Central Bank of India provides Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) to support micro and small non-farm enterprises in India.1 The loans are designed to offer collateral-free credit to businesses in the manufacturing, trading, and services sectors.2
Visit : https://centralbank.bank.in/en/cent-mudra
Key Features of Central Bank of India Mudra Loans
- Collateral-Free: These loans do not require any collateral or third-party guarantee.3
- Loan Categories: The loans are offered in three categories based on the loan amount:4
- Shishu: Loans up to ₹50,000 for new or early-stage businesses.5
- Kishore: Loans from ₹50,001 to ₹5 lakh for established businesses requiring funds for expansion.6
- Tarun: Loans from ₹5 lakh to ₹10 lakh for businesses looking to scale up operations.7
Eligibility and Documentation
- Eligible Borrowers: Individuals, proprietary concerns, partnership firms, and other legal entities engaged in non-farm, income-generating activities in the manufacturing, trading, and service sectors are eligible.8 The applicant must not have any prior loan defaults.
- Required Documents:
- Identity Proof: PAN Card, Aadhaar Card, Passport, Voter ID Card, or Driving License.9
- Address Proof: Utility bills (not older than 2 months), Aadhaar Card, Passport, or Voter ID Card.10
- Business Proof: Relevant licenses, registration certificates, or other documents proving the business’s existence and address.11
- Financial Documents: Bank statements for the last six months.12 For loans above ₹2 lakh, you may also need balance sheets and income tax returns (ITR) for the last two years.13
- Photographs: Recent passport-sized photographs.
Application and Repayment
- Application Process: You can apply for a Mudra loan from Central Bank of India by visiting a branch or through online platforms like the Udyamimitra portal.14
- Interest Rate: The interest rate is not fixed and is determined by the bank’s internal policies, considering the applicant’s credit profile and other factors.15
- Repayment: The repayment tenure is flexible and can extend up to seven years, including a potential moratorium period.16
For the most accurate and up-to-date information, it is best to visit the official Central Bank of India website or a local branch.
