What is the interest rate for Mudra Loans?
The rate of interest on a mudra loan varies according to the following categories:
- Shishu: The rate of interest is 12% annually or 1% per month for this category of mudra loan.
- Kishor: The interest rate on the mudra loan in this category is determined by the bank and it also depends on the creditworthiness of the borrower.
- Tarun: The interest rate is again determined by the bank and it also depends on the creditworthiness of the borrower.
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