Planning to expand your business or to have some important things to update your business? Here we go with SBI e-Mudra loans, PM Mudra Yojana, All you need to know!
Under the Pradhan Mantri Mudra Yojana, small businesses can get up to Rs. 10 Lakh loan. Through this scheme, non-farm, micro-enterprises and corporates can get these loans. The central government launched the plan in 2015 to promote small businesses all over the country. Making use of the scheme, No-farm, no-corporate, micro-enterprise can take loans up to 10 lakhs.
One can use any bank to avail the mudra loans including commercial, non-baning institutions, small and rural banks.
Basic Loan Conditions Information:
Under the Mudra scheme, the loan you avail of is guaranteed by Credit Guarantee for Micro Units and the National Credit Guarantee trustee company provides the necessary. 5 years is the available time of the cover and the advice granted for 60 months. The CC holders will also be issued a mudra RuPay card with their respective bank and branch.
Benefits of SBI Mudra Loan Scheme
Facility of Overdraft
With the SBI Mudra card, the borrower will get the overdraft facility. The card also provides cash credit and acts as a debit card for the user.
SBI does not take any kind of fees for processing the Mudra loan. The loans are also collateral-free that you don’t need to provide any kind of security or collateral to the bank.
Minimum Interest Rates
RBI regulations determine the interest rate of Mudra loans, which comes as a lower interest rate compared to regular loans.
The loan amount from the State Bank of India Mudra loan can be availed for expanding the business, equipment buying and as part of the scheme, a separate provision is there for updating the inventory to business expansions.
Special Concession to Women
Through the Mahila Uddyami Yojana, Women are encouraged to start their own enterprises and they are eligible to avail of the discounted rate SBI Mudra loan.
Interest Rates and Charges of SBI Mudra loan
The interest rate is linked to MCLR and ranges between 8.40% to 12.35%. There is no processing fee for Shishu and Kishor loans and 0.5% of the loan amount is charged for the Tarun scheme. There is a 3-5 period for Pre-payment charges including a moratorium of up to six months. The moratorium duration depends on the activity/generation of income.
SBI e-Mudra Loan
State bank of India is the largest bank in our country providing Mudra loans to Medium, Micro and Small enterprises. You can apply for e-mudra loans for various business purposes including Business Expansion, Modernization, Purchasing of equipment and machinery etc. Through the e-Mudra loan, Shopkeepers, vendors, service sector units, small manufacturing units, artisans etc can take benefit and use it to achieve their business goals.
Existing and new units are eligible for the Mudra loans. Business enterprises that are involved in manufacturing goods can also apply for the loan along with individuals who are employed in the trading and service sectors. People who are engaged in allied agricultural activities can also apply for the e-Mudra loan.
Documents for SBI Mudra- Online
Registration certificate of GST
Bank account details of your SBI account
Udyog Aadhar card details
Certificate of your Shop and Establishments
Documents for SBI Kishore & Tarun Mudra Loans
Gov authorized identity proof such as PAN card, Voter ID, Passport, Aadhar Card etc.
Proof of residence like Passport, Utility bills etc.
Bank Statements- last six months
Aadhar and proof of establishment for Business ID
Quotations of Price for the purchase of equipment and machinery
Profit and Loss statement- last two years
Balance Sheet statement- last two years
Passport size photo of the applicant
How to Apply for SBI e-Mudra Loan?
There are two ways to apply for SBI e-Mudra Loan. Online and offline.
SBI e-Mudra application through online method
Step 1- Go to the e-Mudra website of SBI and click on “Proceed”
Step 2- Read the instruction carefully and click the “Ok” button
Step 3- Enter the details like Mobile number, Bank account number(SBI), Loan amount etc and click on proceed.
Step 4- Fill the application form and upload all the required documents
Step 5- Accept the terms & conditions with an e-sign. Provide your Aadhaar number to give consent for using Aadhaar for the e-signing.
Step 6- Enter the OTP that you received on your registered mobile number
SBI e-Mudra Offline Application Process
Meet the concerned officer who is handling loans and finances in your nearest SBI branch. Communicate with them about your loan amount, requirements and business proposal. Collect the application form for the Mudra loan, fill and submit it with the necessary documents attached.