Do you want to get Pradhan Mantri Mudra yojana in HDFC bank? We have a lot of information that can be useful to you for getting Mudra Loan from Hdfc bank.
Pradhan Mantri Mudra Yojana is a loan scheme that was started by our worthy Prime Minister in April 2015 to encourage young entrepreneurs to start their businesses.
Under this loan, the businessmen are provided with the credit facility to start and expand their businesses. Mudra which stands for Micro Units Development and Refinance Agency is a financial set-up that is developed by the Government of India to provide funds to new entrepreneurs and also refinance them.
Mudra has been enrolled by 17 private sector banks, 27 public sector banks, 25 Micro financial institutions and 27 regional banks to channel support to the deserving entrepreneurs to help them start up their ventures.
Table of Contents
- 1 Pradhan Mantri Mudra yojana in HDFC bank
- 2 Features off HDFC PMMY Scheme
- 3 Types Of Mudra Loans in Hdfc Banks
- 4 Hdfc Bank Mudra Loan Interest Rate
- 5 Tenure of Mudra Loan from Hdfc
- 6 What are the eligibility criteria for Hdfc Mudra Loan
- 7 How can I Apply for an Hdfc Mudra loan?
- 8 Documents Needed For Mudra Loan Project Report
- 9 Frequently asked questions on Can I get Pradhan Mantri Mudra yojana in HDFC bank
Pradhan Mantri Mudra yojana in HDFC bank
Hdfc Mudra Loan which is in great demand is offering funds to entrepreneurs at competitive interest rates that the borrower can comfortably pay back.
If you are wondering whether you can avail yourself of Mudra Loan from Hdfc bank or not, my answer to it is a big yes. You can easily avail of the Hdfc Mudra Loan that too at competitive interest rates.
Hdfc provides Mudra Loans to borrowers at their comfort with ease and this has helped lakhs of Indians to start their businesses. The credit usually takes off the financial year.
For More Information Read: Project report for Mudra Loan
Features off HDFC PMMY Scheme
- The loan is available for 10 Lakh Rupees.
- Hdfc Bank checks your credit profile first and then gives you the Mudra loan at a competitive rate of interest.
- Very less paperwork is involved when you take a loan from hdfc bank and thus it is stress-free. The loan amount is transferred to your bank account in a couple of hours.
- There are no hidden and extra charges when you take a Mudra loan from Hdfc bank.
- The processing fee is also very less.
- The loan is repaid in a tenure of 5 years at the maximum. You can choose it yourself.
- The bank also provides collateral-free loans if you pay back the previous one in time.
Types Of Mudra Loans in Hdfc Banks
There are three major types of Mudra loans that the Hdfc bank is offering to entrepreneurs. You can get the loan according to your need.
You can get the mudra loan under the Shishu scheme up to Rs 50000 and pay in easy instalments that may last up to 5 years or less. The interest rate will be 12% per annum or 1% monthly.
If you want to get a loan that amounts to more than Rs 50,000 and less than 5 Lakh Rupees from Hdfc bank, you can get it under the Kishore scheme of Mudra Loan. The repayment is the same for 5 years tenure and you can set the instalment by talking with the banker.
You have to pay the instalments within 5 years as the period cannot extend further.
If you want to set up a small company and require a fund that amounts to more than 5 lakh but less than 10 Lakh Rupees, you can get it from the Hdfc Tarun Mudra loan scheme. The tenure to repay is 5 years. The rate of interest depends upon your credit profile. The banker will explore your details and set them for you.
For More Information Read: Bank of Baroda Mudra Loan Scheme
Hdfc Bank Mudra Loan Interest Rate
The bank offers an interest rate that is competitive in the market. For a mudra loan, the interest rate is 1% per month or 12% annually. The interest rate is given by the bank after checking out your credit history, credit score and complete credit profile of the borrower. Mostly the interest rate lies between 12% to 20% in Hdfc Mudra Loan in India.
Tenure of Mudra Loan from Hdfc
The basic tenure for MUDRA Loan in Hdfc bank as per government guidelines is 5 years. The borrower is supposed to repay the loan amount within 5 years or the decided period that is below 5 years. The payback period never extends more than 5 years for Mudra Loan.
What are the eligibility criteria for Hdfc Mudra Loan
As an entrepreneur, you can get a Mudra loan from Hdfc bank if you are eligible. The entire documentation process should be clear at your end then only the bank gives you a loan.
You can set up a new business if your credit history is right and clear. The bank will surely give you the loan that you demand and start your new venture.
How can I Apply for an Hdfc Mudra loan?
You can go to the Hdfc bank branch that is near or in your city. You can apply for the same online also.
Documents Needed For Mudra Loan Project Report
Mudra Loan has the same processing procedure as other loans in the Hdfc bank. You should have KYC and submit the following documents to the bank as easy as possible to avoid any delay in the transfer of the loan amount.
For Shishu Loan
- Address Proof
- Adhaar Card
- Pan Card
- Passport-sized Photographs 2 to 4.
- Business identity proof and address proof too.
- Bank statement for last 6 months.
- Income statement for last 6 months.
- Details of Business- Complete Mudra Loan Project Report
Kishore And Tarun Loan
- Business Address Proof
- Business Registration Certificate
- Proof of the existence of Business
- 2 years income tax return copy
- 12 months bank statement
- 12 months income statement
- Business Profitability Proof
You will have to submit the complete proposal in the form of the Mudra Loan project Report for whichever business you would like to start.
To write the complete project report you can check out our complete article on Mudra Loan Project Report. Large scale companies usually get proposals from the Hdfc banks to expand their business if they are repaying their debt timely.
If you pay back the instalments on time, you get more opportunities to expand your business and contribute to the economy. The main intention of the Mudra loan was to increase the number of entrepreneurs in the country and achieve economic success nationwide. Thus the applicants should enjoy the benefit of these types of loans and create strong business loan proposals to get immediate financial assistance.
For More information Read: Mudra Loan Scheme Purpose, Features, and Offerings
Frequently asked questions on Can I get Pradhan Mantri Mudra yojana in HDFC bank
Well, the Mudra loans are helpful to get credit from the bank. They are specially set to meet the business type demands of an entrepreneur whereas the personal loans are for every individual in India.
Although the terms and conditions of both these loans are the same. Apart from this, the Mudra loan applicants are required to submit the project report of Mudra Loan for business and a copy of the business plan in the bank. In personal loans, no such formality is there. Thus for businessmen, Mudra loans are preferred.
The HDFC Bank is one of the largest bank in India that provides financial assistance to all the individuals who are eligible for Mudra Loan. Yes, you can get Mudra Loan from Hdfc bank in just a few hours. The tenure for re payment is 5 years and the maximum limit of loan amount is Rs 10, 00,000.
Every Indian who is 18 years at the time of getting the loan and 65 years at the maturity can get the Mudra loan from Hdfc bank. The applicant should be a defaulter in any bank and must have all the required documents that are mandatory to get loan.
The interest rate for Mudra loan varies from bank to bank. The applicant’s cibil score also decides his loan interest and his loan amount too. Usually it is 1% for a month and 12% annually.