Why choose Andhra Bank Mudra Loan?
- Affordable Interest ratesCompetitive interest rates is one of the most attractive features of Andhra Bank Mudra Loan.
- Simple, transparent processing:As a borrower, one need not worry about putting up a collateral at all. Further, the friendly customer care service providers make sure that customers are taken care of throughout the process by handholding them through all the steps.
Features of Andhra Bank Mudra loans
- Following are the key features of Andhra Bank Mudra loan:
- The loan does not require collateral security or guarantee.
- Up to Rs. 10 lacs can be availed with this loan
- This loan is available to Non-Farm Sector on or after 4th April 2015.
- The loan can be availed for trading, service and manufacturing activities.
- Loan under Mudra are divided into three categories:
- Tarun: which is for loans between Rs.5.00 lakhs and Rs.10.00 lakhs
- Kishore: which is for loans between Rs.50,000/- and Rs.5.00 lakhs
- Shishu: which is for loans up to Rs.50,000/-.
- Kishore and Tarun will get 50% concession on applicable Processing/Upfront fee. Shishu does not require any Processing fee / upfront fee.
Interest Rate for Andhra Bank Mudra loans
- The rate of interest for Shishu: Base Rate 9.75% p.a. at present
- In the case of Kishore and Tarun: Applicable as per extant guidelines Base Rate + 1.75% p.a. at present 9.75 + 1.75 = 11.50% p.a.
Andhra Bank Mudra loans FAQs
- What is the maximum amount that can be availed as loan with the Andhra Bank Mudra loan?Up to Rs. 10 lacs can be availed with this loan. Loan under Mudra are divided into three categories:Tarun: which is for loans between Rs.5.00 lakhs and Rs.10.00 lakhs
Kishore: which is for loans between Rs.50,000/- and Rs.5.00 lakhs
Shishu: which is for loans up to Rs.50,000/-.
- What is the interest rate applicable?
- The rate of interest for Shishu: Base Rate 9.75% p.a. at present
- In the case of Kishore and Tarun: Applicable as per extant guidelinesBase Rate + 1.75% p.a. at present
9.75 + 1.75 = 11.50% p.a.
- Does the loan require any guarantee?The loan does not require collateral security or guarantee.