What is the interest rate for MUDRA loan?

There are several banks in the public sector as well as the private sector offering MUDRA loans. Here are some of the top lenders and their MUDRA loan offerings:

Bank Interest Rate Tenure
State Bank of India 5.25%% Up to 5 years
Syndicate Bank 8.60% - 9.85% Based on the bank’s terms
Bank of India 5.70% onwards 36 - 84 months
Andhra Bank 8.40% to 10.35% 36 months onwards
Tamilnad Mercantile Bank 9.90% - 12.45% Up to 84 months

Documents Required

Type of loan Documentation
Vehicle Loans
  • Mudra application form
  • Loan application form
  • Income proof
  • 2 passport-size colour photographs
  • Photo Identity proof
  • Address proof
  • Bank statement for the last 6 months
Business Instalment Loan
  • Mudra application form
  • Address proof
  • 2 years’ ITR
  • CA certified financials
  • Photo identity proof
  • Bank statement for the last 6 months
  • BIL application form
  • Proof of qualification
  • Establishment proof
  • Ownership proof of residence or office
  • Proof of business continuity
  • Trade references
Business Loans Group and Rural Business Credit
  • Mudra application form
  • BIL application form
  • Income tax return for the last 2 years
  • Photo identity proof and age proof
  • Address proof
  • Bank statement for the last 12 months
  • Business vintage proof
  • Ownership proof of residence or office