ICICI Bank is an Indian banking and financial services company that offers a number of banking products and financial services. One such loan product is the ICICI Bank Mudra loan. These loans are offered under the Pradhan Mantri Mudra Yojana (PMMY). The primary objective of these loans is to provide financial assistance of up to ₹10 Lakhs to the non-corporate, non-farm small and micro enterprises.
Here are the key highlights of the ICICI Bank Mudra loan:
Credit Nature |
|
Purpose |
|
Eligible Borrowers |
|
Maximum Loan Amount |
Up to ₹10 lakh, in accordance with the loan category;
|
Repayment Tenure |
12 months to 5 years |
Interest rates |
As per bank policies |
Collateral security |
No collateral will be required. |
*Subject to change at the discretion of the bank.
Here the features of the ICICI Bank Mudra loan:
The ICICI Bank Mudra loan under the Pradhan Mantri Mudra Yojana (PMMY) is an MSME-focused business loan product.
The ICICI Bank Mudra loan is a collateral-free loan product.
All Non-Corporate Small Business Segment (NCSBS) consisting of proprietorship or partnership firms are eligible for the ICICI Bank Mudra loan.
There are three categories of loans offered under the ICICI Bank Mudra loan - SHISHU, KISHOR and TARUN.
Here’s the eligibility criteria for the ICICI Bank Mudra loan:
All Non-Corporate Small Business Segment (NCSBS), can be either proprietorship or partnership firms are eligible to apply for the ICICI Bank Mudra loan.
Under the SHISHU loan, you can avail a collateral-free loan of up to ₹50,000. This scheme is ideal for anyone looking to set up a new unit.
The KISHOR loan offers loans starting from ₹50,001 to ₹5,00,000. This loan is fit for entrepreneurs that already own a business unit and are looking for working capital or term loans.
The TARUN loan is ideal for relatively established businesses and firms. Business owners looking to invest further into their business and take it to new heights can choose the TARUN category as it offers loans of up to ₹10,00,000.
You may visit your nearest ICICI Bank branch to begin your ICICI Bank Mudra loan application process. In addition, you can apply online too.
You can contact the ICICI Bank customer service by calling their toll-free number: 1800 1080.
All Non-Corporate Small Business Segment (NCSBS) consisting of proprietorship or partnership firms are eligible for the ICICI Bank Mudra loan.
No, all Mudra loans are covered by the Credit Guarantee Fund for Micro-Units (CGFMU) and do not require collateral or security.
Yes, when you apply for a Mudra loan with ICICI bank, you would be required to submit your income proof.
Vehicle loans, business loans group and rural business credit do not require ITR you to submit ITR.