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.
|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||
|Repayment period||3 –5 years|
|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||
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
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:
To ensure that the application process is smooth, make sure you have the following details ready:
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|
||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|
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:
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.
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