MUDRA Loan in HDFC Bank

MUDRA Loan in HDFC Bank

As the government is all set to provide financial assistance to all registered business owners who fall in the category of medium to small holdings, the demand of opening an account in the banks, for availing the benefits of the MUDRA Loan scheme has increased. Among the many financial institutes, which have been given the right to process these loans by the central government, HDFC happens to be one.

HDFC Loan Form For MUDRA Loan

If any business owner is interested in opting for the loan, they will have to fill and submit the application form. If you are interested in the MUDRA scheme, then you will have to log on to the official web page of the HDFC Bank and click the respective link. Clicking on https://www.hdfcbank.com/htdocs/common/pdf/loans_professional_app_form.pdf and get the form downloaded. If the person is opting for the loan under Shishu category, they will have to fill in a one-page application form. As the loan amount under Kishor and Tarun category deal in large amounts, the candidate will have to fill in a 3 page application form as more details will be required.

Interest Rate Range For MUDRA Loan In HDFC

The interest rate of the MUDRA loan, provided by the HDFC bank, will not charge the creditors too much. The central government has not provided any benefits of subsidy but has said that the rate of interest cannot be too high. Thus, HDFC Bank will charge an interest of 12.75% to 20%, depending on the credit amount. The interest amount can be paid on a monthly or a yearly basis.

Processing Fee Range For MUDRA Loan In HDFC

As it has been highlighted in the draft of the MUDRA Loan scheme, the HDFC bank will not charge any processing fee to the creditors. The processing time will depend on the category under which the person is applying. Shishu scheme takes 7 to 10 days for being administered. Kishor or Tarun schemes will take a little longer time to be sanctioned.

Loan Amount For MUDRA Loan In HDFC

Under the MUDRA credit scheme, the selected business owners will be able to apply for three categories of loans. They are as under:

  1. Shishu Scheme – Under this plan, the HDFC bank will provide a sum of Rs. 50000. The candidate will not be allowed any more money under this scheme.
  2. Kishor Scheme – Under this plan, the applicant will be provided a sum that is more than Rs. 50000 but is less than Rs. 5 lakh.
  3. Tarun Scheme – Under this plan, the applicant will be able to place the request for getting an amount that is more than 5 lakhs but is not more than 10 lakhs.

Tenure Range For MUDRA Loan In HDFC

The tenure of repayment of the credit amount is same for all the banks. The central government has fixed the term of repaying the amount at a maximum of 5 years. It is mandatory to clear the amount within this time.

Total number of MUDRA accounts In HDFC Bank

As per the reports of the government and the HDFC bank, around 5,57,41 MUDRA accounts have been successfully opened in the various branches of the HDFC Bank, all over the country. It has helped the bank in doubling its profits within a very short time.

Official Site and Helpline Number for HDFC Bank

If you have any doubts related to the MUDRA loans, then you can get in touch with the bank representatives. They will provide you all kinds of assistance. The helpline numbers of the branches will be different, depending on the area. The interested candidates can also check out the details on the web page of the HDFC bank by clicking on the link www.hdfcbank.com.

Once you get all the relevant information, you will be able to decide which loan scheme will meet your requirements in the best way. The endeavor of the central government along with the assistance of the banks will boost the small business sectors.

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