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Pradhan Mantri Mudra Yojana(PMMY)

The Union Government of India launched Pradhan Mantri Mudra Yojana via MUDRA Bank (an institution created by the government, which goes by the name Micro Units Development and Refinance Agency Limited – abbreviated as MUDRA Limited) with the sole purpose of providing financial aid (in form of loans) to non-farm, non-corporate sectors that are engaged in activities of small and micro entities that generate income. The only condition here is that the credit requirements of such sectors should not exceed INR 10 lakhs.

To be honest, there is no fixed interest rate out there. Different banks have different interest rates. Remember that when we are saying banks, we actually mean eligible private banks, eligible cooperative banks and eligible public sector banks. Apart from that, there are non-banking lenders as well, which include micro finance institutes as well as NBFCs (non-banking financial companies).

Let us take a quick look at the interest rates for loans under Mudra Yojana charged by various lenders (both banks and non-banks). Please note that the table below gives the interest rates for the current year (2017):

Last Updated Date:19-Dec-2018
Bank NameInterest_Rates_Range Max Tenure
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Vijaya Bank

13.70% 1-5 years
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Union Bank of India

14.40% 1-5 years
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UCO Bank

14.1% – 15.1% 4-5 years
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Tata Capital

13.49% – 19.50% 1-5 years
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Tamilnad Mercantile Bank

14.4% – 16.4% 1-5 years
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State Bank of Travancore

13.2% – 13.45% 1-5 years
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State Bank of Patiala

12.65% – 14.65% 1-5 years
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State Bank of Mysore

16.90% 1-3 years
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SBI

17.80% 1-4 years
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State Bank of Hyderabad

15.25% – 15.75% 1-3 years
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State Bank of Bikaner and Jaipur

13.2% – 14.2% 1-5 years
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Standard Chartered Bank

12.50% – 17% 1-5 years
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South Indian Bank

14.80% 1-4 years
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Oriental Bank of Commerce

11.2% – 12.95% 1-5 years
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Kotak Mahindra Bank

11.5% – 18% 1-5 years
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Karur Vysya Bank

13.9% – 16.40% 1-3 years
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IndusInd Bank

12.99% – 18.25% 1-5 years
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Indian Overseas Bank

14.70% 1-5 years
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Indian Bank

12.65% – 13.65% 3 years
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IDBI Bank

12.75% – 13.75% 1-5 years
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ICICI Bank

11.49% – 17.50% 1-5 years
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HDFC

12.75% – 20% 1-5 years
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HDBFS

15.95% – 18.95% 1-3 years
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Fullerton-india

19.50% – 37% 1-4 years
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Dena Bank

13 % – 14% 1-3 years
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Citibank

12.75% – 15.75% 1-5 years
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Central Bank of India

12.70% 1-3 years
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Capital First

13% – 20% 1-5 years
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Canara Bank

13.65% 1-3 years
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Bank of Maharashtra

15.20% 1-3 years
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Bank of India

12.7% – 14.7% 1-3 years
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Bank of Baroda

14.15% 1-3 years
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Allahabad Bank

13.70% 1-5 years
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Adithya Birla Finance

14% 1-3 years