• SBI Mudra Loan

    State Bank of India is a leading public sector bank that offers loans to customers for their personal needs and for business requirements. As part of its portfolio, SBI offers a number of SME loans including the PM Mudra Yojana.

    Features of SBI Mudra Loan

    Nature of facility Term loan and working capital
    Purpose Modernisation, business capital, expansion
    Target group People belonging to trading sector, part of business enterprises, and those who carry out agricultural activities
    Quantum of loan
    • Maximum loan amount: Rs.10 lakh
    • Loans up to Rs.50,000 is under SHISHU category
    • Loans from Rs.50,001 to Rs.500,000 is under KISHORE category
    • Loans from Rs.500,001/- to Rs.10,00,000/- is under the TARUN category
    Repayment period 3 –5 years
    Processing fee
    • Nil for Shishu and Kishore loans
    • 0.5% of the loan amount for Tarun loans
    Margin
    • Nil for loan up to Rs.50,000
    • 10% for loan amount from Rs.50,001 to Rs.10 lakh
    Pricing Pricing linked to MCLR
    Collateral security No collateral required. However, as Primary Security, hypothecation of P&M for TL and hypothecation of stocks and receivables for CC to be done.
    Eligibility criteria New and existing units
    Other conditions you must be aware of
    • The loan that you avail under Mudra Scheme is guaranteed by Credit Guarantee for Micro Units (CGFMU) and provided by National Credit Guarantee Trustee Company (NCGTC).
    • The cover is available for 5 years and hence the advises granted is for 60 months.
    • You can view the leads on Udyami Mitra Portal.
    • All CC account holder will be issued a Mudra RuPay card by their respective branches.

    SBI e-Mudra

    Existing SBI savings and current account holding customers can now apply for the SBI Mudra loan online. Loan applications for up to Rs.50,000 can be submitted on the SBI e-Mudra portal - https://emudra.sbi.co.in:8044/emudra.

    Eligibility criteria for SBI e-Mudra Loan

    • The borrower should be between 18 and 60 years of age.
    • The deposit account should have been active for a minimum of 6 months.

    Documents Required

    It is important to keep the following documents in hand when applying online for the e-Mudra loan. The documents should be in the JPEG, PNG, or PDF format and should not exceed 2MB in size. The documents should be a photocopy or a scanned copy of any of the following:

    • GST registration certificate
    • Shop & Establishment certificate
    • Udyog Aadhaar
    • Any other document of business registration

    Details Required

    To ensure that the application process is smooth, make sure you have the following details ready:

    • Your SBI savings/current account number
    • Aadhaar number: This is voluntary and is required to complete the e-KYC process instantly through the mobile app. However, if you do not wish to provide your Aadhaar number online, your application will be manually processed at the SBI branch.
    • Business details: This includes the name and address of your business and its start date and is used to verify your business location.
    • Religion and community: This is a part of SBI’s credit policy.
    • Sales figures: Sales turnover figures.
    • Business account: Account number, bank, and branch name where your business’ sales proceeds gets credited.

    Online Application Process

    • Visit the SBI e-Mudra portal.
    • Click on the button ‘Proceed’ on the homepage.
    • Read the instructions given in Hindi or English and click on ‘'Ok’' to proceed to the next page.
    • Fill in your mobile number, SBI savings/current account number, and required loan amount.
    • Click on ‘Proceed’.
    • Fill in the details required in the online application form. You can also select the relevant data through the dropdown menu.
    • Upload the necessary documents.
    • Accept the SBI e-Mudra Terms and Conditions with an e-Sign. To do this:
    • Input your Aadhaar number.
    • Tick on the consent check box for using your Aadhaar for purposes of the e-Sign.
    • You will receive an OTP to your mobile number registered with your Aadhaar.
    • Enter the OTP in the required field to complete your application.

    SBI’s e-Mudra facility makes it easier to get your loan sanctioned with minimal documentation and faster approvals.

    Particulars of Pradhan Mantri Mudra Yojana scheme:

    Loan Amount Loan Tenure Interest Rate Processing Fee
    • Shishu: Up to Rs.50,000
    • Kishore: Between Rs.50,001 and Rs.5 lakh
    • Tarun: Between Rs.5,00,001 and Rs.10 lakh
    3 years to 5 years (moratorium period of up to 6 months may be offered) Linked to the MCLR Nil for Kishore and Shishu loans; 0.50% plus tax for Tarun

    Who Can Apply?

    • Both existing and new units can avail the Pradhan Mantri Mudra Yojana loan.
    • Business enterprises that are engaged in manufacturing goods can avail this loan
    • Individuals who are employed in the trading and services sector can apply for the PMMY loan.
    • Those who participate in allied agricultural activities can apply for this loan.

    Things to Keep in Mind

    • Loans that are issued under the Pradhan Mantri Mudra Yojana scheme are guaranteed under the CGFMU or the Credit Guarantee for Micro Units. The same guarantee is also provided by the NCGTC or the National Credit Guarantee Trustee Company.
    • The guarantee that is offered by the CGFMU and the NCGTC is available for a maximum period of five years. Thus, the maximum repayment scheme for the Pradhan Mantri Mudra Yojana scheme is fixed at 60 months.
    • MUDRA RuPay cards will be offered to all eligible accounts.

    Why You Should Apply for the Pradhan Mantri Mudra Yojana Scheme?

    The Pradhan Mantri Mudra Yojana scheme is an ideal choice for individuals who are in need of funds to finance their various business-related requirements. Listed below are a few reasons why you should apply for the Pradhan Mantri Mudra Yojana scheme:

    • Through the PMMY scheme, microenterprises in the country have better access to funds.
    • Individuals in need of funds for business requirements can avail loans under the PMMY scheme at an affordable rate of interest.
    • The PMMY scheme aids in employment generation and growth of GDP.
    • The processing fee charged for the Pradhan Mantri Mudra Yojana is comparatively low. For the Kishore and Shishu schemes, MSE units that avail the loan are charged a zero processing fee, while for the Tarun scheme, a nominal interest of 0.50% plus tax is charged.

    How to Apply for PM mudra yojana under SBI?

    • Read through the features, benefits, and terms and conditions of the loan. It is advisable to familiarise yourself with all the charges that will be levied once you borrow the loan.
    • Check the eligibility criteria specified by the lender to know if you qualify to apply for the scheme.
    • Reach out to State Bank of India to apply for the loan.
    • The lender will require you to fill up an application form and submit the form with a few documents.
    • Post this, your application will be verified. Once it gets approved, you will receive the loan amount in your account.

    Once you receive the loan amount, you will need to start making repayments to the lender. It is in your best interest to repay the loan as per the schedule specified by the lender to avoid any hassles and have a good borrowing experience. For any queries with regard to the Pradhan Mantri Mudra Yojana scheme, you can contact the lender through the customer care channels specified on the lender’s website.

    Thus, if you require funds for any business requirements, you can assess your needs and approach State Bank of India for the Pradhan Mantri Mudra Yojana loan.

    SBI Mudra Loan FAQs

    1. Is there any subsidy provided under SBI Mudra Loan?

      No, there is no subsidy provided under SBI Mudra Loan.

    2. What is Mudra RupayCard?

      Mudra RupayCard is issued when you successfully open a Mudra Loan account with SBI. The card acts both as a debit and ATM Card and can be used to withdraw money as well as make transactions wherever necessary. You can also use the card to make point of sales transactions to make business transactions.

    3. What are the other ways through which I can apply for a Mudra Loan from SBI?

      You can apply for a Mudra Loan from SBI by visiting the nearest branch of the bank along with all the necessary documents. A representative from the bank will help you with the process of applying for a Mudra Loan provided you fulfil all the required eligibility criteria. Once you submit the application form and the document, the bank will review it and if they are found to be in order, the loan amount will be disbursed to your bank account within a few days.

    4. I have a small business of my own but I live in an urban area. Can I apply for a Mudra Loan?

      Yes, you can definitely apply for a Mudra Loan even if you reside in an urban. You must ensure you meet the eligibility criteria before applying for a Mudra Loan.

    5. Can I avail a Mudra Loan for an amount of Rs.20 lakh?

      No, under a Mudra Loan, the maximum loan amount you can avail is up to Rs.10 lakh.

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