Bank of India Mudra Loan Features
|Bank of India Mudra Loan 2020|
|Bank of India Loan Amount||Max. up to Rs. 10 lakh|
|Bank of India Interest Rate||Based on the applicant’s profile|
|Mudra Loan Amount: Shishu scheme||Up to Rs. 50,000|
|Mudra Loan Amount: Kishore scheme||Between Rs. 50,000 and Rs. 5 lakh|
|Mudra Loan Amount: Tarun scheme||Between Rs. 5 lakh and Rs. 10 lakh|
Please Note: The above rates, fees, and charges are subject to change
Bank of India Mudra Loan Purpose
Following is a list of the activities that can be covered under MUDRA loans:
Transport Vehicle: Purchase of transport vehicles for transportation of goods and passengers such as auto-rickshaws, small goods transport vehicles, 3 wheelers, e-rickshaws, taxis, etc. Tractors/Tractor Trolleys/Power Tillers used only for commercial purposes are also eligible for assistance under PMMY. Two Wheelers used for commercial purposes are also eligible for coverage under PMMY.
Community, Social & Personal Service Activities: Salons, beauty parlors, gymnasium, boutiques, tailoring shops, dry cleaning, cycle, and motorcycle repair shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, etc.
Food Products Sector: Papad making, achaar making, jam/jelly making, agricultural produce preservation at the rural level, sweet shops, small service food stalls and day to day catering/canteen services, cold chain vehicles, cold storages, ice-making units, ice cream making units, biscuit, bread and bun making, etc.
Textile Products Sector / Activity: Handloom, power loom, khadi activity, chikan work, zari and zardozi work, traditional embroidery and handwork, traditional dyeing and printing, apparel design, knitting, cotton ginning, computerized embroidery, stitching, and other textile non-garment products such as bags, vehicle accessories, furnishing accessories, etc.
Business loans for Traders and Shopkeepers: Financial support for on lending to individuals for running their shops/trading & business activities/service enterprises and non-farm income-generating activities with a beneficiary loan size of up to 10 lakh per enterprise/borrower.
Equipment Finance Scheme for Micro Units: Beneficiary loan size of up to 10 lakh.
Activities allied to agriculture: Pisciculture, beekeeping, poultry, livestock-rearing, grading, sorting, aggregation agro industries, diary, fishery, agri-clinics, and agribusiness centers, food & agro-processing, etc.
Bank of India Mudra Loan Types
This is for those who are at the starting stage of the establishment of their business or startups here the loan amount is up to rs 50000.
For those who have to expand or make certain changes to business here the loan amount is up to Rs 50,000 up to Rs. 5 lakhs. This can help in building, stocks, etc.
For small business owners who want to expand their business so the amount for this loan is up to Rs 10 lakh.
Please Note: Applicants do not require to submit any collateral or third-party security.
About Bank of India Mudra Loan
Mudra loan is something about small scale units development and put money at hand for payment again. The PMMY was got started in 2015 by the prime minister of India. Bank of India is one of the leading banks and thus it happily offers Mudra loans among other supports.
This is a type of loan for financial help of small scale industries, they can get from Rs 50,000 to Rs. 10 lakhs. Bank of India offered a very low-interest rate in comparison to other banks.
Bank of India PMMY Mudra Loan helps individuals and micro-enterprises to cover up the following expenses:
- Setting up a new business
- Business expansion
- Purchasing a new plant & machinery
- Working capital for business
- Purchasing business equipment or commercial vehicles
- Training or hiring new staffs
Bank of India Mudra Loan Eligibility Criteria
Bank of India Mudra Loan is offered to wide business segments and everybody who are:
- Start-up business owners
- Small Industrialists
- Business vendors
- Individuals involved with agriculture
Bank of India Mudra Loan Documents Required
The applicants who clear all the eligibility criteria can proceed with the documentation process. The applicant will need the following documents:
- Identity Proof: Aadhaar Card, Passport, Voter I-Card, Driving License, etc, and 2 Passport-sized photographs of the applicant (must).
- Residential Proof: Aadhaar Card, Passport, Bank statements, telephone or electricity bill, or Address of the enterprise (if any).
- Income Proof: Latest ITR documents, Last 6 months’ bank statement.
- Quotation Proof: Items to be purchased for business use (if any).
- the license of the enterprise (if any).
Bank of India Mudra Card
A Mudra card is a debit card that is issued against the loan taken under the PMMY account.
MUDRA Card can be used in multiple withdrawals and credits to manage the working capital limit in a cost-efficient manner at the same time keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country for withdrawal of cash from any ATM/micro ATM and also make payment through any ‘Point of Sale’ machines.
How to Apply for Bank of India Mudra Loan?
- Visit Dialabank.
- Go to the loan section and click on the Mudra loan link.
- Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by Bank of India and fill a user-friendly online application form for Mudra Loan.
- One of our relationship managers will soon get in touch with you for further process
- For more information and free guidance, you may call on +919878981166.
Bank of India PMMY Mudra Loan Agent and Contact Number
Dialabank helps you to find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
Bank of India Mudra Loan FAQs
✅ What is the interest rate Bank of India Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme is 8.05% and but also vary on the credit history of the borrower.
✅ Is there any subsidy for the Bank of India Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Bank of India Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured in nature; thus, the borrower does not need to keep anything as collateral or security with the lender.
✅ Is a guarantor required for the Bank of India Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 Bank of India Mudra Loan Features
- 2 Bank of India Mudra Loan Purpose
- 3 About Bank of India Mudra Loan
- 4 Bank of India Mudra Loan Eligibility Criteria
- 5 Bank of India Mudra Loan Documents Required
- 6 Bank of India Mudra Card
- 7 How to Apply for Bank of India Mudra Loan?
- 8 Bank of India PMMY Mudra Loan Agent and Contact Number
- 9 Bank of India Mudra Loan FAQs