SBI E Mudra Loan Apply Online 2022 | Eligibility Criteria
Under the direction of the Micro Units Development and Refinance Agency (MUDRA), the State Bank of India (SBI) provides individuals and Micro, Small and Medium (MSME), called Mudra Loans.
Under this grant up to Rs 10 lakh is provided to individuals, small and medium enterprises. SBI E Mudra Loan is offered with a competitive interest rate with low or low processing costs and flexible EMI locations.
SBI also provided another program called Pradhan Mantri Mudra Yojana (PMMY) launched by Prime Minister Narendra Modi on April 8, 2015. PMMY is an unsecured loan that provides financing for business purposes, expansion purposes, company building or branch development.
To support eligible borrowers in terms of eligibility, MUDRA has registered 27 state-owned enterprises, 17 private bank banks, 27 rural banks, and 25 MFIs as co-operative institutions.
Features of SBI E Mudra Loan
The SBI E Mudra Loan is divided into three categories:
- Shishu– Loan up to Rs 50000 with a minimum interest rate of 1% per month or 12% per annum.
- Kishore: Loan of Rs 50,001 to Rs 5 lakhs. The repayment period should not exceed 5 years and the interest rate depends on the applicant’s credit history.
- Tarun: Loan amount from Rs 5 lakhs to Rs 10 lakhs. The interest rate and payment plan are the same as for the Kishore system.
- Loans provided under the Mudra scheme fall under the Minority Credit Guarantee Fund and are provided by the National Credit Guarantee Trustee Company (NCGTC). Therefore, there is no need for any collateral.
- Borrowers are provided with RUPAY debit cards labeled ‘MUDRA’ debit and transaction points.
SBI Eligibility E Mudra Loan
- The applicant must perform non-agricultural income-generating activities. Eg: manufacturing or service sector.
- The applicant must have a permanent address for at least 2 years
- You must have an SBI account stored for at least 6 months.
- First-time applicants must provide working business models that define the benefits of the model.
- Pre-established business applicants can use e-services to grow the business or modernize equipment, meet the requirements for operating costs, rent payments and other purposes.
- Applicant must be at least 18 years old and approximately 60 years old.
How do you apply for SBI E Mudra Loan?
Applicants can get a quick loan of up to Rs 50000 per online application. For loans with more than Rs 50000, applicants should visit the nearest SBI branch.
- Visit the SBI Mudra website.
- Click continue on the home page.
- Enter the mobile number, SBI account number, and the requested credit amount.
- Click Continue
- Complete the relevant details on the application form.
- Download the appropriate text.
- Accept terms and conditions by e-sign.
- Enter your Aadhaar number.
- Check the permission box.
- Complete and verify the OTP sent to your registered mobile number with Aadhar.
- Enter OTP and complete the request.
Documents are required
- A completed application form with passport size photographs.
- Proof of accommodation: recent electricity or telephone bill, tax receipt
- Bank statement
- Tax declaration
- Proof of business
- Proof of ID: ID card, PAN card, Aadhar card.
- Income Proof
- Type and community certificate if applicable.
SBI E Mudra Loan FAQs
1. How do you apply for an SBI Mudra Loan?
SBI E Mudra loan will be given to the government and will only be able to get it from state banks, where banks like SBI are prominent.
To benefit from the SBI Mudra Loan Scheme, citizens must apply online by visiting the official website.
State Bank of India – Sab Mudra Mortgage Loan Application Form A PDF download link is provided below.
2. What is the SBI E Mudra loan?
The State Bank of India now offers a loan facility of up to Rs. SBI will provide a place to provide loans for all citizens of the country who do small business.
3. What documents are required to get a Mudra loan?
- Proof of address
- Electricity bills (electricity, telephone, water, gas, back-paid cell phones, property taxes)
- Aadhar Card
- voter ID
A bank entry letter or a recent bank account statement certified by officials
A local certificate or certificate issued by a local government body (municipality, district panchayat, etc.)
4. How much interest do you have in Pradhan Mantri Mudra Yojana?
No lender is required to apply for a loan under the PM Shishu Mudra Loan Scheme. Interest under this scheme is 9 to 12 percent per annum.
5. Which bank offers Mudra loan?
Mudra loans from the State Bank of India (SBI) are loans provided by banks under the direction of the Micro-Units Development and Refinance Agency (MUDRA) to Micro, Small and Medium Enterprises (MSMEs) i.e. small and medium enterprises.
6. How do you get a PM Mudra Loan? or How to Get a PMMY Loan?
To get a loan under Mudra Yojana (PMMY), you must apply to a government or bank branch. If you want to start your own business, you will need to provide many other documents including home ownership or rental documents, work related information, Aadhar, PAN number.
7. In how many days has Mudra’s loan been approved?
How many days can I get a Mudra loan? Mudra loan repayment process is completed in one to two weeks.
The PMMY program is a very useful program for people in small businesses to earn money. Entrepreneurs are eligible for a loan under this scheme at an affordable interest rate.
Also Read – Cooperative Bank Mudra Loan How To apply