How do I navigate my bank's conflicting signals regarding MUDRA loans?
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I’m receiving mixed signals from my bank. MUDRA is marketed as 'no-collateral,' so why is the manager insisting on property or rental agreements? They are also adhering to a 20% turnover limit. I’m trying to figure out if that’s a standard SBI policy or if I should try a different branch.
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I get why you’re feeling frustrated. The Mudra scheme is meant to be collateral-free for loans up to ₹10 lakh—that’s the official deal. So, banks shouldn’t be asking for property or anything as collateral for that amount.
Sometimes, certain branches get a bit too cautious and make their own rules based on how they feel about risk. It might be a good idea to ask them to show you the specific policy in writing. Or, honestly, you could just try another SBI branch. It really can depend on who you’re chatting with.
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