HDFC Bank Mudra Loan

HDFC Bank Mudra loan offers financing to eligible business enterprises with minimal documentation and quick approval.

*Note that the HDFC Bank Mudra loan interest rate depends on the type of credit and your business profile among other eligibility parameters.

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:

*Note that the interest rates mentioned above are indicative and might change depending on the type of loan you take and your credit history. 

Additionally, the interest rate on Mudra loans offered by Scheduled Commercial Banks and Regional Rural Banks features a maximum capping of 3.5% on refinancing rate. On the other hand, this capping is kept at 6% for NBFCs.

HDFC Bank offers Mudra loan against easy eligibility parameters. Here are the pointers relating to HDFC Bank Mudra loan eligibility:

• The loan is extended to non-farm business enterprises engaged in manufacturing, trading and other services.

• The credit requirements of such enterprises must be up to Rs.10 Lakhs.

• Prospective enterprises must fall under the MSME sector.

• Business engaged in allied agricultural activities, including fisheries and horticulture, may also apply for this credit

Besides, maintaining a good credit score is also crucial to obtain Mudra loans. This is because your credit score displays your creditworthiness. As a result, with a healthy credit score, you will be able to obtain a high-value loan amount at lower interest rates.

HDFC Bank offers Mudra loan with minimal documentation to fasten the loan application procedure. You can apply online for HDFC Bank Mudra loan by submitting these documents:

• Valid photo identity proof

• Address proof or utility bills

• Latest income tax returns for income proof

• Bank account statement for the previous six months

• Ownership proof of the office

• Continuity of business proof

• Trade references

• Duly filled in Mudra loan application form

Note that the bank may ask you for additional documents if required.

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.

For any queries regarding your HDFC Bank Mudra loan, you can reach out to the bank on 1800 202 6161 or 1860 267 6161.