Mudra Loan Interest
MUDRA is Micro Units Development and Refinance Agency. Mudra loan is offered by ban`ks to aid non-corporate, non-farm sector income generating microenterprises that require credit below Rs.10 lakh. Interest rates on MUDRA Loans start at the rate of 7.30% p.a. and the loan repayment tenure ranges between 1 year and 7 years.
MUDRA Loan Interest Rate by banks/NBFCs
Banks/NBFCs Interest Rate (p.a.) Bajaj Finserv
1% – 12% City Union Bank 9.65% – 10.90%
Flexiloans 1% per month onwards
Lendingkart Finance 8.60% – 11.15%
PSB Loans in 59 minutes 8.50% onwards
Saraswat Bank 11.65% onwards
Union Bank of India 7.85% – 9.10%
It is simple to get a mudra loan at a low-interest rate. You need to follow the below-mentioned suggestions:
- Compare and check loan deals such as Mudra loan Interest Rate tenure of repayment offered by various Banks/NBFCs offering Mudra loans.
- The nature and type of business shall define the interest rates
- Businesses engaged in lesser risk shall avail themselves of loans at lower interest rates
- Higher the annual turnover & volume; the lower shall be the offered interest rate
- Applicants with good creditworthiness and repayment capability shall be preferred
- Applicant’s income, required loan amount and opted repayment tenure also define the interest rates
- It is an advantage if the applicant has no previous loan fault.