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Product Features Online Shishu Mudra loans (Existing to Bank Customers)
Purpose
“To provide short term, hassle free credit facility for Micro units to tackle liquidity crunch in their business operations.”
Eligibility
- The Scheme is available to Udyam registered individual and proprietary firms.
- Minimum Age of the borrower/ proprietor is 25 Years and Maximum age is 55 years.
- Satisfactory Credit history as per bank policy
Quantum of Loan:
Repayment Period
- Minimum : 12 Months, Maximum: 36 Months
Rate of Interest:
Working Capital & Term loans:
| CRP over RLLR | |
| Up to Rs.50000/- | 1.05 |
Note: For Term loans repayable more than 1 year up to 5 years, the liquidity premium to be loaded to the Card rates additionally, as given below:
| Repayable > 1 year up to 5 years | 0.40% |
Security:
- Hypothecation of assets created out of loan
Documents Required:
- Aadhar Card
- Pan card
- Udyam Registration Certificate
- Bank Statement
Type of Facilities:
- Short term loan
Upfront fee / processing charges:
- For Mudra loan under Shishu Category (Loans up to Rs.50000) – Nil
Loan Documentation
- Digital Mode using Aadhar OTP
Other Terms & Conditions:
- Guarantee Coverage: CGFMU