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. This loan is made available to the user at attractive interest rates. In this article, we will give you complete information about how to apply for “SBI e Mudra Loan“.
You can use an SBI e Mudra loan to meet various working capital requirements. The business can be from the service industry, manufacturing, or trade sector.
- 1 SBI E Mudra Loan Review
- 2 SBI e Mudra Loan Features
- 2.1 SBI e Mudra Loan – Eligibility Criteria & Documents required
- 2.2 How to apply for an SBI e Mudra Loan?
- 2.3 FAQ:
- 2.4 Who can apply for SBI e Mudra Loan?
- 2.5 Can I take 50,000 e Mudra loan from SBI Bank?
- 2.6 What is the repayment tenure for the State Bank of India Mudra Loan?
- 2.7 Can people from urban areas apply for a State Bank of India (SBI) Mudra Loan?
- 2.8 Is there any subsidy provided under Mudra Loan Scheme?
- 2.9 What is the maximum loan amount given under Mudra Loan Scheme?
- 2.10 What is SBI E-Mudra Loan Customer Care Number?
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 sector 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%|
SBI 1-year MCLR with effect from 15th 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 it into three types. Infants, adolescents, and youth. 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: 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.
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.
- 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 2MB.
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Who can apply for SBI e Mudra Loan?
Businesses or enterprises related to manufacturing, trading, the service sector, and agriculture can apply for a State Bank of India (SBI) Mudra Loan.
Can I take 50,000 e Mudra loan from SBI Bank?
Yes, if you are already an SBI Bank customer. You can get an e-Mudra loan of up to 50000 from SBI Bank instantly. And it gets approved in a day or two.
What is the repayment tenure for the State Bank of India Mudra Loan?
The working capital loan amount is repaid as per the demand, whereas the repayment tenure for fixed loans ranges from 3 to 5 years. It also includes a moratorium period of up to 6 months.
Can people from urban areas apply for a State Bank of India (SBI) Mudra Loan?
Yes, people from urban areas can apply for a State Bank of India (SBI) Mudra Loan.
Is there any subsidy provided under Mudra Loan Scheme?
No, no subsidy is provided under Mudra Loan Scheme.
What is the maximum loan amount given under Mudra Loan Scheme?
The maximum loan amount that can be given under the Mudra loan scheme is Rs 10 lakh. Is.
What is SBI E-Mudra Loan Customer Care Number?
If you are facing any problem understanding the rules of the SBI Mudra loan, you must talk to customer care: SBI Mudra Loan Customer Care number. Call SBI’s 24X7 helpline numbers i.e., 1800 1234 (Toll-Free), 1800 11 2211 (Toll-Free), 1800 425 3800 (Toll-Free), 1800 2100 (Toll-Free) or 080-26599990.