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Bank of India Mudra Loan Highlights
| Facility | Term Loan, Working Capital |
| Interest Rates | As prescribed by the Bank |
| Loan Amount | For the Shishu Mudra loan category – Up to Rs 50,000 For the Kishore Mudra loan category – Above Rs 50,000 to Rs 5 lakhs For the Tarun Mudra loan category – Above Rs 5 lakhs to Rs 10 lakhs(Up to Rs 20 lakhs under Tarun Plus category as per Budget announcement and Official Gazette, 24 October 2024) |
| Tenure | 3 years for Demand Loan |
| 7 years for Term Loan (including moratorium period) | |
| Processing Fees | As prescribed by the Bank |
Updated as of 7 March 2025
Interest Rates of Bank of India Mudra Loan
Bank of India has not disclosed the interest rates of Mudra loans for micro business enterprises and businesses engaged in allied agriculture activities.
Features of Bank of India Mudra Loan
Purpose
Eligible micro-entrepreneurs can avail Mudra loans for setting up new enterprises or upgrading existing micro business enterprises engaged in the manufacturing, trading, processing, and service sectors and carrying out activities in specified allied agriculture sector
Loan Amount
Bank of India offers Mudra loans for up to Rs 10 lakhs. As per the Budget announcement and the Official Gazette dated 24 October 2024, a new loan category, Tarun Plus, has been introduced, offering loans ranging from above Rs 10 lakhs to Rs 20 lakhs. The loan is provided to those individuals who have previously availed and successfully repaid loans under the Tarun category.
Security
Primary
- Asset created out by 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 the Mudra loan. Applicants can visit the 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 the Bank of India branch or can give a missed call at 8010968334 for the same. Applicants can also send a text message – ‘SME’ to 7669021290.