One of the largest private bank, HDFC also enrolled in government initiative called Pradhan Mantri Mudra Yojana (PMMY). Under this scheme HDFC bank provides various type of loan amount to the various category of businesses. For now, we discussed about HDFC Kishor Mudra Loan.
If you are from business background and want to expand your business or start a new business then HDFC Mudra Loan Scheme will help to provide financial support. Today we discussed about what is the interest rate, loan amount, documents and eligibility criteria etc.
So, let’s start exploring the scheme details.
Headings
- 1 What is HDFC Kishor Mudra Loan 2024?
- 1.1 Three types of categories under HDFC PM Mudra Yojana
- 1.2 HDFC Kishor Mudra Loan Amount
- 1.3 Eligibility Criteria
- 1.4 Documents Required
- 1.5 How to Apply for HDFC Kishore Mudra Loan?
- 1.6 Interest Rate and Tenure for Kishore loan from HDFC Bank
- 1.7 Overview
- 1.8 Exploring Features
- 1.9 Final Words – Mudra Loan from HDFC
What is HDFC Kishor Mudra Loan 2024?
All Mudra Loan categories are fall into Pradhan Mantri Mudra Yojana which was started in the year 2015 by Prime Minister Narendra Modi. Under this scheme HDFC bank will also provide loan for the future businessman or those who want to expand their business. In this scheme you will get loan up to Rs 5 lakh with competitive interest rate. Let’s discuss about the category of Mudra Yojana.
Three types of categories under HDFC PM Mudra Yojana
Basically these categories are fall into main scheme called PMMY. These are listed below.
HDFC Kishor Mudra Loan Amount
If you want to grow your business and want to take finance under PM Mudra Yojana from HDFC bank then you will get loan ranging from Rs 50,000 to Rs 5,00,000 for your business. This will help to expand your small or medium units.
Eligibility Criteria
- If you are entrepreneur or run any small or medium business then you are eligible to avail Kishore Mudra Loan but the condition is you must be an Indian.
- Age of the application should not below the 18 years.
- Applicant doesn’t have any loan arrear past from the bank.
- It doesn’t matter what is your religion or what type of business you want to start or expand.
Documents Required
- Identity Documents (Any One)
- Election Card
- Aadhaar Card
- Driving Licence
- Address Proof (Current)
- Passport
- Gas Bill
- Water Bill
- Electricity Bill etc. any one
- Financial Documents
- Latest Income tax return
- Bank statement of last 6 months
- Business Related Documents
- Ownership Proof
- Proof of business that you started
- Trade Reference
- Loan Application Form
How to Apply for HDFC Kishore Mudra Loan?
There are two way to apply for the scheme. One is online through official website or another one is by visiting nearest HDFC branch. Let’s discuss here both way of application for Kishore Mudra Yojana from HDFC bank.
Online Application Process
Step 1: For online application, you have to visit Jan Samarth Portal.
Step 2: First of all you have to register on the portal by mobile number and OTP. Use this data for login on Jan Samarth Portal.
Step 3: After logged in, you have to click on the tab which shows “Business Activity Loan” under Schemes section.
Step 4: After that you have to select PMMY (Pradhan Mantri Mudra Yojana).
Step 5: Now you will get full details of PMMY and click on the Apply button.
Step 6: After that you have to fill the form and mark the box HDFC bank if you want to take loan from HDFC.
Step 7: Now you have to enter remaining details and upload the necessary documents.
Step 8: After all, you have to hit the submit button.
Thus, this simple way you can apply online for HDFC Kishor Mudra Loan.
Offline Application
In this process, you just have to visit HDFC bank where your bank account is already opened. You have to visit loan department and tell them about HDFC Kishor Mudra Loan under PMMY. After that particular employee will guide you and support from start to end it means up to loan amount to your bank account.
Interest Rate and Tenure for Kishore loan from HDFC Bank
Interest rate for PM Mudra Yojana will depends on the bank but no top much high. Bajaj Finserv stated that interest rate starts from 8.60% annually for Kishore loan category. But we suggest that you can confirm about rate of interest through the bank only. Also loan repayment period will set by the particular banks.
Overview
| Details | Benefits |
|---|---|
| Scheme Name | Pradhan Mantri Mudra Yojana |
| Category | Kishore Loan |
| Bank | HDFC |
| ROI & Tenure | Depends on the lender |
| Loan Amount | Rs 50,000 to Rs 5,00,000 |
| Objective | Financial requirements meet for the new startup or for business expansion |
| Official Website | mudra.org.in |
Exploring Features
- Instant Loan:- Through this scheme, you will get instant approval of the loan amount from the bank. After all it’s depends on the bank you will choose.
- Help to expand:- Quick loan will meet your business expand plan.
- Less Documentation:- As we see earlier, you don’t need bunch of documents for the scheme. Only necessary documents you will need.
- Easy Application Process:- In this scheme, you can follow either online or offline process to get Kishore loan.
- Minimal Interest rate:- Compare to personal loan, here you will be benefited less rate of interest.
Read Also: Solar panel loan from HDFC bank – get now for free electricity!
Final Words – Mudra Loan from HDFC
Friends, here we discussed about one category of PMMY which Kishore Mudra Loan. Which will help to grow your business to the next level by financing easily. One good thing is as per the RBI guidelines you don’t manage collateral security up to 10 lakh loan. If you have any queries then please contact us at comment section or for regular updates kindly follow us on pmsuryaghar.in website.