Indian Overseas Bank Mudra Loan features:
|Indian Overseas Bank Mudra Loan 2020|
|Indian Overseas Bank Mudra Loan Amount||Max. up to Rs. 10 lakh|
|Indian Overseas 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|
Indian Overseas Bank 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.
Indian Overseas Bank Mudra Loan types:
Mudra Loans are provided under three categories ranging in different sums of amount loaned:
This category of Mudra Loan is best suited for micro or small business owners. The particular business can apply for up to Rs. 50,000 in the loan amount. 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.
This category of Mudra Loan is best suited for the business owners who have a running business and want to expand it as a more viable enterprise. The particular business can apply from Rs. 50,000 up to Rs. 5 lakhs in the loan amount. To avail of this loan, the business must fill the loan application and should present proper business documents to showcase the business’s current status in the market.
This category of Mudra Loan is best suited for the small business owners who have a full-fledged running business and want to expand more. The particular business can apply for up to Rs. 10 lakhs in the loan amount.
About Indian Overseas Bank Mudra Loan:
Micro Units Development and Refinance Agency (MUDRA) is a Non-Banking Financial Company (NBFC) constructed to engender
and facilitate the Micro-Enterprise Sector. Indian Overseas Bank as one of the prominent lenders for micro and medium enterprises offers MUDRA loans under the GOI scheme. The loan facilitates micro-credit to small scale industries ranging from Rs. 50,000 to Rs. 10 lakhs.
Indian Overseas Bank Mudra loan Eligibility Criteria:
The following business categories are eligible to apply for the Loan:
- Food production sector
- Agricultural activities
- Business vendors and shopkeepers
- Textile industry
- Small manufacturers
- Repairing shops
- Truck owners
- Service sector firms
Indian Overseas Bank Mudra Loan documents required:
The Following document are must and should be presented while applying for the loan:
- 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).
- Quotation Proof: Items to be purchased for business use (if any).
- the license of the enterprise (if any).
Indian Overseas 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 Indian Overseas Bank 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 Indian Overseas Bank 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.
Indian Overseas Bank 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.
Indian Overseas Bank Mudra Loan FAQs
✅ What is the interest rate Indian Overseas 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 Indian Overseas Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Indian Overseas 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 Indian Overseas Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 Indian Overseas Bank Mudra Loan features:
- 2 Indian Overseas Bank Mudra Loan Purpose:
- 3 Indian Overseas Bank Mudra Loan types:
- 4 About Indian Overseas Bank Mudra Loan:
- 5 Indian Overseas Bank Mudra loan Eligibility Criteria:
- 6 Indian Overseas Bank Mudra Loan documents required:
- 7 Indian Overseas Bank Mudra Card
- 8 How to Apply for Indian Overseas Bank Mudra Loan?
- 9 Indian Overseas Bank Mudra Loan Agent and Contact Number
- 10 Indian Overseas Bank Mudra Loan FAQs