Modi Government has launched the MUDRA Scheme for weaker sections & small entrepreneurs but after the launch there is not clarity on Interest Rate.
Now we are providing interest Rate details according to MUDRA Scheme.
MUDRA SHISHU Yojana
Under Mudra Shishu Yojana banks are providing loan upto 50,000/-. It is basic scheme and banks are charging very nominal interest rate which is around 10% to 12%. We also found that the Nationalize banks are charging less interest rate than private banks etc.
MUDRA KISHOR Yojana
Under Mudra Kishor Yojana bank are providing loan upto 5,00, 000/- rupee. It is middle scheme & comes in category of unsecured loan & its Interest rate rate is high from14% to 17% depends on bank to bank. We suggest you to differentiate interest rate between Nationalize bank and Private bank before apply MUDRA Loan.
MUDRA TARUN Yojana
Mudra Tarun Yojana is the last scheme of government of India. Under MUDRA Tarun Scheme applicant can apply loan between 5,00,001 to 10,00,000/-. It is also an unsecured Loan and its rate of interest rate is high and starts from 16% and very bank to bank. In every case the interest rate between Nationalise bank and Private banks are different. Please check interest rate before apply loan.
As per our experience banks are not taking interest to approve MUDRA loan because of in-secure loan. Bank has right to dis-approve your loan request but they will process your loan application before deny.
If you are still facing any issue or bank employees are harassing you or demanding bribe. Please contact with CVO of concern Bank or local authority or mail us at info (at) mudrabank.com.