Federal Bank Mudra Loan

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Federal Bank Mudra loan features

Federal Bank Mudra Loan 2020
Federal Bank Mudra Loan Amount Max. up to Rs. 10 lakh
Federal Bank Mudra Loan Interest Rate 8.05%
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.

  • Federal Bank PMMY Mudra Loan requires the least desk work and documentation
  • Quick, simple, and bother free endorsements and disbursals

  • There are moderate Interest Rates.

  • The credit is effectively and rapidly available.

  • The PMMY plan will cover the overdraft office reached out to all qualified PMJDY recipients.

Federal Bank Mudra loan Purpose

  • Transport Vehicle: Purchase of transport vehicles for transportation of merchandise and travelers, for example, auto-carts, little products transport vehicles, 3 wheelers, e-carts, taxis, and so forth Farm vehicles/Tractor Trolleys/Power Tillers utilized uniquely for business intentions are likewise qualified for help under PMMY. Bikes utilized for business objects are additionally qualified for inclusion under PMMY.
  • Network, Social and Personal Service Activities: Salons, salons, gym, boutiques, fitting shops, cleaning, cycle, and cruiser fix shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, and so on.
  • Food Products Sector: Papad making, achaar making, jam/jam making, horticultural produce safeguarding at the country level, sweet shops, little help food slows down and everyday cooking/flask administrations, cold chain vehicles, cold stockpiles, ice-production units, frozen yogurt making units, scone, bread and bun making, and so on
  • Textile Products Sector / Activity: Handloom, power loom, khadi movement, chikan work, zari and zardozi work, customary weaving and handwork, conventional coloring and printing, clothing configuration, sewing, cotton ginning, mechanized weaving, sewing, and other material non-piece of clothing items, for example, packs, vehicle embellishments, outfitting adornments, and so forth.

Federal Bank Mudra loan types

Mudra Loans are classifications under three sorts which are referenced beneath with loan sum:

Shishu Yojana

 The loan sum offered is up to Rs 50,000. This scheme is specifically customized for those who need a small capital to set-up their new business. To avail of this loan, the applicants have to present their business ideas.

Kishore Yojana

The loan sum offered is between Rs 50,000 and Rs 5 lakh. To benefit from this loan, the business must fill the loan application and should introduce legitimate business archives to exhibit the business’ present status in the market. 

Tarun Yojana

 The loan sum offered is between Rs 5 lakh and Rs 10 lakh. Small business owners who have a full-fledged running business and need to grow more can pick this classification of Mudra Loan.

About Federal Bank Mudra loan Federal Bank Mudra Loan

Mudra Loan which alludes to Micro Units Development and Refinance Agency Ltd. goes under the Pradhan Mantri Mudra Yojana conspire (PMMY). The PMMY was dispatched in the year 2015 by the Prime Minister of India. Federal Bank is one of the main banks and in this manner, it gladly offers Mudra credits among different administrations.

The advance encourages miniature credit to little scope businesses going from Rs. 50,000 to Rs. 10 lakhs. Federal Bank PMMY Mudra Loan is offered at a low financing cost when contrasted with other private area banks.

Federal Bank Mudra Loan Eligibility Criteria

In order to avail of the Mudra Loan of Federal Bank, the below-mentioned eligibility must be fulfilled

  • The person applying for a mudra loan must be an Indian Citizen above 18 years old
  • Non-farm enterprises shall be eligible if they come under the Micro Enterprises and Small Enterprises segment
  • Agriculture, as well as its allied activities, has been categorized to be eligible to avail of Mudra Loan under PMMY
  • The person applying should be involved in the income-generating activities
  • The activities that the applicant should engage, should be manufacturing, trading, or services
  • The credit needs requiring under eligibility is maximum up to Rs. 10 lakh

The applicant borrowing under Pradhan Mantri Mudra Yojana can be any individual which includes women, partnership firms, proprietorship, limited liability partnerships, or association of persons

Federal Bank Mudra Mudra loan documents required

  • Proof of Identity: Voter’s ID which should be self-certified or driving license, aadhar card or passport
  • Address Proof: Electricity bill, telephone bill, property tax receipt which should not be older than two months
  • Proof of SC/ST/OBC minority, if the applicant falls into that category
  • Applicant should not have defaulted in the repayment to any bank or NBFC
  • Applicant should also provide proof of identity, as well as copies of registration, relevant licenses, and relevant certificates for ownership, identity, and address of the business unit
  • Statement of accounts of the previous 6 months from the existing banker
  • Balance sheets of the previous 2 years with income tax return which is applicable in cases if the amount of loan is 2 Lakh or above as well as projected balance sheet
  • Memorandum as well as Articles of Association of the company or partnership deed of partners, etc.

Federal Bank 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 Federal Bank Mudra Loan?

  1. Visit Dialabank.
  2. Go to the loan section and click on the Mudra loan link.
  3. Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by Federal Bank and fill a user-friendly online application form for Mudra Loan.
  4. One of our relationship managers will soon get in touch with you for further process
  5. For more information and free guidance, you may call on +919878981166.

Federal Bank Mudra Loan Agent and Contact Number

Dialabank is the main specialist for profiting the federal Bank’s Mudra Loan. You can apply online at Dialabank or give a call at +919878981166

Dialabank causes you to locate the most ideal alternative of Banks and NBFCs by furnishing you with an itemized market examination of various banks so you can settle on the correct decision.

Federal Bank Mudra Loan FAQs

✅ What is the interest rate Federal Bank 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 Federal Bank Pradhan Mantri Mudra Yojana scheme?

Presently there are no subsidies available on the PMMY scheme.

✅ Is there any security needed for the Federal Bank 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 Federal Bank Pradhan Mantri Mudra Yojana scheme?

Loans under the PMMY scheme are unsecured; therefore, no form of security is required.