ICICI Bank MUDRA Loans

Micro and small businesses can use ICICI Bank’s Pradhan Mantri Mudra Yojana to finance their non-farm revenue-generating endeavors. The ICICI Bank MUDRA Loan plan is available to prospective borrowers for loans up to Rs 10 lakh.

Highlights of ICICI Bank MUDRA Loan

Interest Rate: As per the applicant’s credit profile and loan category

Loan Amount:

• Shishu MUDRA Loan – Up to Rs 50,000
• Kishore MUDRA Loan – Above Rs 50,000 to Rs 5 lakh
• Tarun MUDRA Loan – Above Rs 5 lakh to Rs 10 lakh (Up to Rs 20 lakhs as proposed in the Budget 2024)

* The rates are as of 17th October 2024

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Features of ICICI Bank MUDRA Loans

For micro and small businesses that need loans up to Rs 10 lakh, ICICI Bank provides Pradhan Mantri Mudra Loans to fund their non-farm sector revenue-generating operations.

Additionally, MUDRA loans are available for the following uses:

• Vehicle Loan: For the acquisition of automobiles, trucks, and two-wheelers
• Business Installment Loans (BIL): To pay for office remodeling, working capital needs, and the acquisition of equipment and plants
• Rural Business Credit (RBC) and Business Loans Group Loans (BLG): Working capital loans, drop line overdrafts, and overdraft facilities

Eligibility Criteria for ICICI Bank e-MUDRA Loan

All Non-Corporate Small Business Segment (NCSBS) businesses, including proprietorships or partnerships operating as small manufacturing units, shopkeepers, machine operators, fruit and vegetable vendors, truck operators, food-service units, service sector units, repair shops, small industries, food processors, and others in rural and urban areas, are eligible for MUDRA Loans from ICICI Bank.

Documents Required for ICICI e-MUDRA Loan

For Vehicle Loans

• Photo ID proof
• Address Proof
• Income Proof
• 2 coloured photographs passport size
• Mudra application form
• Application form for vehicle loan
• Bank statement for last 6 months

Read Also: Yes Bank MUDRA Loans

For Business Installment Loan

• Photo ID Proof
• Address Proof
• Establishment Proof
• Mudra application form
• Application form for Business Installment Loan
• Bank statement for last 6 months
• Residence/office ownership proof
• ITR for 2 years
• Qualification proof
• Business continuity proof
• Trade references
• Financials certified by CA

For RBC (Rural Business Credit) and BLG (Business Loans Group Loans)

• Photo ID Proof
• Age Proof
• Address Proof
• Mudra application form
• Application form for BLG and RBC
• Bank statement for last 1 year
• ITR for last 2 years
• Business vintage proof

Note – The information furnished here is subject to changes as per the RBI guidelines.