Pradhan Mantri Mudra Loan in ICICI Bank

Pradhan Mantri Mudra Loan yojana  in ICICI Bank

Micro Units Development & Refinance Agency Ltd or MUDRA is a gift to the owners of the small and medium businesses from the BJP government. Under this credit scheme, the owners of the specified category of business owners will be able to apply for loan for developing their business. The government of India has selected near about 28 banks, which will provide the credit facility to the interested candidates. ICICI bank of is of those selected banks.

Features of ICICI Mudra Loan

  1. Types of loans: Keeping in line with the guideline of the government, the ICICI bank will also provide three kinds of loans to the interested and selected candidates. These three loans are as under:
  2. Shishu Loan Scheme: If a business owner opts for credit under this category, they will be provided with a loan amount of Rs. 50000.
  3. Kishore Loan Scheme: In case the monetary requirements of the business owners are more than that, they can apply for the Kishore scheme. Under this category, they will be provided with a sum that is more than 50000 but cannot exceed a sum of 5 lakhs.
  4. Tarun Loan Scheme: This is the last category of loan that will be provided by the bank. Under this, the creditor will be provided with an amount that is more than 5 lakhs but must not exceed the amount of 10 lakhs.
  5. Repayment tenure: This has also been specified by the central government. According to the guidelines, all the creditors will have to repay the amount within a span of 5 years. This is applicable to all categories of loans.


According to the guideline of the loan and the rules laid down by the ICICI bank, interested candidates will be able to apply for the MUDRA loan if they fulfill the following requirements:

  1. The person applying for the credit should be of the legal age and must be associated with a small or medium business. The ownership of the business can be partnership form or can be of a single ownership.
  2. Only those business owners will be allowed to register under the credit schemes that have the legal papers. They need to be registered under the Non-Corporate Small Business Segments. The credit scheme can be availed by truck owners, small shopkeepers and medium to small manufacturing units to name a few.
  3. There is no bar to the area of residence of the candidate who is applying for the loan. The loan will be provided to the eligible candidates living in the urban areas as well as the villages.

Types of MUDRA Loan in ICICI

If the applicant has an active account in the ICICI bank then they will get the opportunity of availing for the MUDRA loan under the following heads:

  1. Vehicle loans – if the business owner wants to set up a transportation business or requires purchasing a vehicle for the ease of operation, related to his/her existing business, then they will be able to apply for the Vehicle loan. The money will be provided to them for buying commercial vehicles, cars and two-wheelers.
  2. Business Installment Loans – If the business owners is thinking of starting a new venture and requires adequate funding for buying machines and plants or want to make necessary repairs in the existing business establishment, then they will have to opt for the Business Installment Loans.
  3. Business Loans Group – This is not a separate category but is related to the Business Installment Loans. The interested candidates can opt for this loan and achieve Overdraft facility, Working capital loans and Drop line overdraft.


For availing the MUDRA loans, the interested candidates will have to collect the application form from any branch of ICICI bank. The application form is also available from the online portal of the bank. You will have to download the form and fill it up with the necessary details. Apart from the personal details, the form will contain sections where the details of the business must be provided. Once the form has been filled, the candidate will have to attach the official documents to support the claims. After this, the application form will have to be submitted in the nearest branch.

Documents required

The list of documents will vary a bit, depending on the loan you are applying for. The following tables will give you a clear understanding:

Business Installment LoansVehicle LoansBusiness Loans Group
Mudra application formMudra application formMudra application form
Identity proof with photographIdentity proof with photographPapers proving the age claims
BIL application formApplication form for Vehicle LoanIdentity proof with photograph
Proof of establishmentAddress ProofRBC or BIL application form
Proof of addressProof of incomePapers supporting the ownership claims of residence and office
Business continuity documentsBank statement (last 6 months)Business vintage proving papers
Papers supporting the ownership claims2 passport sized photographsBank statement (last 6 months)
Bank statement (last 6 months)
Academic qualification proofs
Trade references

Official Website

It is true that the MUDRA Loan application seems to be complicated at a glance. This is due to the various sections and sub-sections. If you still have any doubts and queries about the scheme, then it is better to visit the branch of ICICI bank that is closest to your home. If you are well-versed with the usage of computers and internet then logging on to will come in handy.

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