & Refinance Agency Ltd. It is a financial institution set up by Government of India for development and refinancing of Micro Unit enterprises. MUDRA has enrolled 27 Public Sector Banks, 17 Private Sector Banks, 27 Regional Rural Banks and 25 Micro Finance Institutions as partner institutions to channel support to the deserving borrower based on eligibility criteria.
Compared to other private sector banks providing loans under the Pradhan Mantri Mudra Yojana scheme, HDFC Mudra Loan offers very competitive interest rates. This has attracted many healthy micro-enterprises to HDFC Mudra Loan. Under this program, the credit provided to micro-enterprises is expected to take off in this financial year.
HDFC Bank Mudra Loan Features
- Loan Amount Max. up to Rs. 10 lakh
- Interest Rate Based on the applicant’s profile
- Loan Amount: Shishu scheme Up to Rs. 50,000
- Loan Amount: Kishore scheme Between Rs. 50,000 and Rs. 5 lakh
- Loan Amount: Tarun scheme Between Rs. 5 lakh and Rs. 10 lakh
- Collateral Not required
- Processing Fee Nil
- Repayment Tenure Up to 5 years
Eligibility Criteria
Mudra loans extend credit to non-farm enterprises in manufacturing, trading and services whose credit needs are below Rs. 10 lakhs
Based on the stage of growth / development and funding needs of the micro unit / entrepreneur, the beneficiary can avail of the following types of loans:
- Shishu - Loans up to Rs. 50,000/-
- Kishor - Loans between Rs. 50,000 and Rs. 5 lakh
- Tarun - Loans between Rs. 5 lakh and Rs. 10 lakh
Interest rate range for MUDRA loan in HDFC Bank
HDFC Bank offers competitive rate of interest for its MUDRA loans. The Government has not announced any kind of subsidy for these loans. However, HDFC Bank charges interest anywhere between 12.75% to 20% for these loans.
HDFC Bank Mudra Loan Interest Rates
As mentioned above, HDFC Mudra loan interest rate depends on the MCLR rate, as prescribed by the RBI. Find the rate of interest for different types of Mudra loans in the below table:
Type of Mudra loan Interest rate
- Shishu Mudra Yojana 1% - 12%
- Kishore Mudra Yojana 8.60% - 11.15%
- Tarun Mudra Yojana 11.15% - 20%
Documents Required
- Valid photo identity proof
- Current address proof
- Proof of income - Latest ITR Financial Docs of Income
- Last 6 months Bank statement
- Loan application form
- Ownership proof of residence/office
- Proof of continuity of business
- Trade references
How to apply for MUDRA loans from HDFC Bank?
MUDRA loans can be applied at the nearest branch of HDFC Bank or through the MUDRA portal. On the portal, you have the option to choose your lender and you can opt for the nearest branch of HDFC Bank.
The applicant has to submit a detailed proposal explaining their business to get the loan. One can check for more information on creating the proposal and the checklist for loan application.The steps to apply for HDFC Bank Mudra loan online are extremely simple and convenient. Simply follow these steps:
- Step 1: Visit the official website of HDFC Bank and navigate to the Mudra loan section.
- Step 2: Click on ‘Apply Now’.
- Step 3: Fill the online application form with a few basic details.
- Step 4: Complete the verification and submit your application.
- A representative from the bank will then reach out to you regarding further steps and document verification.
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HDFC Bank Pradhan Mantri Mudra Loan Yojana Customer Care
For any queries regarding your HDFC Bank Mudra loan, you can reach out to the bank on 1800 202 6161 or 1860 267 6161.
About PMMY under Mudra (Micro Units Development and Refinance Agency)
Launched in 2015, Pradhan Mantri MUDRA Yojana (PMMY) is a scheme for providing loans up to Rs. 10 lakh to non-farm, micro and non-corporate enterprises. Under PMMY schemes these loans are classified as Mudra. Mudra loans under PMMY schemes are offered by NBFCs, Co-operative Banks, commercial banks, small finance banks, regional rural banks and micro finance institutions. There are three types of loan categories formed by Mudra under PMMY named as Shishu, Kishore and Tarun.
FAQs HDFC Bank Pradhan Mantri Mudra Loan :
Q1. How much amount can I borrow for business loan from HDFC Bank?
Ans. The maximum loan amount offered by HDFC bank under Mudra Yojana is up to Rs. 10 lakh.
Q2. What is the repayment criteria for MUDRA Loans?
Ans. The repayment tenure of Mudra loan is minimum from 3 years to maximum up to 5 years.
Q3. Who is eligible for HDFC Mudra Loan?
Ans. Mudra loans can be availed by individuals, MSMEs, artisans, retailers, traders, manufacturers, small vendors, shopkeepers, private and public limited companies, sole proprietorship, partnership firms, limited liability partnerships and various other entities.
Q4. How long does it take to get a Mudra loan?
Ans. The Mudra loan approval and loan disbursal takes around 7-10 working days, depending upon lender and applicant’s profile.
Q5. How can I download Mudra loan application form?
Ans. To download Mudra loan application form, you need to visit PMMY’s official website or can click on this link: https://www.mudra.org.in/Home/PMMYBankersKit
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