Friends, if you take a Mudra loan from Axis Bank and repay it over five years, how much extra interest will you have to pay?
This post will give you an idea of how much you’ll have to repay, including interest, if you take a Mudra loan of ₹2 lakh, ₹5 lakh, ₹10 lakh, or ₹15 lakh for a five-year term. It will also provide you with ideas for small businesses you can start with that amount
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If you take a Mudra loan of 2 lakh, how much will you have to repay after five years?
If you take a ₹2 lakh Mudra loan from Axis Bank for five years, here’s what you need to know:
According to the official Axis Bank website, the minimum interest rate for a Mudra loan is 9.99%.
If a customer takes a ₹2 lakh loan at a 9.99% interest rate for a five-year term, they will have to repay a total of ₹2,54,905. The monthly EMI would be ₹4,248, which needs to be paid for five years.
If you take a Mudra loan of 5 lakh, how much will you have to repay after five years?
If a customer takes a five-year Mudra loan of ₹5 lakh from Axis Bank, here’s the breakdown:
According to Axis Bank, the minimum interest rate for a Mudra loan is 9.99%.
If a customer takes a ₹5 lakh loan at this rate for five years, they will have to repay a total of ₹6,37,264. This means the total interest paid over five years will be ₹1,37,264. The monthly installment (EMI) would be ₹10,624, payable for the entire five-year period.
If you take a Mudra loan of 10 lakh, how much will you have to repay after five years?
If a customer takes a ₹10 lakh Mudra loan from Axis Bank for five years, this is the total amount they would have to repay.
According to Axis Bank, the minimum annual interest rate for a Mudra loan is 9.99%.
If a customer takes a ₹10 lakh loan at this interest rate for a five-year term, they will have to repay a total of ₹12,74,227 over five years. The customer will pay a total interest of ₹2,74,227 over the five-year period, and their monthly EMI will be ₹21,242.
If you take a Mudra loan of 15 lakh, how much will you have to repay after five years?
If a customer starts a business with a ₹15 lakh loan from Axis Bank, here’s the calculation for the total amount they’ll have to repay over five years.
According to the Axis Bank website, the minimum interest rate for a Mudra loan is 9.99% per annum. If a customer takes a ₹15 lakh loan at this rate, they will have to pay back a total of ₹19,11,791 after five years.
This means the customer will pay a total interest of ₹4,11,791 to the bank. Their monthly EMI will be ₹31,863, which they will need to pay for five years.
If you are not interested with Axis Bank, You can apply online emudra loan from other national banks such as SBI emudra loan or Canara Bank mudra loan etc.
What Kinds of Small Businesses Starts with 2 Lakh Mudra Loan
Home-based catering business: You can invest in high-quality kitchen equipment, buy initial ingredients in bulk, and spend on marketing and packaging to serve small events, parties, and corporate lunches.
Juice bar or food stall: The loan can be used to set up a small kiosk or a food cart, buy blenders and other equipment, and stock up on fresh fruits and vegetables.
Breakfast joint/takeaway counter: You can use the funds to rent a small space, purchase cooking equipment, and cover initial working capital for ingredients and staf .
Boutique clothing business: With ₹2,00,000, you can start a small boutique, either physical or online. The funds can be used for purchasing inventory, a small retail space, and basic marketing.
General store or small shop: The loan can help in setting up a small retail shop, paying for a security deposit, and purchasing a wide range of products to sell.
E-commerce business: You can use the capital for buying inventory, setting up an online store, and managing logistics and marketing.
Photography business: The loan can be used to purchase a professional camera, lenses, lighting equipment, and a computer for editing. You can offer services like event photography, portraits, or product shoots.
Repair shop: Whether for electronics, mobile phones, or other household appliances, a MUDRA loan can help you purchase tools and equipment, and set up a small repair shop.
Salon or barbershop: The funds can be used to rent a small space, buy chairs, mirrors, and other essential equipment and supplie .