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Our financial lending system is one of the most widespread in the world. However, with the majority of the population not being able to reach assistance when they need it, a solution had to be brought about. A formal financial system was created by the Government in 2015, called Pradhan Mantri Mudra Yojana (PMMY) for extending affordable credit to all enterprises. Many set-ups even today struggle without sufficient funds and tend to wither away over a period of time. Andhra Bank offers loans under this scheme called Andhra Bank Mudra Loan. More details can be read below.
About Andhra Bank Mudra Loan
The main highlights of Andhra Bank Mudra Loan are:
Rate of Interest
Applicable as per extant guidelines
MCLR + 1.80% p.a. + TP*
* TP of 0.25 % is applicable for TLs with repayment period (including gestation period) above 36 months and up to 60 months and 0.50% for TLs with repayment period (including gestation period) of above 60 months.
Processing Charges/ Upfront fee
50% concession on applicable Processing/Upfront fee
Unit Inspection Charges
Applicable as per guidelines
Ledger Folio Charges
The documentation required for applying to an Andhra Bank Mudra Loan is mentioned below.
Shishu Category (up to Rs. 50,000)
Kishore (Rs. 50,000 up to Rs. 5 lacs) and Tarun Category (Rs. 5 lacs up to Rs.10 lacs)
1. Who can apply for the Andhra Bank Mudra Loan?
Andhra Bank Mudra Loan has been available since 8th April 2015. Any enterprise engaged in the farming sector, manufacturing, service and trading can apply for this loan.
2. What are the different categories of loan offered in Andhra Bank Mudra Loan?
The loan is offered under three different categories namely:
3. Does the applicant need to give security for this loan?
One of the main benefits of Andhra Bank Mudra Loan is the non-requirement of collateral security making it possible for very small enterprises to avail this loan.
4. What are the documents required for Shishu category of Andhra Bank Mudra Loan?
The following documents are required for applying to Shishu category of Andhra Bank Mudra Loan:
Usefulness of information,5
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