State Bank of India (SBI) is a leading public sector bank that offers loans to customers for their personal needs and for business requirements. As part of its portfolio, the lender offers a number of SME loans including the Pradhan Mantri Mudra Yojana (PMMY).
The Pradhan Mantri Mudra Yojana is a collateral-free loan that can be availed by individuals who require funds for their business needs, for expansion purposes, for modernisation of the business set up or establishment, etc. Read on to know the particulars of the Pradhan Mantri 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||
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 following entities can avail the Pradhan Mantri Mudra Yojana loan:
A few things that you should keep in mind about the Pradhan Mantri Mudra Yojana scheme are as follows:
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:
To apply for the Pradhan Mantri Mudra Yojana Scheme, you will need to do as follows:
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.