Indian citizens who have business plans for any non-farm income generating activities are eligible for a MUDRA loan. Manufacturing sectors and service sectors needing credit up to Rs. 10 lakhs can approach either a bank or an NBFC for availing a MUDRA loan under Pradhan Mantri MUDRA Yojana(PMMY). The eligibility criteria set by your lender would also have to be followed to qualify for the loan.
The interest rates for MUDRA loans are usually between 8.40% and 12.45% and the loan tenure is between 1 and 5 years. But the rates will differ from lender to lender. To be sure of the rates, you can contact your lender. To get the best interest rate offers, your credit score you would need to have a good credit score. Your lender would need to know whether you have a good repayment history in order to trust you with a loan. If you have a credit score that is more than 750, you would be able to get low interest rate loans.