The turnaround time for MUDRA Loans is around 7-10 business days.
MUDRA loan is a Government of India undertaking, which provides financial support to small businesses in the country. Under this scheme, loans are provided by banks to non-corporate, non-farm sectors whose credit needs are up to Rs.10 Lakhs.
- You can apply for Mudra Loans at your nearest bank or NBFC, or through the Udyami Mitra portal.
- Upon submission of all the relevant documents, the financial institutions can take up to 10 business days to process your application.
Even though all banks and NBFCs have come together for this initiative, the loan processing time at each bank might be different. A MUDRA loan is treated just like any other business loan; hence the processing time is the same as other loans. Once the application is approved, the disbursal is expected to take place within 2 days after the acknowledgement. Overall, the loan process may take up to a week or 10 days, depending on the person’s credit profile and documents submitted.