Indusind Bank Mudra Loan Features
|Indusind Bank Mudra Loan 2020|
|Indusind Bank Mudra Loan Amount||Max. up to Rs. 10 lakh|
|Indusind 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
- Indusind Bank Mudra Loan requires minimum paperwork and documentation
- Fast, easy, and hassle-free approvals and disbursals
- The main aim of Mudra Loan is for the stage of growth/development and funding needs of the micro-units and business owners.
Indusind 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.
Indusind Bank Mudra Loan Types
Mudra Loans are classifications under three sorts which are referenced beneath with loan sum:
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.
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.
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 Indusind Bank Mudra Loan
Mudra Loan which refers to Micro Units Development and Refinance Agency Ltd. comes under the Pradhan Mantri Mudra Yojana scheme (PMMY). The PMMY was launched in the year 2015 by the Prime Minister of India. Indusind Bank is one of the leading banks and thus it proudly offers Mudra loans among other services.
The loan facilitates micro-credit to small scale industries ranging from Rs. 50,000 to Rs. 10 lakhs. Indusind Bank PMMY Mudra Loan is offered at a very low-interest rate when compared to other private sector banks.
Indusind Bank Mudra Loan Eligibility Criteria
Mudra Loan Eligibility in Indusind Bank is mentioned below in full detail
- The applicant must be an Indian Citizen, above 18 years old.
- All non-farm enterprises under Micro Enterprises and Small Enterprises segment
- Now allied agriculture activities have also been included under the PMMY scheme w.e.f. 01.04.2016
- The applicant should be engaged in income-generating activities
- The applicant should be engaged in manufacturing, trading, and services
- The applicant should have credit needs up to Rs.10.00 lakhs
- The borrowers must be any of the following lists:
- Any individual including women
- Partnership firms
- Association of Persons (AOP)
- Limited Liability Partnership (LLP)
Indusind Bank Mudra Mudra loan documents required
Mudra Loan Documents Required in Indusind Bank are mentioned below in full detail.
- Proof of Identity: Self-certified copy of Voter’s ID card / Driving License / PAN Card / Aadhar Card/Passport.
- Proof of Address: Recent telephone bill, electricity bill, a property tax receipt (not older than 2 months), Voter’s ID card, Aadhar Card & Passport of Proprietor/Partners/Directors.
- Proof of SC/ST/OBC/Minority.
- Proof of Identity/ Address of the Business Enterprise: Copies of relevant licenses/registration certificates/other documents pertaining to the ownership, identity, and address of the business unit.
- Applicants should not be a defaulter in any Bank/Financial institution.
- Statement of accounts (for the last six months), from the existing banker, if any.
- Last two years balance sheets of the units along with income tax/sales tax return etc. (Applicable for all cases from Rs.2 Lacs and above).
- Projected balance sheets for one year in case of working capital limits and for the period of the loan in case of term loan (Applicable for all cases from Rs.2 Lacs and above).
- Sales achieved during the current financial year up to the date of submission of application.
- Project report (for the proposed project) containing details of technical & economic viability.
- Memorandum and articles of association of the company/Partnership Deed of Partners etc.
- In absence of third-party guarantee, Asset & Liability statement from the borrower including Directors & Partners may be sought to know the net-worth.
- Photos (two copies) of Proprietor/ Partners/ Directors.
Indusind 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 Indusind 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 Indusind 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.
Indusind Bank Mudra Loan Agent and Contact Number
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.
Indusind Bank Mudra Loan FAQs
✅ What is the interest rate Indusind 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 Indusind Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Indusind 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 Indusind Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 Indusind Bank Mudra Loan Features
- 2 Indusind Bank Mudra Loan Purpose
- 3 Indusind Bank Mudra Loan Types
- 4 About Indusind Bank Mudra Loan
- 5 Indusind Bank Mudra Loan Eligibility Criteria
- 6 Indusind Bank Mudra Mudra loan documents required
- 7 Indusind Bank Mudra Card
- 8 How to Apply for Indusind Bank Mudra Loan?
- 9 Indusind Bank Mudra Loan Agent and Contact Number
- 10 Indusind Bank Mudra Loan FAQs