The government launched Pradhan Mantri Mudra Yojana in 2015 to promote small businesses in India. Under this scheme, non-corporate, non-farm, and micro-enterprises can take business loans up to Rs. 10 Lakh. These mudra loans can be availed through any bank - commercial banks or non-banking finance institutions, rural banks and small banks.
State Bank of India, country’s largest bank also provides Mudra Loan to Micro, Small & Medium Enterprises (MSMEs). You can avail SBI e-mudra loans to meet various business requirements like business expansion, modernization, purchasing machinery etc. Non-Corporate Small Business Segment that comprises of small manufacturing units, service sector units, vendors, shopkeepers, repair shops, artisans etc. through SBI Bank can take benefit of Mudra Loan.
If you have account in SBI then you can also apply for SBI Mudra loan upto Rs. 1 Lakh online via SBI e-Mudra website.
If you are from the farming community then know about SBI agriculture loans.
Benefits of SBI Mudra Loan
Overdraft facility
You get an Overdraft facility with SBI Mudra Card. It is a card that provides cash credit services & also acts as debit card.
Processing fees
Banks do not take any processing fees for Mudra loan. If you don't have any collateral or security, these loans are collateral-free.
Lower Interest Rates
The Interest Rate on SBI Mudra Loans is determined as per RBI guidelines, hence are lower than regular business loans.
Purchasing inventory
The State Bank of India Mudra Loan can be availed for business expansion, buying equipment etc. In addition, as part of the scheme, there is a separate provision for getting the inventory for expanding their business.
Special concession to women
Under Mahila Uddyami Yojana, the Centre encourages women to start their enterprises. Thus, they can avail SBI Mudra loan at discounted rate.
SBI e-mudra Interest Rate & Charges
Interest rate - Linked to MCLR that ranges between 8.40 percent to 12.35 percent
Processing fees - No fees for Shishu & Kishor and 0.5 percent of loan amount for Tarun
Pre-payment charges - 3 to 5 yrs including a moratorium of upto six months depending on the activity/ income generation
Who is eligible for SBI emudra?
The minimum age of the applicant should be 18 years & maximum age limit is 65 years.
Documents Needed for SBI e-Mudra
These are the documents that will require for SBI Shishu Mudra Loan
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GST Registration certificate
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SBI account details
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Udyog Aadhar details
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Shop and Establishment Certificate
Documents needed for SBI Kishore & Tarun Mudra Loan
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Identity Proof like PAN, Voter ID, Aadhar Card, Passport etc.
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Residence Proof like Utility bills, Passport, etc.
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Bank Statements for last six months
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Aadhar and proof of establishment for Business ID
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Price Quotations for purchasing equipment / machinery
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Balance Sheet statement of last two 2 years
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Profit and Loss statement of last two 2 years
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Passport size Photo of applicant
How to Apply for SBI e-Mudra Loan?
You can apply for SBI e-Mudra Loan Online as well as Offline. Follow the steps given below to apply for SBI e-Mudra Loan Online;
Step 1 – Go to SBI e-mudra website and click on 'Proceed'.
Step 2 – Then read the instructions given and click "Ok" button.
Step 3 - A new page will open wherein you will have to enter details like Mobile Number, SBI Account Number, Loan Amount & click on Proceed.
Step 4 – Fill in the application form and upload all necessary documents.
Step 5 – Now accept the terms & conditions with an e-sign. You will have to provide your Aadhaar number to provide consent for using Aadhaar for e-Sign.
Step 6 – At last enter the OTP that you will receive on the registered mobile number.
Click to apply for SBI e-Mudra
SBI e-mudra offline process
Go to your nearest SBI branch and meet the concerned official handling loans and finances. Tell him about your loan requirement and business proposal. He will give you e-Mudra application form. Just fill the form, attach necessary documents and submit it.
