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IndusInd bank is a provider of banking products and services that also provides Mudra loans to its customers. The Pradhan Mantri Mudra Yojana (PMMY) is an initiative to provide funding for the growth and development of backward or under privileged classes of the society. The people covered under this scheme can take a Mudra loan maximum up to Rs. 10 lakh for setting up of a new business or business expansion or betterment of their existing businesses.
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Types of Mudra Loan offered by IndusInd Bank
With this you will get to know about various types of Mudra loans offered by IndusInd bank to Small and Medium Enterprises (SMEs):
- Shishu loan: Under this scheme the business owners can apply for loan with maximum amount of Rs.50,000. The loan is particularly focused on those individuals who want to start there venture
- Kishor loan: This loan focuses on people who are entitled to receive a maximum of Rs. 5 lakh. This is loan is usually given to those people who have started their venture into the business field. This loan will help the individual in expanding the business. The amount ranging from Rs. 50000 to Rs. 5 lakh will be granted under this scheme
- Tarun loan: This loan is focused onto those businessmen who have a small well established medium size business. Before the sanction of the loan the applicant must meet some eligibility criteria. If the criteria’s are met then the applicant can apply for a loan up to Rs.10 lakh
How to Apply for Mudra Loan offered by IndusInd Bank?
According to the loans available from the IndusInd Bank, the business owners can apply for any loan may it be Shishu loan, Kishor loan or Tarun loan. To get Mudra loan the candidate has to submit some documents and clear the eligibility criteria. Once the candidate has completed the requirement, they will be required to fill the form of their choice and submit it online or by visiting the nearest bank branch. The loan application forms can be either collected from any branch of IndusInd bank or can be downloaded from the bank’s official website.
Download: Pradhan Mantri MUDRA Yojana Application Form in PDF Format
Documents required for Loan Application
The following segment will give you an idea about the various documents required by the bank for getting the loan sanctioned. The list of documents required for the Shishu, Tarun or Kishor loan are as follows:
- Duly filled application form with 2 passport-sized photographs
- Self-drafted Business Plan
- Identity proof- Aadhaar card, PAN card, voter’s ID, passport
- Address proof- Aadhaar card, PAN card, passport, bank statement, agreement of rent, etc.
- Business proof- PAN card, sales tax, service tax, registration documents, a copy of partnership deed, registration certificate by RBI, SEBI, etc.
- Copy of last 2 years income tax returns
- Project reports
- Last 6 months bank statement
- Business address, vintage and establishment proofs
Depending on your business loan type and credit profile, you might be required to submit additional documents.
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Repayment Tenure and EMIs of the Mudra loan from IndusInd Bank
The loan will be provided to the applicant for a maximum period of 5 years. During this time the candidate has to pay to instalments in the bank. As the rate of interest is low the applicant might not find it difficult to pay the instalment amount. Thus they will be able to proceed on the path of development, without worrying about the finances. The EMIs structure of the normal business loans depends on the tenure of the loan and the amount of loan. The longer the term the smaller will be the instalments, as there is no variation in the tenure of IndusInd Mudra loan so the instalments are fixed.
FAQs
Q. What is the interest charged on IndusInd Bank Mudra Loan?
Ans. The interest rate offered by IndusInd Bank for Mudra loan varies from case to case and depends on applicant’s profile and business requirements.
Q. What is the minimum and maximum tenure of mudra loan in IndusInd Bank?
Ans. The maximum repayment tenure offered by the bank under Mudra loan is up to 5 years.
Q. How much Mudra loan amount can I borrow from IndusInd Bank?
Ans. The minimum loan amount to borrow has no limit and the maximum loan amount offered is up to Rs. 10 lakh.
Q. What is the processing fee charged by IndusInd Bank on Mudra Loan?
Ans. Nil, the processing fee is charged by IndusInd Bank on Mudra loan.