Indian Bank Mudra Loan

Rates as of 17th October 2024

Types of Indian Bank Mudra Loan

Indian Bank Online Shishu Mudra Loan

Purpose: Indian Bank offers instant MSME Loans with Online Shishu Mudra Loan for any bonafide purpose including new business such as manufacturing, trading and service activities. The loan is offered to its select existing customers pre-selected on the basis of age, transaction history, credit score, etc.

Interest Rate: 10.90% p.a.

Loan Amount: Rs 10,000 to Rs 50,000

Tenure: Up to 5 years

Margin: NIL

Indian Bank Weaver Mudra Loan

Purpose: Indian Bank offers Weaver Mudra Loans to individual handloom weavers, Joint Liability groups, Self-help groups, handloom organizations, handloom producer companies, etc.

Loan Amount:

• Loan up to Rs 1 crore lakh (loan amount of up to Rs 10 lakh are eligible for concessions offered through the Mudra Scheme)

Margin:

• Up to Rs 50,000- NIL
• Above Rs 50,000 to Rs 5 lakh- 10%
• Above Rs 5 lakh to Rs 10 lakh- 15%
• Concessional Credit- As per MSME credit policy

Margin Money Assistance:

• Individual handloom weaver/Weaver entrepreneur- 20% of loan amount subject to maximum Rs 25,000.
• Handloom organization- 20% of loan amount, subject to maximum Rs 20 lakh (margin money of Rs 2 lakh for every 100 weaver/worker)

Interest Subvention: Subsidized loans at concessional interest rates of 6% are offered for 3 years from the date of loan disbursal. The difference between concessional interest rate (6%) and charged interest rate is eligible for interest subvention subject to maximum interest cap of 7%.

Credit Guarantee Fee Refund: The government of India will refund the Credit Guarantee fee paid on the disbursed amount for a period of 3 years.

Tenure:

• For Term Loan- Up to 3 years
• For Working Capital- Renewed on annual basis as per the extant guidelines

Security:

• Hypothecation of assets such as raw materials, book debts, plant and machineries, finished goods, equipment, etc.
• CGTMSE coverage is mandatory in case of Weaver Mudra and Concessional Credit.

Eligibility Criteria for Indian Bank Mudra Loan

For Indian Bank Online Shishu Mudra Loan

• Individuals other than staff and government salaried and proprietorship firms are eligible for Online Shishu Mudra Loan.
• The individual and proprietor should be between 18 to 60 years of age.
• Applicant should be the customer of the bank for atleast 12 months.
• The status of the business account (savings bank/current account) should be open and the applicant should be operating the account singly.
• The account of the customer should be C-KYC/E-KYC complied.
• The CIF should not have another business loan from Indian Bank on the date of application.
• The status of the asset should be “NOT NPA” currently or in the past 2 years.

For Indian Bank Weaver Mudra Loan

Individual handloom weavers, weaver entrepreneurs, Joint Liability Groups, Self-help groups, handloom producer companies, handloom organizations such as Primary Handloom Weavers’ Cooperative Societies, State Handloom Corporations, Apex Handloom Weavers’ Cooperative Societies, etc. are eligible for availing Indian Bank Weaver Mudra Loan.

Documents Required for Availing Indian Bank Mudra Loan

For Indian Bank Online Shishu Mudra Loan

• PAN Card
• Aadhar Card
• Valid email-Id
• Udyam Registration Certificate
• Mobile linked that is active and is linked to the savings bank or current account, Aadhar card and Udyam Registration Certificate

For Indian Bank Weaver Mudra Loan

• Yarn Passbook
• Pehchan card issued by O/o DC (Handlooms)
• ID card issued by the State Government
• Handloom organization- Registration certificate, P&L account, name of the weavers registered with the organization, balance sheet, etc.