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Unlock Best Business Loan Offers from My Mudra

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For business owners looking to start or expand their enterprises, online business loans are critical. My Mudra's financial services have undergone continuous innovation to satisfy the demands of entrepreneurs seeking capital. The purpose of the business loan is to businesses acquire the finance they need.The instant business loan may be utilised to cover all of your company's needs, it's the finest lending option for a startup. Apply business loans online for an attractive and affordable interest rate ensures you won't have to cut back on expenses.

Overview

Obtaining a business loan from My Mudra is simple and straightforward with affordable interest rates and flexible repayment choices. It doesn’t matter if you're a small business or an established institution, My Mudra Business Loan is accessible to everyone. Our online application makes it easy to obtain the cash you require quickly.

Amount Up to 1 Crore
Loan Tenure 4 to 5 Years
Low- Interest Rates Starting from 10%*p.a.
Eligibility Criteria 21- 65 Years
Loan Disbursal Loan Disbursal in just 3-4 Business Days.
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Business Loan Features

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Fulfill your Financial Needs

Acquire a business loan at such low interest rates and without any collateral or security.

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Fast Disbursal of Loan

Obtain a business loan in few hours.

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Flexible Tenure

You can repay your loan over period of 18-48 months.

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Assignment of Financial Advisors

My Mudra will assign a financial advisor to a customer which makes the overall process more efficient.

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Stay Protected

Keep your savings intact by not using them for repayment. Enjoy tax benefits.


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Eligibility Criteria for Business Loan

Let’s discuss Business Loan eligibility criteria:
Age Requirement Borrower should be aged between 25 and 65.
Eligible Entities Customer’s operating for themselves, private limited companies, and partnership firms involved in manufacturing.
Revenue Requirement The company should make at least ₹40 lakhs in revenue.
Experience Criteria Those with a minimum of three years experience in the current industry and a total of five years experience in the business.
Profitable Those whose company has made money throughout the preceding two years
Minimum Total Requirement (MTR) The business's Minimum Total Revenue (MTR) must be ₹1.5 lakhs.
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Documents Required for Business Loan

  • documentation Aadhar Card
  • documentation PAN Card
  • documentation Photo
  • documentation GST Registration
  • documentation Business Proof
  • documentation Income Proof
  • documentation Financial details of the company.
  • documentation Proof of address & photo identity.

Note : Documents should be valid and authorised.

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How to Apply for Business Loan Online?

Apply for a Business Loan from My Mudra in 6 easy steps.
  • Step 1

    Register with your mobile number

  • Step 2

    Submit loan information.

  • Step 3

    Add the information about the company.

  • Step 4

    Get a verification message from us.

  • Step 5

    Our Financial Advisors will contact you for further procedures.

  • Step 6

    Obtain your loan.

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fees & charges

Fees and Charges Required for Business Loan

Loan Processing Fees Loan processing fees range from 0.5 percent to 4% of the loan amount.
Pre-Payment Charges Pre-Payment Charges - For Floating Rate: NIL-For Fixed Rate: Usually around 2% - 5% on the principal amount
Stamp Duty Charges As per actuals.
Legal Fees Legal Fees - As per actuals.
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Business Loan EMI Calculator
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Loan Amount
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Rate of Interest
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Tenure (In Months)
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Total Payable Amount:
Monthly EMI:

Different Forms of Loan Repayments

1

EMI

On a specific date, the borrower makes an instalment payment to a lender. The EMI amount remains constant throughout the loan term.

2

A Foreclosure

Foreclosure means a method of paying off the entire unpaid loan amount before the due date comes around. A personal loan typically has a lock-in term after which you can opt to foreclose the remaining debt and repay the total loan amount. However, we normally suggest you to foreclose your debt when you have some extra income.

3

Part Prepayment

Part-prepayment allows you to repay a portion of your loan via multiple EMIs. This is an easy approach to reduce your interest payable. Your part-prepayment amount is taken from your outstanding principal as of the month in which you make the prepayment. If you have extra cash and wish to utilize it to pay off anything, you might choose a part-prepayment option.

4

Bullet Payout

The borrower is required to pay interest every month. At the end of the term, the entire principal amount will be repaid in one large payment. You can also make part payments on your loan at no additional cost.

Why to Choose My Mudra for a Business Loan?

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Competitive Interest Rates

To meet your financial objectives and budget, we offer low interest rates.

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Flexible Repayment Alternatives

We make sure you can easily and peacefully repay your loan with our flexible repayment alternatives.

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Fast Approval Process

Using My Mudra, you can count on a simple and rapid approval process that gives you access to funds exactly when you need them.

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Dedicated Customer Support

At every stage of the loan procedure, our focused customer support team is here to help.

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Frequently Asked Questions

If your credit score is low, will your company financing be denied?

Indeed. It will. It demonstrates your poor financial decision-making abilities. Using a large proportion of credit amounts is one of the most frequent reasons a loan is denied. About 30% of the entire credit amount is the typical percentage.

Here are some tips:

  • Have your present statements of finances in place.
  • Ensure your business and personal credit histories are good.

  • Establish trustworthy connections with lenders.
  • Prepare yourself to risk significant collateral.
  • Develop an understandable and clear business strategy.
  • Check the present-day economic circumstances.
  • Improve the growth of sales while achieving an effective annual turnover.
  • Whenever you choose a lender, check that you meet all of his eligibility requirements.

You may determine the EMI of your business loan with the use of My Mudra Business Loan EMI Calculator. This functionality significantly improves client convenience.

The maximum processing cost is 2% + GST, and it applies to all services.

Loan processing and payout will take at least 7 working days once the lender receives all needed documents and information in accordance with its standards. All loan approvals are at the lender's unique decision.

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