MUDRA Interest Rate
Modi Government has launched the MUDRA Scheme for weaker sections & small entrepreneurs but after the launch, there is no 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 up to 50,000/-. It is a basic scheme and banks are charging a 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 up to 5,00, 000/- rupee. It is middle scheme & comes in the category of unsecured loan & its Interest rate is high from14% to 17% depends on bank to bank. We suggest you differentiate interest rate between Nationalize bank and Private bank before apply for MUDRA Loan.
MUDRA TARUN Yojana
Mudra Tarun Yojana is the last scheme of government of India. Under MUDRA Tarun Scheme applicant can apply for a 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 the apply loan.
As per our experience banks are not taking interest to approve MUDRA loan because of in-secure loan. Bank has right to disapprove 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 a bribe. Please contact with CVO of concern Bank or local authority or mail us at info (at) mudrabank.com.