ICICI Bank Mudra Loan - Check Interest, Eligibility Criteria & How to Apply

Learn More about ICICI Bank Mudra Loan, How to Apply, Eligibility, Documents Required, Eligibility Criteria.

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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.

ICICI Bank Mudra Loan Highlights

Here are the key highlights of the ICICI Bank Mudra loan:

Credit Nature	Working capital Term loan
Purpose	Vehicle Loans Business Instalment Loan (BIL) Business Loans Group Loans (BLG) and Rural Business Credit (RBC)
Eligible Borrowers	Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms
Maximum Loan Amount	Up to ₹10 lakh, in accordance with the loan category; SHISHU - Loans of up to ₹50,000 KISHORE - Loans starting from ₹50,001 to ₹500,000 TARUN - Loans starting from ₹500,001 to ₹10,00,000
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.

ICICI Bank Mudra Loan Features

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.

ICICI Bank Mudra Loan Interest Rates

Loan Categories	Interest Rates
SHISHU	As per bank’s policies
KISHORE
TARUN

ICICI Bank Mudra Loan Eligibility Criteria

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.

Documents Required for ICICI Bank Mudra Loan

Here are the documents required in order to apply for the ICICI Bank Mudra loan:

1. Vehicle Loans

Application form for Mudra loan
Application form for vehicle loan
Address proof

Two passport-sized colour photographs
Bank statement (for the past six months)
Income proof

2. Business Instalment Loan

Application form for Mudra loan
Establishment proof
Photograph identity proof
BIL application form
Bank statement (for the past 6 months)
Address proof
ITR (for 2 years)
Proof of continuity of business
Ownership proof of residence/office
Trade references
Financials certified by CA
Qualification proof

3. Business Loans Group And Rural Business Credit

Application form for Mudra loan
Address proof
BIL/RBC application form
Photograph identity proof
Age proof
Business vintage proof
Income tax return (for the past 2 years)
Bank statement (for the past 12 months)
Ownership proof of residence/office

1. SHISHU 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.

2. KISHOR Loan

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.

3. TARUN Loan

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.

How to Apply for ICICI Bank Mudra Loan

You may visit your nearest ICICI Bank branch to begin your ICICI Bank Mudra loan application process. In addition, you can apply online too.

ICICI Bank Customer Care

You can contact the ICICI Bank customer service by calling their toll-free number: 1800 1080.

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