Union Bank Mudra Loan 2024: Are you a small businessman looking for Mudra Loan to grow your business? If yes, then Union Bank of India Mudra Loan can prove to be the best option for you. This loan of Union Bank of India is specially designed for small and medium businessmen so that they can take their business to new heights without any financial constraints. Let us explain to you all the important information related to Mudra Loan in very easy and interesting language in this article.
What is Union Bank Mudra Loan 2024?
Union Bank Mudra Loan is a loan given under the Pradhan Mantri Mudra Yojana of the Government of India. The aim of this scheme is to provide financial assistance to small and medium industries. This loan is mainly given in three categories:
| Loan Amount | Rate of Interest (per annum) |
| Above Rs 50,000 to Rs 2 lakh | 11.05% |
| Above Rs 2 lakh to Rs 10 lakh | 12.05% |
| Classification | Loan Amount |
| baby | Up to Rs 50,000 |
| teenager | Above Rs 50,000 to Rs 5 lakh |
| Young man | Above Rs 5 lakh to Rs 10 lakh* |
- Shishu Loan : Up to ₹50,000
- Kishore Loan : ₹50,001 to ₹5 lakh
- Tarun Loan : ₹5 lakh to ₹10 lakh
- Low Interest Rates : The interest rate on Mudra loans is quite low compared to other loans.
- No Guarantee : You do not have to mortgage any property to avail this loan.
- Quick Approval : The loan gets approved very quickly if your documents are in order.
- Perfect for business growth : This is the easiest means of funding for small businessmen.
Who can take Union Bank Mudra Loan?
This loan is especially for those who:
- Want to start a small business .
- Want to expand your existing business .
- Want to purchase equipment for business ?
- Want to increase working capital in business .
How to take Union Bank Mudra Loan?
Prepare the documents :
- Aadhaar Card and PAN Card
- Proof related to business
- Bank statement
- Visit Bank Branch : Visit your nearest Union Bank branch.
- Fill the application form : Fill the Mudra loan form and submit the required documents.
- Processing and Approval : The loan will be approved instantly if your documents are found to be in order.
Things to note about Union Bank Mudra Loan
- Always ensure that you pay the EMIs on time.
- Properly evaluate your business needs while taking a loan.
- There should not be any mistake in the form and documents.
questions to ask
Is there any Mudra loan available for women?
The government has clarified that while giving loans under this scheme, priority will be given to women from Scheduled Caste/Scheduled Tribe and Other Backward Classes.
Do all banks offer Mudra loans?
Yes, all banks such as all scheduled commercial banks in public and private sector; Regional Rural Banks (RRBs); all Micro Finance Institutions (MFIs); Small Business Finance Companies and NBFCs and Scheduled Urban and State Co-operative Societies.
Are loans under MUDRA collateral-free loans?
Yes, loans under MUDRA are without any collateral. However, the bank has control over the assets created from bank loans.
Is the loan subsidized by the Central Government?
No, these loans are not subsidized by the Central or State governments.
What is the processing time for loan under Mudra Scheme in general?
Usually, processing of small amounts like Shishu Loan takes 7-10 days, while in other categories the processing time varies from bank to bank.
How can I get PSB loan from Union Bank in 59 minutes?
Applicants willing to apply for PSB loan need to visit their official website “psbloansin59minutes.com” and select their desired lender (Union Bank) to proceed with the loan formalities.
How can I get the Mudra Loan Application Form?
To download Mudra loan application form you can click on the below link and scroll down to get the link of loan application form in Hindi and English.
https://www.unionbankofindia.co.in/english/mudra-loan.aspx
How can I check the status of my Union Bank Mudra loan?
Ans: To check the status of your Mudra loan application, you can either call the bank’s toll-free number (1800-22-2244) or visit the nearest bank branch with the loan details like reference number or loan application number.
conclusion
Union Bank of India Mudra Loan is a great opportunity for small businesses. It not only strengthens your business but also gives you a chance to become self-reliant. If you want to take your business to new heights, contact Union Bank today and avail Mudra Loan.
Important Links
| Union Bank Mudra Loan 2024 | View |
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