What is the SBI e-MUDRA Loan scheme?
The State Bank of India is one of the biggest public sector bank in the nation and one of the largest loan givers in the business loan category.
Under the MUDRA loan segment, the bank gives its low-cost business loan to business proprietors who comes under the micro and small business segments as mentioned by the Ministry of Micro, Small and Medium Enterprises.
Business loan which is offered under the MUDRA yojana is a reasonable business with the least processing fees and no extra charges associated to it.
SBI E-MUDRA facility is available for individual who is ready to borrow a specific amount of money in order to grow their ongoing business or to start a new business enterprise (small scale manufacturing unit or a shop/stall). The amount borrowed can only be utilized for business purposes and the project report with an estimate cost of project needs to submitted along with loan application.
Highlights of the SBI e-MUDRA Loan
Below are some of the key highlights of the SBI e-MUDRA Loan:
SBI e-MUDRA Business Loan 2020
|Rate of Interest||8.30% to 11.50% per year|
|Loan Amount||For Shishu – Up to ₹ 50,000For Kishore – From ₹ 50,000 to ₹ 5,00,000For Tarun – From ₹ 5,00,000 to ₹ 10,00,000|
|Offered to||New and Existing Micro & Small Enterprises|
|Processing Fees||For Shishu & Kishore – Nil(ZERO) For Tarun – 0.5% of the loan amount + Applicable Tax|
|Repayment Period||After 6 months moratorium period;12 months to 60 months|
|Security Required||No collateral or security required for loan application|
SBI E-MUDRA Loan
Borrowers who are maintaining their savings or current account with the State Bank of India, can demand for a business loan under the MUDRA scheme with the SBI’s e-MUDRA portal.
With this portal, a current SBI client can apply for a business loan of up to ₹ 50,000 directly.
Before enrolling for MUDRA loan through SBI, an individual must walk through the primary eligibility criteria for a successful application also documents required by the bank for the loan approval.
The eligibility criteria for the SBI customers given below;
1)The borrowers should be between 18 to 60 years of age
2)The saving or current account must be operational from last 6 months or more
3)The business must be small or mid-scale & should not be involved in farming activities
4)The borrowers must be living at their current location for the last 2 years
Documents needed for SBI e-MUDRA
There are 3 kinds of loans under MUDRA yojana, hence the requirement of documents might differ from one category to another.
The documents demanded for the ‘Shishu’ loan are given below;
- GST registration certificate
- Shop Establishment Certificate
- Udyog Aadhar
- SBI account details
For Kishore and Tarun category;
1)Identity Proof (PAN, Aadhar Card, Voter ID, Passport, driving license, etc.)
2)Proof of address(Utility bills,adhar card.Driving license, Property Tax receipt, Passport etc.)
3) Last 6 months Bank Statements
4) Quotations for machinery or equipment purchase(if any)
5) Udyog Aadhar & proof of establishment
5) Income Tax Returns for the last 2 year with profit and loss account and balance sheet
6) Passport size Photo of the applicant
|Particulars||Shishu Loan||Kishore & Tarun Loan|
|Identity Proof||Aadhar/Pan car||PAN, Aadhar Card, Voter ID, Passport|
|Income||ITR (Last 2 years)||Last 2 years ITR with profit and loss account and balance sheet|
|Address proof||Passport/Driving License/Utility bills||Light bill,water bill, Property Tax receipt, Passport etc.|
|Registration proof||Shop Establishment Certificate||Partnership Deed, MOA, and COA|
|Bank Details||Last 6 months Bank Statements||Last 6 months Bank Statements|
|Others||Udyog Aadhar,GST Registration||Quotations for machinery or equipment purchase(if any) ITRs (In a partnership firm)of each partner and Director’s ITR (If Private Limited Company)|
The process to apply for SBI e-MUDRA Loan
The SBI makes sure that their clients can avail of all primary services with ease and through both ways ie online and offline. The method associated with applying for a business loan under the Pradhan Mantri MUDRA yojana is very easy and convenient. The SBI has built a separate page where a borrower can apply and submit all the above-mentioned documents respectively. Below are the steps to apply for a MUDRA Loan through SBI online:
- Visit the SBI’s e-MUDRA website through your mobile or computer
- You will be directed on first page, click ‘Proceed’ to start the process
Once you proceed on next screen ,go through all instructions on MUDRA loan available in multiple language in HINDI and ENGLISH
Now start your application my entering basic details and amount required .
- Fill the application form then after
- Upload all require documents
- Accept the terms and conditions.
- Enter your ADHAR CARD details and e-sign the agreement after verifying your OTP received on the registered mobile number
- Once all process is done successfully application will be forwarded to MUDRA loan
MUDRA RuPay Cards
Once the loan is approved by banks ,applicant gets RUPAY debit card that can be used as ATM cum debit card for money withdrawal,however withdrawal limit will differ as per loan category
|Limit Type||Shishu Category||Kishore Category||Tarun Category|
|Daily Cash Withdrawal||₹ 10,000||₹ 15,000||₹ 20,000|
|Daily POS Transaction||₹ 15,000||₹ 25,000||₹ 30,000|
1)Who are eligible to apply for SBI Mudra loan?
Any micro or small business can apply for an SBI Mudra loan. Owners can be proprietors, partners, or directors in the business.
2)What is the repayment tenure for an SBI Mudra loan?
After moratorium period of 6 months, the period will be between 3 to 5 years.
3)Can somebody from urban areas apply for an SBI Mudra loan?
Yes. they are eligible for SBI Mudra loan.
4)What is a Mudra Loan Card? Rupay card offered after loan approval that can use as ATM cum debit card for fund withdrawal are Mudra loan card
5)Is there any subsidy given under Mudra loan scheme?
No, no subsidy offered under Mudra loan scheme.
6)What are the minimum and maximum loan amounts given under the Mudra loan scheme?
There is no minimum amount to max 10 lakh.
7) Do NBFCs also provide Mudra loans?
No, only banks are allowed to give Mudra loans. The government of India does not grant permission to NBFCs to give Mudra loans.