Union Bank E-Mudra Loan Online Apply: Union Bank of India offers Mudra loans to its clients in the amount of 50,000 to 10 lakhs rupees. You can review the most recent details of the Union Bank of India Mudra loan plan 2023 if you’d like to obtain a loan to grow your company or launch a new venture. The bank offers a Mudra loan application process that may be completed online. We are going to walk you through the process of applying online for a Union Bank e-Mudra loan, up to a maximum of 10 lakh. Examine the Union Bank e-Mudra Loan Online to see the requirements for qualifying, the process for submitting documentation, interest rates, and other details in this post.
For Indian youngsters who want to launch a new enterprise, the Central Government Mudra loan is a highly helpful tool. By adhering to the Government of India’s criteria, the entrepreneurs would receive financial help from the Union Bank of India. Three categories make up the Mudra loan scheme: Shishu Mudra loan, Kishore Mudra loan, and Tarun Mudra loan. The maximum amounts for each category are 50,000, 500,000, and 10 lakh rupees, respectively.
Union Bank e-Mudra Loan Online Features and Application
- With the bank’s unique digital Shishu Mudra loan STP feature, candidates can apply online right away and receive a quick decision without having to visit the branch.
- Interest rates will be computed in compliance with the most recent Union Bank of India guidelines.
- Applying for a Shishu Mudra loan will give you a maximum of 36 months to return the money, while applying for a 10 lakh Mudra loan will give you an EMI period of up to 84 months from the bank.
- The bank will use an OTP system based on Aadhar for verification, which will shorten the processing time and enable instantaneous loan disbursement.
Qualifications for Union Bank of India Mudra loans
- The applicant must have an active Union Bank of India bank account at the time of either an online or offline application.
- The applicant’s age should range from 21 to 65 years old.
- If you are applying for a Mudra loan for more than 50,000 rupees, you must submit your registration data for the Udyam portal.
- For a minimum of six months, the business must be associated with either Union Bank of India or any other bank. Nevertheless, you are not have to gather this criteria if you apply for a Shishu Mudra loan.
- Loans from Tarun and Kishore Mudra demand a personal guarantee.
- There will be processing fees exceeding 950 plus GST.
Relevant paperwork for online applications for Union Bank e-Mudra loans
- the Aadhar card
- pan card
- It is necessary to link the cellphone number to the bank account, PAN card, and Aadhar card.
- documentation pertaining to business, such as the UDYAM registration number, etc.
- Details of GST registration
- Documentation of business assets valued at over 50,000 rupees
- Provide evidence of the applicant.
- a bank statement
Apply online for a Union Bank e-Mudra loan by 2024
Union Bank E-Mudra Loan Online Apply: Applying for a Mudra loan at Union Bank of India can cost anywhere between Rs. 50,000 and Rs. 10 lakh, depending on your needs. This process will assist you in applying correctly, so follow it:
- Visit the Union Bank of India’s official website at https://www.unionbankofindia.co.in/, which is the direct link to the official website.
- You must now choose Mudra loan from the product area on the newly opened portal.
- Subsequently, all the characteristics of a Mudra loan will be displayed to you, along with a link to apply for a Mudra loan or, if necessary, a Kishore and Tarun loan through Union Bank of India.
- Right now, the application form that asks you to choose a new application is shown on your screen.
- When you enter your savings account number and date of birth in the Union Bank of India when someone passes away, the system will recognize you and send an OTP to the mobile number you have registered with the bank.
- Following that, your data will show up on the screen immediately, and you will need to authenticate your Aadhar card with the details provided.
- Now choose the loan amount you wish to receive and the installment payment plan option.
After completing all the required fields, click the final submit link to send your application for review. You will receive a quick Mudra loan from the bank in 5 to 7 minutes if all the information on your application is accurate and there are no errors.
FAQ’s Union Bank E-Mudra Loan Online Apply
Union Bank of India offers Pradhan Mantri Mudra Yojana loans at affordable interest rates. It falls between Base Rate (now 9.65%) and Base Rate + 1.50%.
The lender uses the guidelines and your credit history to calculate the PMMY interest rate. The lender determines the payback period, and interest rates vary from 11.15% to 20%.
