1. Introduction
Welcome to Mudra Small Finance Bank. This Loan Policy explains our loan products, eligibility, interest rates, fees, repayment terms, privacy practices, and grievance redressal process. It is designed to give you clear, concise information so you can make an informed decision before applying for a loan.
2. Eligibility Criteria
- Minimum age: 18 years at the time of application.
- Valid government-issued ID (Aadhaar, PAN, Passport, Voter ID, or equivalent).
- Proof of income: salary slips, tax returns (ITR), bank statements, or other documents as applicable.
- Residence and employment verification as required by the product.
- Creditworthiness assessed through credit bureau checks and internal scoring.
3. Loan Types Offered
- Personal Loans — Unsecured loans for personal needs.
- Business Loans — Term loans and working capital for MSMEs.
- Home Loans — Purchase, construction, balance transfer, and renovation.
- Vehicle Loans — New and used passenger vehicles.
- Education Loans — For higher education in India and abroad.
4. Interest Rates & Charges
Interest rates are set based on market conditions, the borrower’s credit profile, loan tenor, and collateral (if any). Applicable charges include:
- Processing fee (one-time) — disclosed in the loan sanction letter.
- Prepayment or foreclosure charges (if applicable) — disclosed in the loan agreement.
- Late payment charges — levied on overdue EMIs as per the loan agreement.
- GST and statutory levies where applicable.
| Fee Type | Typical Range / Notes |
|---|---|
| Processing Fee | Up to 1.5% of loan amount (product dependent) |
| Late Payment Fee | Flat fee or percentage of overdue amount (as per agreement) |
| Prepayment/Foreclosure | May be allowed with/without charges depending on product |
5. Repayment Policy
- Repayments are typically collected as EMIs (Equated Monthly Installments) via auto-debit/NET banking/NEFT/IMPS/cheque as chosen by the borrower.
- Payment schedule, EMI amount, and due dates are provided in the sanction letter and loan agreement.
- Early repayment and part-prepayment options depend on the loan product and may carry charges; details will be provided in the agreement.
- Missed or delayed payments may attract late fees and will be reported to credit bureaus, which may affect your credit score.
6. Privacy & Data Protection
We collect and process personal data to verify identity, assess creditworthiness, disburse and service loans, and comply with legal and regulatory obligations (including KYC and anti-money laundering laws). We implement reasonable technical and organizational measures to protect data and only share information with third parties when required for loan processing, credit checks, fraud prevention, or by law.
7. Customer Rights
- Receive clear and complete information about loan terms, costs, and charges before signing.
- Fair treatment without discrimination on any unlawful grounds.
- Confidential handling of personal and financial information, subject to legal requirements.
- Access to grievance redressal and escalation mechanisms.
8. Grievance Redressal
If you have a complaint, please contact us through any of the following channels:
- Email: info@mudrasmallfinance.online
- Phone: +91 9296333131
- Branch: Visit your nearest Mudra Small Finance Bank branch.
Our standard resolution timeline: we will acknowledge complaints within 3 working days and try to resolve them within 7-14 working days depending on complexity. If not resolved, you may escalate to the Nodal Officer — contact details will be provided on request.
9. Compliance & Regulation
Loan Bank operates in accordance with applicable laws and regulatory guidelines, including those issued by the Reserve Bank of India (RBI) and other authorities. Policy updates will be published on this page with the effective date.
10. Disclaimer
All loans are subject to verification, eligibility, and final approval. This page summarizes our policy and does not form a contract. Terms and conditions in the loan agreement prevail. Loan Bank reserves the right to change fees, charges, and policy terms as required by law or business needs; changes will be posted with the effective date.