Check the EMI for your Mudra Loan by providing the Loan Amount, Interest rates (per annum), and loan tenure (in months) details.
Your Amortization Schedule (Yearly/Monthly)
The Mudra Loan is a financial scheme launched by the Government of India in 2015 under the Pradhan Mantri Mudra Yojana (PMMY). It’s essentially a government-backed loan provided by banks and NBFCs to small businesses and micro-units. The aim is to provide funding for income-generating activities in the manufacturing, trading, and service sectors.
A Mudra Loan Calculator helps you estimate the Equated Monthly Instalment (EMI) you would pay on a Mudra Loan. This helps with financial planning as you can understand the affordability of the loan based on the amount you borrow, the interest rate offered, and the chosen repayment period.
Mudra Loan Categories
Mudra loans are offered in three loan categories, Shishu, Kishore & Tarun. Check the scheme-wise loan amounts from below:
| Mudra Loan Category | Loan Amount |
|---|---|
| Shishu | Upto ₹50,000 |
| Kishore | ₹50,000 to ₹5 Lakhs |
| Tarun | ₹5 Lakhs to ₹10 Lakhs |
Mudra Loan Interest Rates & EMI
Mudrs loan interest rates are linked to the MCLR rates and each bank or other lenders will have different interest rates to offer. In general, Mudra loan interest rates vary from 8% to 12%.
Mudra Loan EMI for Different Loan Amounts
Now, assuming the interest rate to be 9% and a loan period of 2 years, let’s check the Mudra loan EMI for different loan amounts.
| Loan Amount | Mudra Loan EMI | Total Payable Amount |
|---|---|---|
| ₹25,000 | ₹1,142 | ₹27,410 |
| ₹50,000 | ₹2,284 | ₹54,821 |
| ₹60,000 | ₹2,741 | ₹65,786 |
| ₹70,000 | ₹3,197 | ₹76,750 |
| ₹80,000 | ₹3,654 | ₹87,714 |
| ₹90,000 | ₹4,111 | ₹98,679 |
| ₹1 lakh | ₹4,568 | ₹1,09,643 |
| ₹2 lakh | ₹9,136 | ₹2,19,286 |
| ₹3 lakh | ₹13,705 | ₹3,28,930 |
| ₹4 lakh | ₹18,274 | ₹4,38,573 |
| ₹5 lakh | ₹22,842 | ₹5,48,216 |
| ₹6 lakh | ₹27,410 | ₹6,57,860 |
| ₹7 lakh | ₹31,979 | ₹7,67,503 |
| ₹8 lakh | ₹36,548 | ₹8,77,147 |
| ₹9 lakh | ₹41,116 | ₹9,86,790 |
| ₹10 lakh | ₹45,685 | ₹10,96,433 |
Calculation of Mudra Loan EMI
You can manually calculate Mudra Loan EMI using the following formula:
EMI = [P * R * (1 + R)^N] / [(1 + R)^N – 1]
Where,
P – Loan principal amount
R – Monthly interest rate
N – Loan tenure in months
Example:
Let’s calculate the estimated EMI for a Mudra loan with the following details:
Loan Amount (P): ₹2,00,000
Interest Rate (R): 8% per annum
Loan Tenure (N): 1 year (12 months)
First, let’s calculate the monthly interest rate:
Monthly interest rate = Annual interest rate / 12 months = 8% / 12 = 0.67%
Now, using the EMI formula:
Estimated EMI = [P * R * (1 + R)^N] / [(1 + R)^N – 1]
Plugging in the values:
Estimated EMI = [2,00,000 * 0.0067 * (1 + 0.0067)^12] / [(1 + 0.0067)^12 – 1]
Estimated EMI = ₹17,397.69 per month
So, the estimated EMI for a Mudra loan of ₹2 lakhs at an 8% interest rate and 1-year tenure is approximately ₹17,397.69 per month.
Loan Amortization Table for a Mudra loan of ₹2 lakhs at an 8% interest rate and 1-year tenure:
| Year | EMI | Interest Paid | Principal Paid | Outstanding Balance |
|---|---|---|---|---|
| Jul | 17397.69 | 1333.33 | 16064.35 | 191374.54 |
| Aug | 17397.69 | 1226.24 | 16171.45 | 173976.85 |
| Sep | 17397.69 | 1118.43 | 16279.26 | 156579.16 |
| Oct | 17397.69 | 1009.90 | 16387.79 | 139181.47 |
| Nov | 17397.69 | 900.65 | 16497.04 | 121783.78 |
| Dec | 17397.69 | 790.67 | 16607.02 | 104386.09 |
| Jan | 17397.69 | 679.95 | 16717.73 | 86988.40 |
| Feb | 17397.69 | 568.50 | 16829.18 | 69590.71 |
| Mar | 17397.69 | 456.31 | 16941.38 | 52193.02 |
| Apr | 17397.69 | 343.37 | 17054.32 | 34795.33 |
| May | 17397.69 | 229.67 | 17168.02 | 17397.64 |
| Jun | 17397.69 | 115.22 | 17282.47 | 0.00 |
Note: This is an estimated calculation. The actual EMI may differ slightly based on the specific calculator and rounding.
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Steps to Use Mudra Loan EMI Calculator
By using a Mudra loan EMI calculator, you can get a general idea of the monthly payment you’d be responsible for based on your loan amount, interest rate, and repayment term. This helps you assess if the loan is affordable for your business.
You can calculate your Mudra Loan EMI using any Business Loan EMI calculator. Using this EMI calculator, you can understand your affordability and make informed decisions about your loan amount and tenure.
Here are the steps to use the Business Loan EMI Calculator:
- Visit the Business Loan EMI calculator page.
- Enter the following key details: Loan Amount (in Rs), Interest Rate (%), Loan Tenure (in months)
- The EMI amount will be displayed along with the total interest payable and total repayment amount
Note: Various factors influence the interest rates of Mudra loans, including the applicant’s income, creditworthiness, type of business, desired loan amount, repayment period, and other relevant considerations.
Features of Mudra Loan
The table below shows the overview of the features of Mudra Loan:
| Loan Amount | Up to 10 Lakhs |
| Interest Rate | Depends on the Lender |
| Tenure | Up to 7 years |
| Loan Category | Shishu – Up to ₹50,000 Kishor – Above ₹50,000 and up to ₹5 lakhs. Tarun – Above ₹5 lakh and up to ₹10 lakhs |
| Loan Type | Collateral Free Loan (without Security) |
| Loan Facility | Cash Credit, Overdraft & Term Loan |
| Repayment Tenure | Depends on the Lender |
| Mudra Processing Fee | Zero (For the Shishu category) As per Lender (For Kishore & Tarun category) |
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Benefits of Mudra Loan Calculator
The Pradhan Mantri Mudra Loan EMI Calculator provides several advantages to borrowers such as:
- Precise Financial Planning: The calculator offers accurate EMI estimations, enabling borrowers to plan their financial commitments effectively.
- Time-Efficient: Manual calculations can be time-consuming and prone to errors. This calculator is reliable and saves time.
- Comparison: Borrowers can assess different loan options based on various criteria. They can compare different scenarios and select the most suitable option.
- Informed Decision-Making: With clear EMI amounts, borrowers can make informed decisions about the loan amount and tenure.
- Budgeting: EMI projections assist customers in budgeting for future expenses.
Tips to Avail a Mudra Loan at a Low Interest Rate
Securing a Mudra loan at a favorable interest rate can significantly boost your small business or entrepreneurial venture. Here are key strategies to help you obtain a Mudra loan with lower interest rates:
- Maintain a good credit score to improve your chances of securing better rates.
- Compare offers from different lenders to find the most competitive interest rates.
- Choose the appropriate MUDRA loan category (Shishu, Kishore, or Tarun) based on your business needs and loan amount.
- Prepare a solid business plan to demonstrate your creditworthiness and potentially secure better terms.
- Consider opting for a shorter loan tenure or providing collateral, as these factors can lead to lower interest rates.
- Look for government schemes or special programs (like those for women entrepreneurs) that may offer subsidized rates.
You can also check other related Business Calculators below
| Business Loan EMI Calculator | MSME Calculator |
| Business Loan Eligibility Calculator | PMEGP Loan Calculator |
| Commercial Loan Calculator | Working Capital Loan Calculator |
| Commercial Property Loan Calculator | Machinery Loan EMI Calculator |
| Corporate Loan Calculator | Tractor Loan EMI Calculator |
| Agriculture Loan EMI Calculator | Commercial Vehicle Loan Calculator |
Know more about different types of business loans offered as per the government schemes by various banks & other private lenders. Check more on this from the links in the table below:
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