Learn More about Central Bank of India Mudra Loan, How to Apply, Eligibility, Documents Required, Eligibility Criteria.
If you are running a non-corporate micro or small business, you can apply for MUDRA loan through the Central Bank of India. Central Bank of India MUDRA Loan extends a credit for up to Rs. 10 Lakhs at a flexible tenure between 3 and 5 years.
Here is a quick overview of the basic details of Central Bank of India MUDRA Loan:
Credit Nature |
|
Purpose |
|
Eligible Borrowers |
Owners of small non-corporate businesses |
Loan Amount |
Starting from Rs. 50,000 to Rs. 10 Lakhs; varies according to different MUDRA interventions:
|
Repayment Period |
3 to 5 years |
Processing Fees |
|
Interest Rate |
MCLR-based interest rate 10.00% onwards |
Disclaimer: The MUDRA loan is a financial product of the Central Bank of India, wherein, Bajaj Markets intends to help customers know about it in detail. Details like the interest rate, processing fees, credit limit, etc., are subject to change. Visit the website of the Central Bank of India for more details.
You can get this MUDRA loan from Central Bank of India by meeting the easy eligibility standards as mentioned below:
Should be the owner of small businesses like fruit and vegetable shops, food-service units, machine operators, repair shops, food processing units, etc.
Retailers, traders, artisans, manufacturers, and small vendors can also get the credit facility.
Must have a sound business plan with the potential to generate profit.
You need to stay prepared with photocopies of the following documents for the Central Bank of India MUDRA Loan:
Identification Proofs: Passport, driving licence, Aadhar card, voter id, etc.
Residential Proof: Gas bill, power bill, water bill, driving licence, Aadhar card, voter ID, etc.
Business Documents: GST registration certificate, income tax returns, balance sheet, profit and loss account, rental agreement, etc.
Bank account statements for the last 6 months
Photocopies of the loan applicant
You can easily apply for this loan by following the steps mentioned below:
Step 1: Visit the Udyamimitra portal and create your user account on the platform.
Step 2: Log in to the portal and fill in the MUDRA loan application form.
Step 3: Choose the nearest branch of the Central Bank of India as your lending institution.
Step 4: Visit the selected branch for the manual submission of your MUDRA loan application form and the necessary documents.
After completing these steps, you will have to wait for the approval of your loan requests. Then, you will receive the sanction letter for your loan.
For any of your assistance regarding the Central Bank of India MUDRA Loan, you can contact the lending institutions via:
- Toll-Free Contact Number: 1800 202 1911/1800 203 1911
FAQs for Central Bank of India MUDRA Loan
What is the interest rate for the Central Bank of India PM MUDRA Loan?
The interest rate on the Central Bank of India MUDRA loan starts from 10% per annum. This rate varies across the different interventions like Shishu, Kishor and Tarun.
Is there any subsidy for the Central Bank of India MUDRA Loan?
Subsidy is not applicable for the Central Bank of India MUDRA loan. However, if your loan is linked with any government scheme allowing subsidy, you may be able to leverage that to decrease your cost of borrowing.
Is there any security needed for the Central Bank of India PM MUDRA Loan Yojana?
The Central Bank of India MUDRA loan is a collateral-free credit facility. You do not need to mortgage any of your assets as a security against the loan.
Is a guarantor required for the Central Bank of India PM MUDRA Loan Scheme?
Guarantor is not necessary for this MUDRA loan. You can be eligible for the credit facility as long as you meet the required criteria.
Is the Central Bank of India MUDRA Loan available for rural customers?
The MUDRA loan is available for both rural and urban business owners. Beneficiaries just need to ensure that they meet the eligibility criteria for this credit facility properly.
Can my MUDRA loan application form be rejected from the end of the Central Bank of India?
If you meet the eligibility criteria for the MUDRA loan and you fill in the application form correctly, the chances of getting a rejection on your credit request are negligible. Further, since you give no collateral, you need to provide the necessary documents substantiating the growth aspect of your business.
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