- Shishu: Maximum up to Rs. 50,000.
- Kishore: Minimum Rs. 50,001 and maximum up to Rs. 5,00,000.
- Tarun: Minimum Rs. 5,00,001 and maximum up to Rs. 10,00,000.
SBI E Mudra Loan Interest Rate
The mudra loan interest rate SBI is competitive and is linked to the current MCLR of the bank. For banks, the Reserve Bank of India (RBI) has put a cap on the interest rate at Base rate or MCLR for lending micro units by commercial banks.
| Rate of interest | Linked to MCLR & ranges from 8.40% to 12.35% p.a. |
| Processing fee | Nil for Shishu & Kishore and 0.50% + applicable tax for Tarun |
Online Procedure to Apply for SBI E Mudra Loan
If you are looking for a State Bank of India Mudra loan online apply the following steps:
- Visit the SBI Mudra loan online portal and click on the ‘Proceed’ button.
- Click on the ‘Ok’ button after reading the instructions given in Hindi or English language.
- Now, you will be redirected to a new page where you will have to enter some details like your mobile number, SBI savings or current account number, and required loan amount.
- Click the ‘Proceed’ button after entering the required details.
- Then fill out the online SBI Mudra loan application form and upload the required documents.
- Accept the Terms & Conditions with an e-sign.
- Provide your Aadhaar number to give consent for using your Aadhaar for e-sign.
- Now, you will receive an OTP on your registered mobile number. Enter it in the given space to complete your loan application.
Documents Required for SBI for e-Mudra
Following mudra loan documents SBI bank will require to apply for SBI e-Mudra Loan:
Documents Required for Shishu Mudra Loan:
- Registration certificate for GST
- Details of Udyog Aadhaar
- Details of SBI Account
- Shop & Establishment certificate
Documents Required for Kishore and Tarun Mudra Loan:
- Passport-size photographs of the applicant
- Identity proof, such as Voter ID, PAN Card, Aadhar, Passport, etc.
- Residence proof, such as Passport, Utility Bills, Property Tax Receipt, etc.
- The last 6 months’ bank statements
- Quotation of price for purchasing equipment or machinery
- Aadhaar and proof of establishment for business ID
- Last 2 years Balance Sheet and Profit & Loss statement
- Partnership deed & legal arrangement documents
Eligibility for SBI for e-Mudra
- Business enterprises in the Trading, Manufacturing, and Service sectors, including allied agricultural activities are eligible for the mudra SBI loan.
- A 10% margin will be required for loans of Rs. 50,001 to Rs. 10 Lakhs.
- Existing and new business units can apply for mudra loans online at SBI Bank.
- Hypothecation of P&M for Term Loans and Hypothecation of Stocks & Receivables for Credit Card has to be done for primary security.
Pradhan Mantri Mudra Yojana Scheme
Pradhan Mantri Mudra Yojana or PMMY scheme was launched by the Government of India in 2015 to promote the small enterprises in India. The up to Rs. 10 Lakhs under PMMY are guaranteed by Credit Guarantee for Micro Units (CGFMU) and are provided via National Credit Guarantee Trustee Company (NCGTC). Under PM mudra loan, the guarantee cover for 5 years is available and hence for advances offered under Pradhanmantri mudra loan yojana the maximum tenure offered is 60 months. To apply for the loan, you can fill out and submit the Pradhan Mantri Mudra Yojana application form in the e-Mudra portal or Udyami Mitra Portal.
FAQs
Who can apply for an SBI E Mudra Loan?
Existing and new business enterprises in the Trading, Manufacturing, and Service sectors, including allied agricultural activities are eligible for the loan. You can call the customer care team of the bank to learn more about SBI Mudra loan eligibility.
What is the interest for E Mudra loan in SBI?
SBI e Mudra Loan interest rates are linked to MCLR and start from 8.40% p.a.
Is a guarantee required for a Mudra loan?
No guarantee is required for SBI mudra loan online as these loans are guaranteed by Credit Guarantee for Micro Units (CGFMU).
Is there any age limit for the Mudra loan?
Yes. The eligible age limit for a mudra SBI loan is 18 to 65 years.
Which banks are giving Mudra loans?
Almost every bank in India can give Mudra loans, including the SBI Bank, ICICI Bank, HDFC Bank, and so on.
Does Credit score affect mudra loan?
No, credit score is neither required nor has any impact on a mudra e loan.
How much amount can we get from the SBI E Mudra Loan?
Each category under Pradhan Mantri Mudra Yojana SBI has a different loan limit as mentioned below:
- Shishu: Maximum up to Rs. 50,000.
- Kishore: Minimum Rs. 50,001 and maximum up to Rs. 5,00,000.
- Tarun: Minimum Rs. 5,00,001 and maximum up to Rs. 10,00,000.
How to get an SBI e MUDRA loan of Rs 50,000?
If you want to get an SBI e mudra loan apply online 50 000 will be transferred to your account:
- Visit the portal of SBI e-Mudra and click on the 'Apply Now' button.
- Read the instructions and click on 'Ok' to proceed to the next page.
- Here, fill in your mobile number, SBI savings or current account number, and loan amount needed.
- Click on the 'Proceed' tab.
- Fill in the required information in the online application form.
- Upload the required documents.
- Accept the SBI e-Mudra’s Terms and Conditions with an e-sign.
- You will receive an OTP to your registered mobile number.
- Enter the OTP to complete your application.
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