You can borrow up to 10 lakh Mudra loan. This loan is available for non-corporate, non-farm small & micro-enterprises. If you have a small business, you can apply for an HDFC bank Mudra loan.
The loan repayment tenure is 5 years. The interest rate is 8.60% to 20% per annum. You may apply for a loan without any collateral or security.
HDFC Bank Mudra Loan Quick Recap
| Loan Amount | Up To 10 lakh |
| Interest Rate | 8.60% to 20% p.a. |
| Repayment Tenure | 5 years |
| CIBIL | -1/700+ |
| Foreclose Charge | NIL |
| Processing Charge | NIL |
| Eligible For | Self Employed |
Benefits of HDFC Bank Mudra Loan
Minimal Documents: Apply for a Mudra loan with less documentation. KYC & income proof will require to apply.
No Processing Charge: The processing charge is nil. You will get the loan without paying any charges.
Flexible EMI: You can pay the loan within 5 years. The flexible repayment tenure is offered by HDFC bank.
Interest Rate: The interest rate is affordable. Interest rate starts from 8.60% to 20% p.a.
No Collateral: HDFC bank is offering zero collateral-free loans. So, you can apply for a loan with your own documents only.
Higher Loan: You may get up to 10 lakh HDFC bank Mudra loan.
Comparison of Business Loan Interest Rates from Banks / NBFCs
| Bank/NBFCs | Interest Rate | Loan Apply |
| Bandhan Bank | 10.60% – 17.26% p.a. | Apply Now |
| Faircent | 12% – 28% p.a. | Apply Now |
| Hero Fincorp | Up to 25% p.a. | Apply Now |
| IIFL | 11.25% – 33.75% p.a. | Apply Now |
| Home Credit | 2% per month onwards | Apply Now |
| Navi | 9.9% to 45% p.a. | Apply Now |
| Kotak Mahindra Bank | 16% – 19.99% p.a. | Apply Now |
| Lendingkart | 1% – 2% per month | Apply Now |
| Money View | 1.33% per month | Apply Now |
HDFC Bank Mudra Loan Eligibility
- Indian Citizenship
- Individuals
- Small businesses
- IT File required
- -1 or 700+ CIBIL required
Also Read: How to get business loan up to Rs. 30 lakhs
Types of Mudra Loan
Mudra loans have 3 different types of categories. Check out the below:
| Shishu Loan | Up To Rs. 50,000 |
| Kishore Loan | Rs. 50,000 to Rs. 5 lakh |
| Tarun Loan | Rs. 5 lakh to Rs. 10 lakh |
Documents Required for HDFC Mudra Loan
- Aadhaar Card
- Pan Card
- Passport Photo
- 2 Years Trade License
- 2-Year IT File (Above 2.5 Lakh)
- MSME Certificate
- Last 12-month bank statement
- Residential proof (Electricity bill/ Gas bill/ Water bill)
(Income Tax file not required for Shishu loan which is Rs. 50,000)
HDFC Bank Mudra Loan Interest Rate
HDFC bank Mudra loan interest rate depends on the type of loan that you are applying for. Find out the Mudra loan interest rate given below:
| Shishu Loan | 1% – 12% p.a. |
| Kishore Loan | 8.60% – 11.15% p.a. |
| Tarun Loan | 11.15% – 20% p.a. |
HDFC Bank Mudra Loan Apply Online
Step 1: Click on the “HDFC Bank Mudra Loan” button
Step 2: Click on the “Apply Now” tab to start the process.
Step 3: Fill up the form carefully.
Step 4: Submit the documents.
Step 5: Now the bank will verify all the documents.
Step 6: After the eligibility check, the bank will give the loan offer.
Also Read: Paytm Business Loan
HDFC Bank Customer Care Number
Contact HDFC Bank for loan-related queries. Customer care contacts you within 24 hours.
Toll-free Number: 1800 202 6161 / 1860 267 6161
Also, you can contact HDFC bank customer care directly through Contact Us.
FAQs on HDFC Bank Mudra Loan
What is Mudra Loan?
Pradhan Mantri MUDRA Yojana (PMMY) is specially designed for small/micro enterprises. This was launched by our honorable Prime Minister on 8th April 2015. You can get up to 10 lakh loans under this scheme.
Mudra (Micro Units Development & Refinance Agency Ltd) loan is another name for Pradhan Mantri MUDRA Yojana (PMMY). This scheme is basically designed for rural areas where the baking systems do not reach so much.
What is the maximum Mudra loan HDFC bank offers?
You may get up to Rs. 10 lakh Mudra loan through HDFC bank.
What is the benefit of a Mudra loan?
You will get the loan with a cheap interest rate & minimum documents will require.
How to get the Mudra loan application form?
You can download the Mudra loan application form through the given link https://www.mudra.org.in/Home/PMMYBankersKit or you can get it directly from brunch.
Can I get the HDFC bank Mudra loan fast?
It will take 7 to 10 days to get the loan. But if you apply for sishu loan (Rs. 50,000), you will get the loan within 2 days.