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