To promote small enterprises in India, the Government of India introduced Pradhan Mantri Mudra Yojana in the year 2015. Under this scheme, business loans can be availed up to 10 lakh by non-corporate, non-agricultural and micro-enterprises. These loans are known as Mudra loans and can be availed through any bank; Rural banks, small banks, commercial banks or non-banking finance institutions. so here we discuss how to SBI e-mudra loan online apply .
State Bank of India, which is one of the largest public banks in India, also provides currency loans to micro, small and medium enterprises (MSME). These loans can be availed for meeting various business needs, such as business expansion, modernization, buying machinery and other business-related purposes.
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Mudra loans can be availed by the non-corporate small business segment which includes small manufacturing units, service sector units, shopkeepers, vendors, repair shops, artisans etc. SBI Bank. If you have an SBI Savings and Current Account, you can apply for SBI Mudra loan online for 1 Lakh through SBI e-Mudra portal.
Follow the steps given below to apply for an SBI e-Mudra loan.
- Go to SBI e-Mudra portal and then click on ‘Continue’.
- Now, read the instructions given in Hindi or English and click on the “OK” button.
- You will now be directed to a new page. Enter details like your mobile number, SBI Savings / Current Account Number, required loan amount, and click on proceed.
- Now, fill the online application form for Mudra loan and upload the required documents.
- Next, accept the terms and conditions with an e-sign. You will also have to provide your Aadhaar number to provide consent to use Aadhaar for e-sign.
- Finally, you will receive an OTP on the mobile number registered with Aadhaar. Enter this OTP to complete your application.
E-Mudra Loan Eligibility
If you meet the following eligibility criteria then you can apply online for SBI Mudra loan.
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Individuals applying for SBI e-Mudra loan should be a micro-entrepreneur.
If you have a current or savings account of SBI for at least six months, you can apply for e-Mudra loan.
You can get a maximum loan amount of 1 lakh with e-Mudra loan. Further, there is an instant loan availability of 50,000, as per the discretion of the bank. Also Read :-How to transfer contacts from android to iPhone after setup
Maximum repayment period for SBI e-Mudra loan is up to 5 years.
SBI Mudra Loan Eligibility
Before applying for SBI Mudra loan, you should check the following eligibility criteria for successful acceptance of loan application. Also Read :-How to boost internet speed on android phone
- SBI Mudra loan can be availed by any Indian citizen who has a business plan for non-agricultural income-producing activity. These include activities such as manufacturing, processing, trade, or service sectors.
- Micro, Small, and Medium Enterprises can get a credit of up to 10 lakh for business expansion, purchase of equipment etc. through the bank, MFI, or NBFC.
- To avail SBI Mudra loan, you must be a resident at your current place for the last two years.
- The minimum age of the applicant should be 18 years, and the maximum age limit for SBI Mudra loan is 65 years.
Documents required for Mudra loan from SBI
To avail SBI Mudra loans, you need specific documents for each loan product.
These are the documents you need for Shishu Mudra Loan:
- GST registration certificate
- Industry Basis Details
- SBI Account Statement
- Shop and installation certificate
Documents required for Kishore and Tarun Mudra loans
- Proof of identity such as PAN, Voter ID,
- Aadhaar Card, Passport etc.
- Proof of residence such as utility bill, passport
- Property tax receipt, etc.
- Bank details for the last 6 months.
- Price quotation for purchasing equipment or machinery.
- Aadhaar and proof of establishment for Business ID.
- Profit and Loss Statement for the last 2 years
- Balance sheet statement for last 2 years.
- Partnership deed and legal system document
- Passport size photo of the applicant.
Benefits of SBI Mudra Loan
SBI Mudra Loans can overcome the financial constraints of micro, small and medium entrepreneurs willing to work in various fields. They can avail the following.
- Overdraft facility: You can also avail of an overdraft facility with a Mudra card. It is a card that provides cash loan services and also acts as a debit card. Currency cards with merchants can be swiped at the point of sale (PoS) or withdraw cash from ATMs.
- Processing fees: Banks do not charge any processing fees for Mudra loans. In addition, if you do not have any collateral or security, these loans are collateral-free.
- Purchase List: SBI Mudra loan can be availed for business expansion, business modernization, purchasing equipment etc. In addition, as part of the plan, there is a separate provision for purchasing inventory to expand its business.
- Low-interest rate: The rate of interest on Mudra loan is determined as per RBI guidelines.
Non-Corporate Small Business Segment (NCSBS) comprising small manufacturing units, service sector units, shopkeepers, vendors, repair shops, artisans etc. in rural and urban areas can get an SBI Mudra Loan by visiting the SBI Bank. If you have already had an existing Savings or Current account in SBI, you can also get Mudra Loan online upto 1 Lakh through SBI e-Mudra portal –
Mudra or Micro Units Development and Refinance Agency provides refinance to Banks / MFIs / NBFCs for lending to support the business needs of micro-units with loan requirements upto ₹ 10 Lakh . These business loans provided under Mudra Yojana are known as Mudra Loans. Mudra Loan can also be taken by enterprises online through a Bank website and is known as e Mudra Loan. Also Read :-How to delete WhatsApp message after 7 minutes
No, as per the guidelines of RBI, you do not need to provide a security or collateral against the Mudra Loans from the SBI if you are eligible for Mudra Loans.
Yes, firms operating as small manufacturing units or in service sector units, shops and stalls etc. in both Urban and Rural areas can apply for an SBI Mudra Loan.
The lending institution determines the interest rate on Mudra Loan as per the guidelines of RBI. SBI Mudra Loan interest rate ranges between 8.40% to 12.35% per annum and changes as per MCLR rates.