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Mudra Loan EMI Calculator

Mudra Loan EMI Calculator

  • The Government of India has launched the Pradhan Mantri Mudra Yojana or PMMY scheme to provide affordable entrepreneurship and business loans. Mudra (Micro units development and refinance agency)loans are offered to non-farm, small enterprises who are engaged in generating income through manufacturing, trading and services as well as small companies involved in agricultural activities. Applicants can choose from three types of Mudra Loans:

EMI Calculator

APR Calculator
  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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Shishu Loans: This is a starter loan under which approximately ₹50,000 is offered as loan amount

Kishore Loans: Ideal for mid-level businesses, offering ₹50,001 to ₹5,00,000 a loan amount

Tarun loans: Ideal for entrepreneurs looking to set up businesses, offering ₹5,00,000 to ₹10,00,000 as loan amount

How to Calculate Mudra Loan

You can use the Mudra loan eligibility calculator to calculate the monthly EMI payable against the loan. Here’s how you can use the Mudra Loan interest calculator

  • Input the Principal loan amount – Depending upon you loan type; Shishu, Kishore, or Tarun loan, you need to input the loan amount in the mudra loan calculator.
  • Input the interest rate – In the second tab of the Mudra loan EMI calculator, you need to input the interest rate you can afford. Mudra loan interest rates begin at 9.65%.
  • Input the tenure – In the third tab of the calculator, you must input the loan tenure. Mudra loans are available for tenures of up to 7 years.

Your mudra loan is calculated using the following formula

E = P x R x (1+R)^n / {(1+R)^n – 1}

Advantages of Mudra Loan

  • Ideal for micro and small enterprises engaged in income generation.
  • No need to provide collateral
  • No processing charges are levied
  • The credit from Mudra loans can be used for term loans and overdraft facilities.
  • No minimum loan amount required to avail Mudra loans schemes.

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