SBI E Mudra Loan Apply Now 2023 – At Lowest Interest Rate

SBI E Mudra loan is provided under the scheme of the Government of India to enhance MSME (Ministry of Micro, Small, and Medium Enterprises) business. If you do any business related to service, manufacturing, or trading business, then you can apply for SBI E Mudra Loan.

The State Bank of India mudra loan online application is made available to the user at attractive interest rates. You can use a pm mudra loan SBI to meet various working capital requirements. The business can be from the service industry, manufacturing, or trade sector. In this article, we will give you complete information about how to apply for SBI e Mudra Loan.

SBI E Mudra Loan Review

SBI E Mudra Loan Interest Rate	Competitive rates linked with MCLR
Purpose	Business purpose, capacity expansion, modernization
Loan Amount	Up to Rs 10 Lakhs
Loan Type	Term Loan & Working Capital Loan
Target Group	Business Enterprises in Manufacturing, Trading, and Services sectors including allied agricultural activities
Processing Fee & Charges	Nil for Shishu and Kishor to MSE Units for Tarun: 0.50% of the sanctioned loan amount +GST
Prepayment Charges	Between 3-5 years (moratorium of up to 6 months) depending on the income generation Review of WC/TL to be done annually
Margin	Up to Rs. 50,000 Nil and from Rs 50,001 to Rs. 10 Lakhs is 10%
Collateral Security	Nil

SBI 1-year MCLR with effect from 15^th October 2022 is 7.95%.

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SBI e Mudra Loan Features

Processing Fee: Under the SBI e Mudra loan scheme, loans are given for running a small business by dividing into three types. Shishu, Kishor, and Tarun Loan. If you apply for Shishu and Kishor Loan, you will not have to pay any processing fee. For Tarun Loan, we must pay a processing fee of 0.50%.

Low-Interest Rate: SBI e Mudra Loan is given to strengthen the small business. Due to this, we have to pay significantly less interest on E Mudra Loan. The interest rate of the E Mudra loan has been reduced to 7.95% by 15 October 2022.

Without Guarantee: SBI E Mudra loan is given by the government to grow and strengthen small businesses. If an MSME applies for SBI e Mudra Loan to increase its business, then it does not need to give any guarantee. This guarantee is given to the bank by the Credit Fund Trust for Micro and Small Enterprises (CGTMSE).

Online Process: We can apply for Shishu and Kishor loans to grow a small business. Whose entire process is online. In which we get a loan amount of 50,000. You do not need to visit the bank to take this loan amount.

Long tenure: Small businesses can take time to grow, so you get up to 5 years to repay the loan amount, which helps us a lot to grow your business.

Maximum Loan Amount: A businessman running this business for more than two years can apply for a Tarun loan. You can apply up to a maximum of 10 lakhs in a Tarun Loan.

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SBI e Mudra Loan – Eligibility Criteria & Documents required

• Must have maintained SBI’s current or saving account for at least 6 months.
• The minimum age to apply for a loan is 18 years.
• Your existing business should be more than two years old to avail Kishor and Tarun Loan.
• Applicant must be engaged in a non-farm income-generation activity, either in manufacturing or in the services sector.

The bank provides State Bank of India (SBI) Mudra loans in the form of term loans for various business needs. By SBI, a loan amounts up to a maximum of Rs 10 lakh is offered under the e-Mudra scheme. Businesses engaged in the manufacturing or service sector are eligible for a CGTMSE guarantee. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) guarantees a certain amount of loans given under the Mudra scheme to the applicants.

Documents Required

• Duly filled application form with passport-sized photographs
• KYC documents of the applicant: Passport Voter’s ID card, Aadhar Card, Driving License, PAN card
• Proof of Business (Name, Start date & Address)
• Details of Saving or Current Account Number and branch.
• UIDAI – Aadhar Number (should be updated in Account Number)
• Community details (General/SC/ST/OBC)
• Other information for uploading like GSTN & UDYOG Aadhar
• Proof of Shop & Establishment and business registration

How to apply for an SBI e Mudra Loan?

You can use online and offline methods to take SBI e Mudra loans. You can use both online and offline for Shishu and Kishor loans. But to take a Tarun loan, you have to apply offline.

Customers who have savings or current accounts with SBI can apply for loans up to Rs 1 lakh by visiting the SBI e-Mudra portal and following the information given below.

Step 1: Select Application Form from the drop-down menu

Step 2: Click on www.sbi.co.in and click on ‘Proceed’

Step 3: Please provide the Aadhar Card of the applicant for e-KYC through UIDAI, as e-KYC and e-Sign are to be completed through OTP verification for loan processing and disbursement.

Step 4: Once the loan formalities are completed, the applicant will receive an SMS through which you will re-visit the e-Mudra portal to initiate the further process.

Step 5: The process needs to be completed within 30 days from the date of receipt of the loan sanction receipt.

Note: The applicant must upload the document in JPEG, PDF, or PNG format with a maximum file size of 2 MB.

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