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Oriental Bank of Commerce Mudra Loan Features
|Oriental Bank of Commerce Mudra Loan 2020|
|Oriental Bank of Commerce Loan Amount||Max. up to Rs. 10 lakh|
|Oriental Bank of Commerce 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.
- Easy and hurdle free loan
- Basically for new business and startups, to expand their business.
Oriental Bank of Commerce Mudra Loan Purpose
Following is a list of the activities that can be covered under MUDRA loans:
Transport Vehicle: Purchase of transport vehicles to transport 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 parlours, 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 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 centres, food & agro-processing, etc.
Oriental Bank of Commerce Mudra Loan Types
There are 3 types of ICICI bank mudra loans –
This is for those at the starting stage of establishing their business or startups here the loan amount is up to rs 50000.
For those who have to expand or make certain business changes, the loan amount is up to Rs 50,000 up to Rs. 5 lakhs. This can help in building, stocks, etc.
For smalSmalls owners who want to expand their business, 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 Oriental Bank of Commerce 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. Oriental Bank of Commerce is one of the leading banks, and thus it happily offers Mudra loans among other supports.
This is a type of loan for small scale industries; they can get from Rs 50,000 to Rs. 10 lakhs. Oriental Bank of Commerce offered a very low-interest rate in comparison to other banks. Oriental Bank of Commerce 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
Oriental Bank of Commerce Mudra Loan Eligibility Criteria
Oriental Bank of Commerce Mudra Loan is offered to wide business segments and everybody who are:
- Start-up business owners
- Small Industrialists
- Business vendors
- Individuals involved with agriculture
Oriental Bank of Commerce 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).
Oriental Bank of Commerce 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 while keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country to withdraw cash from any ATM/micro ATM and make payment through any ‘Point of Sale’ machines.
How to Apply for Oriental Bank of Commerce 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 Oriental Bank of Commerce 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.
Oriental Bank of Commerce Mudra Loan Agent and Contact Number
Dialabank helps you find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks to make the right choice.
Oriental Bank of Commerce Mudra Loan FAQs
✅ What is the interest rate Oriental Bank of Commerce Bank Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme are 8.05% and vary on the borrower’s credit history.
✅ Is there any subsidy for the Oriental Bank of Commerce Bank Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Oriental Bank of Commerce 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 Oriental Bank of Commerce Bank Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 Oriental Bank of Commerce Mudra Loan Features
- 2 Oriental Bank of Commerce Mudra Loan Purpose
- 3 About Oriental Bank of Commerce Mudra Loan
- 4 Oriental Bank of Commerce Mudra Loan Eligibility Criteria
- 5 Oriental Bank of Commerce Mudra Loan Documents Required
- 6 Oriental Bank of Commerce Mudra Card
- 7 How to Apply for Oriental Bank of Commerce Mudra Loan?
- 8 Oriental Bank of Commerce Mudra Loan Agent and Contact Number
- 9 Oriental Bank of Commerce Mudra Loan FAQs