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| ICICI Bank Mudra Loan Highlights | |
| Interest Rate | As per the applicant’s credit profile |
| Loan Amount | Shishu Mudra Loan- Up to Rs 50,000
Kishore Mudra Loan- Above Rs 50,000 to Rs 5 lakh Tarun Mudra Loan- Above Rs 5 lakh to Rs 10 lakh (Up to Rs 20 lakhs as proposed in Budget 2024) |
Rates as of 17th October 2024
Features of ICICI Bank Mudra Loans
Purpose: ICICI Bank offers Pradhan Mantri Mudra Loans to finance non-farm sector income generating activities of micro and small enterprises that require loans below Rs 10 lakh.
Mudra loans can also be availed for the following purposes:
- Vehicle Loan: For purchase of commercial vehicles, cars, two-wheelers
- Business Installment Loan (BIL): For financing working capital requirements, office renovation, purchasing plant and machinery
- Business Loans Group Loans (BLG) and Rural Business Credit (RBC): Drop Line Overdraft/Working Capital Loans/Overdraft facility
Loan Amount:
- Shishu- Up to Rs 50,000
- Kishore- Above Rs 50,000- Rs 5 lakh
- Tarun- Above Rs 5 lakh- Rs 10 lakh (Up to Rs 20 lakhs as proposed in Budget 2024)
Margin: NIL
Eligibility Criteria for ICICI Bank Mudra Loan
ICICI Bank offers Mudra Loans to all Non-Corporate Small Business Segment (NCSBS) comprising of proprietorship or partnership firms running as small manufacturing units, shopkeepers, machine operators, fruits/vegetable vendors, truck operators, food-service units, service sector units, repair shops, small industries, food processors and others in rural and urban areas.
Documents Required for availing ICICI Bank Mudra Loan
For Vehicle Loans:
- Photo ID proof
- Address Proof
- Income Proof
- 2 coloured photographs passport size
- Mudra application form
- Application form for vehicle loan
- Bank statement for last 6 months
For Business Installment Loan:
- Photo ID Proof
- Address Proof
- Establishment Proof
- Mudra application form
- Application form for Business Installment Loan
- Bank statement for last 6 months
- Residence/office ownership proof
- ITR for 2 years
- Qualification proof
- Business continuity proof
- Trade references
- Financials certified by CA
For BLG (Business Loans Group Loans) and RBC (Rural Business Credit):
- Photo ID Proof
- Age Proof
- Address Proof
- Mudra application form
- Application form for BLG and RBC
- Bank statement for last 1 year
- ITR for last 2 years
- Business vintage proof