These are the data for some banks’ Mudra loan interest rates, which you can use to plan your Mudra loan. You can also determine which bank to borrow from based on these numbers.
Because this program is directly launched by the Prime Minister, you can obtain this form of loan from numerous nationalized, government banks, private banks, and non-banking financial companies (NBFC).
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Table of Contents
Mudra Loan Interest Rate Table 2023
| Bank Name | Mudra Loan Interest Rate |
| State Bank of India | 8.40% to 12.35% |
| Punjab National Bank | RLLR+BSP+0.15% (8.80% – 12%) |
| Bank of Baroda | 8.15% to 12% |
| Canara Bank | 8.80% to 12% |
| Punjab & Sindh Bank | 9.20% to 12% |
| Union Bank of India | 8.60% to 12.90% |
| HDFC Bank | 8.45% to 12% |
Mudra Loan Interest Rate Linked to RBI Repo Rate
If you still believe that you will have to pay the same interest rate on a Mudra loan in 2023 as you did in 2021, you are mistaken. So forget it, the RBI raised its Repo rate three times in 2022.
The RBI Repo rate, which was 4% in 2021, has now increased by 2.5%, and now it is at 6.5%. You will no longer have to pay an additional interest rate on Mudra loans, but also on house loans, personal loans, MSME loans, mortgage loans, and auto loans.
Why You Required Mudra Loan
If you are a new customer and are planning to start a small business or expand an existing one, you can apply for a Mudra loan of up to 10 lakhs. Aside from that, loans of up to Rs.50000 can be obtained online through emudra loans, for which no documentation is required.
eMudra loans are available from practically all nationalized banks, including SBI eMudra loans, PNB eMudra loans, Canara bank eMudra loans, and BOB eMudra loans. All of these banks offer eMudra loans to their current customers on favorable terms. Some specifics details are provided below.
BOB Mudra Loan Details
Bank of Baroda Provides digital E Mudra Loan in the below Categories
Digital Mudra Loan (Paperless Process up to 500000)
Digital MSME Working Loan up to 10 lakhs
Requirement for Digital Mudra Loan
If you are an existing BOB Customer you should have a current or saving account with the bank and your mobile number should be linked with your account.
If you are not an existing BOB customer, you have to provide 12 months bank statement for any bank account and your mobile number should be linked with your Aadhar card.
Pan Card
Udyam Registration Certificate at the name of your business.
For loans above 50000 to 2 Lakhs
Quotation for Equipment of machinery + Estimate for construction of shed etc.
For loans above 2 lakhs
GST Return filing login details or else GST returns for 12 months
ITR filing complete acknowledgment
Union Bank Mudra loans
Pradhan Mantri Mudra Yojana for Existing Customers for Union bank or non Account Holder
Instant E Mudra loan up to 50000 for Existing Customers of Union Bank of India
Sishu loan up to 50000
Kishore loan up 50000 to 5 lakhs
Tarun loan 5 lakhs to 10 lakhs
You can take loans of these three categories from this bank. The loan interest rate table is given above, which can be slightly higher or lower.
Documents Required
pan card
Aadhar card
Loan Above 50000
Udyam Aadhaar Number
GST number
Loan Tenure
1 Year to 7 Years
Loan Margin
Sishu Loan Margin – 5%
Kishore Loan Margin – 10%
Tarun Loan margin – 25%
No processing fee and no collateral security required.
State Bank of India Mudra Loan Details
State Bank also distributes Mudra loans in three categories. which are like
Shishu Loan – 50000
Kishor Loan – 50000 to 5 lakh
Tarun Loan – 5 Lakh to 10 Lakh.
The interest rate table for all three loans offered by SBI is given above. These interest rates keep going up and down.
You can take a loan up to 50000 online. For this you have to use SBI yono app.
The customer should be associated with the bank for at least 6 months to avail of the online loan.
Processing fee
No processing fee for Sishu and Kishore Loan.
0.5% processing fee for Tarun loan.
Loan Tenure – up to 60 months.
Moratorium Period – 6 Months
Margin 50k to 5 Lakhs – Nil
Above 5 to 10 Lakh 10%
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