Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Mudra loan is a funding scheme initiated by the Government of India in 2015 under Pradhan Mantri Mudra Yojana (PMMY). Micro Units Development and Refinance Agency (MUDRA) loans can be availed by individuals, retailers, manufacturers, MSMEs engaged in income-generating activities and serving manufacturing, trading, and services sectors. It can be used to start a new business, meet daily business needs, for business expansion purposes and much more. Find below the usage of business loan EMI calculator for Mudra loan along with interest rates, etc.
MUDRA Loan EMI Calculator
Mudra loan EMI calculator is the same online tool that is also used to calculate EMIs for business loans. The primary purpose is to calculate the EMIs for the amount to be borrowed under Mudra loan schemes named as Shishu, Kishor and Tarun.
Mudra loan EMI calculator is used to calculate the loan EMIs that the applicant is planning to pay against the loan amount. To get instant results, applicants need to fill in the three basic loan details, such as loan amount, interest rate and repayment tenure. The loan amount and interest rate offered shall vary from bank to bank and depend on the applicant’s profile and business requirements. Business loan EMI calculator can also be accessed by visiting paisabazaar.com for checking EMIs offered by banks under Mudra Yojana.
Business Loan EMI Calculator for Mudra Loan
The EMI calculation process remains the same, even if the applicants want to check their loan EMIs under Mudra Yojana. The only difference is that the loan amount to be entered cannot exceed Rs. 10 lakh and the maximum repayment tenure should be less than 5 years. Rest, by entering the offered interest rate by the bank, applicants can get instant EMI information for their Mudra loan. However, the exact EMI for the desired loan shall be defined by the respective bank or lender.
Current MUDRA Loan Interest Rates
| Banks/NBFCs | Interest Rate (p.a.) |
| PNB | 6.65% – 7.9% |
| UCO Bank | 7.45% onwards |
| Union Bank of India | 7.65% – 8.9% |
| Ziploan | 8% onwards |
| PSB Loans in 59 minutes | 8.50% onwards |
| Punjab National Bank | 9.60% onwards |
| Saraswat Bank | 11.65% onwards |
| City Union Bank | 12% – 12.5% |
| Lendingkart Finance | 1% per month onwards |
| Flexiloans | 1% per month onwards |
| SMFG India Credit | 1% – 20% |
About Mudra Yojana under PMMY
Mudra Loan under Pradhan Mantri Mudra Yojana (PMMY) is a loan scheme offered by banks in which the applicant can avail the maximum loan amount up to Rs. 10 lakh along with the maximum repayment period from 12 months to 5 years. There is no collateral/security to be submitted with the banks and the processing fee is also Nil.
Mudra loan is classified into three loan schemes named as ‘Shishu’, ‘Kishor’ and ‘Tarun’. Under the Shishu scheme the applicant can take loan up to Rs. 50,000 for starting a new business, whereas in the Kishor scheme the maximum loan amount is offered up to Rs. 5 lakh. Existing and established enterprises or businesses can take loan up to Rs. 10 lakh under the Tarun loan scheme for business expansion purposes.