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Complete guide to Union Bank Mudra Loan – eligibility, loan limits, interest rates, fees, required documents and step‑by‑step application.

📅 Updated 13 Apr 2024

📂 Category Sarkari Yojana

🔥 Status LATEST UPDATE

Union Bank Mudra Loan – Complete Guide

Union Bank of India, established in 1919 and operating through over 4,300 branches across the country, offers the Mudra Loan scheme to support small entrepreneurs, traders, manufacturers, farmers and other micro‑businesses. The loan can be applied online or offline, and the bank provides regular updates on its official website and contact centre.

About Union Bank Mudra Loan

The Mudra Loan is categorized into three segments based on the loan amount:

Shishu: up to ₹10,000
Kishor: ₹10,001 to ₹50,000
Tarun: ₹50,001 to ₹10,00,000

Funding ranges from ₹7.5 Lakhs to ₹1.5 Crore, with a margin of 15 % for amounts above ₹4 Lakhs. The loan tenure is up to 15 years (excluding the course period for education‑related loans).

Important Financial Details

Interest Rate	Standard rate as per bank policy (higher than premium schemes)
Processing Fee	₹5,000 (refundable if paid within 3 months)
Disbursement Time	Approximately 7 days after approval

Eligibility Criteria

Shop owners, traders, manufacturers, farmers and small‑scale entrepreneurs.
Applicants can be parents, spouses, legal guardians or self‑employed individuals.
No minimum income requirement for education‑related loans; other categories follow standard income verification.

Required Documents

Identity Proof	Aadhaar Card, Passport‑size Photo
Address Proof	Electricity bill, property tax receipt
Business Proof	Trade licence, registration certificate, ownership or lease documents
Financial Documents	3 years of Income Tax Returns, 3 years of Profit & Loss statements, 12 months of bank statements (if account is active)
Other	PAN Card, caste certificate (if applicable)

How to Apply

Collect all required documents.
Visit the nearest Union Bank branch or use the bank’s online portal.
Submit the completed Mudra Loan application form along with document copies.
Obtain an acknowledgement receipt from the bank.
The bank will process the application, conduct verification, and communicate the approval status.
Upon approval, the loan amount will be credited to the applicant’s account.

Official Links & Contact

For the latest updates and detailed guidelines, visit the official Union Bank website:

Union Bank of India – Official Site

For queries, call the bank’s helpline: +91‑9878981166

Frequently Asked Questions

Who can avail the Mudra Loan? Small business owners, traders, manufacturers, farmers and self‑employed individuals, including women, SC/ST and economically weaker sections.
What is the maximum loan amount? Up to ₹10 Lakhs under the Tarun category; special funding up to ₹1.5 Crore for eligible projects.
Is there any subsidy on the loan? No subsidy is provided under this scheme.
How long does the approval process take? Typically 7 days after submission of complete documents.
Can the loan be applied online? Yes, Union Bank allows both offline (branch) and online applications.
What is the processing fee? ₹5,000, refundable if paid within 3 months.
What is the repayment tenure? Up to 15 years, excluding any course period for education loans.

Conclusion

The Union Bank Mudra Loan offers a flexible financing solution for micro‑entrepreneurs and small businesses across India. With clear eligibility criteria, modest processing fees and a swift disbursement timeline, eligible applicants can secure the funds needed to expand operations, purchase equipment or meet working capital requirements. Ensure you have all necessary documents ready and follow the application steps to benefit from this scheme.

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