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Bank of India MUDRA Loan Highlights
| Facility | Term Loan, Working Capital |
| Interest Rates | As prescribed by the Bank |
| Loan Amount | Up to Rs 10 lakhs (Up to Rs 20 lakhs proposed in Budget) |
| Tenure | 3 years for Demand Loan |
| 7 years for Term Loan (including moratorium period) | |
| Processing Fees | As prescribed by the Bank |
Updated as of 20 November 2024
Interest Rates of Bank of India MUDRA Loan
Bank of India has not disclosed the interest rates of MUDRA loan for micro business enterprises and business engaged in allied agriculture activities.
Features of Bank of India MUDRA Loan
Purpose
Eligible micro entrepreneurs can avail MUDRA loan for setting up of new enterprise or upgrading existing micro business enterprises engaged in the manufacturing, trading, processing, and service sector and carrying out activities in specified allied agriculture sector
Loan Amount
Bank of India offers MUDRA loan for up to Rs 10 lakhs. Budget 2024 has proposed to increase the Mudra loan limit to Rs 20 lakh for entrepreneurs who have repaid previous loans under the ‘Tarun’ category.
Security
Primary
- Asset created out by Union Bank of India finance
- Personal guarantee of directors or promoters
Collateral: Nil
Margin
| Loan Amount | Margin |
| Up to Rs 50,000 | NIL |
| Above Rs 50,000 | 15% |
Fees & Charges of Bank of India MUDRA Loan
Bank of India has not disclosed the fees and charges of MUDRA loan. Applicants can visit branch for more details.
Eligibility Criteria for Bank of India MUDRA Loan
MUDRA Loan is offered to the following individuals:
- Women,
- Proprietary concern,
- Partnership firm,
- Private limited company, or any other entity
Documents Required for availing Bank of India MUDRA Loan
Bank of India has not explicitly mentioned the documents required for availing MUDRA loan. Prospective borrowers can visit Bank of India branch or can give a missed call on 8010968334 for the same. Applicants can also send a text message – ‘SME’ to 7669021290.