Looking for Mudra Loan from IDBI Bank?

You have landed at the right place. This page contains all the information you will need on IDBI Bank’s Mudra Loans.

IDBI Bank Mudra Loan Scheme

This loan helps unfunded individuals, proprietors, partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. get funds for their needs. The maximum loan amount is Rs. 10 lakh.

Features of IDBI Bank Pradhan Mantri Mudra Yojana (PMMY)

Why this Loan?

  • The IDBI Mudra Loan helps business in the non-corporate small business segment get funds to meet their working capital needs
  • The loan scheme is divided into three variants depending on the type and size of business, namely Shishu, Kishore and Tarun. The quantum of loan depends on the loan variant applicable to the business
  • The bank extends this funded facility as a term loan, Overdraft (OD) or Cash Credit

Loan Amount

  • Shishu Loan: The maximum loan amount is up to Rs. 50,000
  • Kishore Loan: The maximum loan amount is from Rs. 50,001 up to Rs. 5 lakh
  • Tarun Loan: The maximum loan amount is from Rs. 5,00,001 up to 10 lakh for Tarun loan

Interest

  • Loans up to Rs. 50,000: The interest rate for this loan is defined as the sum of one-year MCLR of IDBI Bank, Business Strategy Spread (BSS) + Strategic Premium of 0.75%. As of now, the one-year MCLR of IDBI Bank is 7.85% and Business Strategy Spread is 0.25% bring the effective interest rate to 8.85%
  • Loans Above Rs. 50,000 to Rs. 2 lakh: The interest rate for this loan is defined as the sum of one-year MCLR of IDBI Bank, Business Strategy Spread (BSS) + Strategic Premium of 1.50%. As of now, the one-year MCLR of IDBI Bank is 7.85% and Business Strategy Spread is 0.25% bring the effective interest rate to 9.60%
  • Loans Above Rs. 2 lakh to Rs. 10 lakh: The interest rate for this loan is defined as the sum of one-year MCLR of IDBI Bank, Business Strategy Spread (BSS) + Strategic Premium of 2.00%. As of now, the one-year MCLR of IDBI Bank is 7.85% and Business Strategy Spread is 0.25% bring the effective interest rate to 10.10%

Repayment

  • Term loans need to be repaid in up to 5 years after the moratorium ends
  • Overdraft and Cash Credit are repayable on demand

Security Needed

  • The bank does not ask for collateral security or third-party guarantee for this loan

Eligibility

  • Individuals, Proprietors, Partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. which fall under the MSME definition are eligible for this loan

Borrower Contribution to Total Cost (Margin Money)

  • IDBI Bank does not take margin for loans up to Rs. 50,000
  • IDBI Bank takes 25% margin for loans higher than Rs. 50,000

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest.

Processing Charges

  • The processing charges for this loan depends on the extant guidelines under the Pradhan Mantri Mudra Yojana (PMMY) set by the government

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References

Reference Facts

  • IDBI Bank Website: www.idbibank.in and www.inet.idbibank.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 209 4324, 1800 22 1070