uco bank mudra loan
The Pradhan Mantri Mudra Yojana (PMMY) was launched by Prime Minister Narendra Modi in 2015. It is a scheme that provides collateral-free loans of up to Rs 10 lakh to small businesses and entrepreneurs. The main aim of this scheme is to promote entrepreneurship and boost employment. Under the PMMY, there are three loan schemes – Shishu, Kishor, and Tarun. Uco Bank offers the Pradhan Mantri Mudra Yojana (PMMY) under all three schemes. In this article, we will take a look at the various features of Uco Bank’s mudra loan offering and how you can avail it.
What is Uco Bank Mudra Loan?
The Uco Bank Mudra Loan is a loan designed specifically for small businesses in India. The loan is intended to help businesses grow and expand, by providing them with access to funds that they may not otherwise be able to obtain. The loan is provided by the Indian government, and is administered by the Uco Bank.
The loan is available for businesses with a turnover of up to Rs. 10 lakhs. The loan amount can be used for a variety of purposes, including working capital, machinery, or equipment. The loan has a repayment period of up to 5 years, and can be repaid in monthly installments.
The interest rate on the Uco Bank Mudra Loan is 9.35% per annum. There is no prepayment penalty, and the loan can be availed of without any collateral.
If you are looking for a loan to help your small business grow, then the Uco Bank Mudra Loan may be right for you. Contact your local Uco Bank branch today to learn more about this loan and how it can benefit your business.
Who is Eligible for Uco Bank Mudra Loan?
The Uco Bank Mudra loan is open to all Indian citizens who are above the age of 18 and have a regular source of income. There is no upper limit on the amount that can be borrowed under this scheme. The loan can be used for a variety of purposes, including business expansion, working capital, and product development.
How to Apply for Uco Bank Mudra Loan?
Uco Bank offers the Mudra loan to small businesses and entrepreneurs to help them grow and expand. The loan can be used for a variety of purposes, including working capital, equipment purchase, and business expansion.
To apply for a Uco Bank Mudra loan, you will need to submit an application form along with supporting documents. The bank will then assess your eligibility and creditworthiness before approving the loan. Once approved, you will need to sign a loan agreement and make repayments according to the terms and conditions agreed upon.
What are the Interest Rates for Uco Bank Mudra Loan?
Uco Bank Mudra Loan offers attractive interest rates to borrowers. The interest rate for the loan starts at 9.50% per annum and goes up to 12.00% per annum. The bank also offers a processing fee of 0.50% of the loan amount which is payable upfront.
How to Repay Uco Bank Mudra Loan?
If you have taken out a Uco Bank Mudra loan, you will need to repay it back within the specified time frame. There are a few different options for repayment, so you will need to choose the one that best suits your needs. You can make lump sum payments, partial payments, or full payments. You will also need to make sure that you keep up with the interest rates so that you do not end up paying more than you need to.