interest Rates in Mudra Loans

Interest Rates in Mudra Loans

Each banks have a different Interest rate for providing mudra loans. It also depends on the person or business that applies. If you have a good loan history then you will get loan at a better interest rates. If you are new then you will have to struggle a little bit.

SnoMudra Loan BanksInterest Rate
1State Bank of India (SBI)12-24% PA
2State Bank of Mysore (SBM)12-24% PA
3State Bank of Hyderabad (SBH)12-24% PA
4State Bank of Travancore (SBT)12-24% PA
5State Bank of Bikaner & Jaipur (SBBJ)12-24% PA
6State Bank of Patiala (SBP)12-24% PA
7Vijaya Bank12-24% PA
8United Bank of India9.65% to 11.15%
9Union Bank of India9.65% to 11.15%
10UCO Bank12-24% PA
11Syndicate Bank12-24% PA
12Punjab & Sind Bank (PSB)12-24% PA
13Oriental Bank of Commerce (OBC)12-24% PA
14Indian Overseas Bank (IOB)12-24% PA
15Corporation Bank11% to 11.9%
16Central Bank of India (CBI)12-24% PA
17Canara Bank12-24% PA
18Bank of Maharashtra (BOM)9.7% to 11.7%
19Bank of India (BOI)12-24% PA
20Bank of Baroda (BOB)12-24% PA
21Axis Bank12-24% PA
22Andhra Bank9.75% to 11.5%
23Allahabad Bank9.7% to 11.7%
23ICICI Bank12-24% PA

Every country like India which show true potential in its development progress, should give importance to its micro, macro and medium level enterprise’s development. This is want done by the current NDA government by providing financial assistance to the small business sector which doesn’t have corporate links across the nation under PM’s Mudra Yojana.

What is Pradhan Mantri Mudra Yojana?

Well PM’s Mudra Yojana in nothing but the ordinary loan scheme which is specially given to the small or medium scale business across the nation under the “Micro Units Development and Refinance Agency (MUDRA) Bank”.

Under this scheme, the loan amount offered in three different categories by which the business units can avail financial assistances according to their need.

Achievements done under Mudra

With reference to the various economic analysts across the nation, it is noted that the performance of MUDRA in the nation particularly in the rural is amazing and it helped lot of youths to start their businesses.

In fact, as of the FY-2015, it is clearly noted that the loan scheme does help more than 27 Lakh small scale business owners across the nation by providing necessary help in terms of finance. And the banks offered around 240 billion rupees as the loan amount in that financial year under those pre-defined three categories of the MUDRA.

President Appraisal on MUDRA loans

On the eve of budget-2017 submission, India President hails the performance of MUDRA loans in the Indian society as it helps society to build strong entrepreneurship across the nation. Here are the some of the quotes spoken by the India’s first citizen in the parliament house a day before the union budget submission.

  • The President Mr. Mukherjee addressed that the main feature and function of the government policies, plans and schemes is to provide better welfares to the needed people across the state, particularly who are from the weaker society and being poor.
  • He also added that the Indian government will always respect the people’s strength on their unity and confirms that the government actions and move will truly depend upon their unity in order to build the strong infrastructure for the nation’s development.
  • He also mentioned the two schemes Deen Dayal and MUDRA as they are performing better to the people who are in need. So far Rs. 16 crore has been offered to the SHGs and over 2 Lakh Crore given as the loan amount to the small scale business units across the nation. On witnessing these actions, it is clearly understandable that government is about to build the strong basements for its development.

Update for MUDRA Loans in Union Budget 2017

After a shock wave which initiated by the PM Mr. Modi to its fellow citizen in the past November 2016 by implementing the demonetization rule of higher value notes Rs. 500 and Rs.1000, it is expected that this budget 2017 will be more helpful for the normal man in terms of taxation and various other financial benefits.

However, there has been some slight changes in the income tax slab along with several changes in the other form of taxation policies, also the finance minister of India announced several updates to the existing several schemes by allocating higher limits.

Under such announcement, the PM’s MUDRA yojana gets its higher limits to double when compared with the last financial year. By doubling the lending target of MUDRA, the FM added that the government is about to allocate around Rs. 2.5 lakh crore for the upcoming FY 2017 – 2018.

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