Fast way for SBI e Mudra Loan Online Apply, Eligibility & Interest Rate

Fast way for SBI e Mudra Loan Online Apply, Eligibility & Interest Rate

The (State bank of India) provides SBI e mudra loan to provide credit to SMEs (Ministry of Small, Micro & Medium Enterprises). Here we understand the process for e mudra loan sbi online application & mudra loan eligibility, types of mudra loan, what is mudra bank? and mudra loan application form.

The Government of India launched the Pradhan Mantri Mudra Loan Yojana (scheme) for small-scale businesses, to provide loans at a very low-interest rate which is up to 7.30% p.a. onwards, where other banks provide the business loan at the rate of 17% per annum. The applicant who wants the mudra loan must be between 18 to 65 years of age and if the applicant fulfills the eligibility criteria to get the loan amount that can be Rs. 50000 to Rs. 10 Lakh.

What is Mudra bank?

The Mudra stands for Micro Units Development & Refinance Agency Ltd. it is nothing but a public sector financial institute, the main focus or vision of Mudra bank is to provide strength and small mudra loan to SMEs. The Mudra would-be partner with banks, financial institutes to provide the mudra loan to small enterprises on the country level.

Types of Mudra Loan:

types of mudra loan

 

The Government of India mainly divide the e mudra loan into three different types as per the need and the candidate age groups, and the eligible to borrow from mudra bank are a small business, shopkeepers, vendors, etc which we mention below:

  • Shishu MUDRA Loan: The age must be 18 years or more, the offer mudra loan amount is up to Rs. 50000
  • Kishor MUDRA Loan: The offer mudra loan amount is between Rs. 50000 to Rs. 5 Lakh
  • MUDRA Loan: The offer mudra loan amount is up to Rs 10 lakh

e Mudra Loan Interest Rate:

At the start of the article, we mention the rate of interest for SBI e mudra loan let’s compare the mudra loan with a normal business loan offer by the bank. The mudra loan is only applicable for small businesses like shopkeepers, fruits & vegetable vendors or dealers, etc.

Mudra Loan Interest Rate:

Rate of Interest 7.30% to 8.05% per annum
Processing Fee up to 0.5%
Long Term Up to 5 years
Minimum Loan Rs. 50000
Maximum Loan Rs. 10 Lakh

Business Loan offered by Top 3 Bank:

Bank Name Interest Rate Maximum Loan
HDFC Bank 16% onward NA
Axis Bank 17% onward NA
ICICI Bank 18% onward NA

e Mudra Loan Eligibility:

The eligibility criteria for mudra lone is very simple the applicant must not be engaged in any farm relative business like poultry, dairy, farming, etc, which means if the applicant is working in a non-farming income-generating business is eligible for a mudra loan to apply.

The applicant must need to provide his or her residential proof, the applicant must stay at least 2 years at the same residential address that they provide.

Age Minimum age 18 years
Maximum age 65 years
Eligible lenders institute Public sector bank
Private sector bank
Rular bank
Micro-finance institutes
Documents required Mudra Loan Application Form
Identity proof(Aadhaar, Driving License)
Residential Proof (Light & Water connection bill)
Passport Size Photo
Collateral NA

By referring to the above mention details you can find out the mudra loan eligibility criteria in the below part we will discuss all the required procedures for e mudra loan.

Mudra Loan Benefits:

First of all, it’s the Government of India’s initiative to support a helping hand to the small entrepreneur’s business, by using the mudra loan they can grow their small business. Let’s see the mudra loan benefits one by one:

  • It’s a collateral-free loan, yes the applicant doesn’t need to mortgage their property or ornaments
  • The interest rate is very low which is 7.30% to 8.05% as compared with private banks offering business loan which 16% onward
  • The processing fee is very negligible which 0.5% of the mudra loan amount
  • The hassle-free procedure there are both online and offline ways for apply a mudra loan

The applicant also received some benefits under mudra loan, which are provided by the Rupay debit card service which is commonly known as the Mudra card for cash withdrawal & POS (Point of Sale) transaction under mudra loan types:

Mudra Loan Type        Daily Withdrawal Limit          Daily POS Limit
Shishu Loan 10000 15000
Kishor Loan 15000 25000
Tarun Loan 20000 30000

SBI e Mudra Loan Apply Online:

Fast way for e Mudra Loan online apply, eligibility & interest rate

 

The State bank of India is India’s leading and trusted public sector bank with a very large network of banking products and services, the SBI bank provides many loan facilities to their customers like home loans, personal or commercial vehicle loan, gold loan, or small business loan, etc.

Also search: SBI Account Number Search

Here we’ll understand the mudra yojana online application procedure along with the SBI mudra loan eligibility criteria and documentation required to apply.

Procedure for SBI Mudra Loan Apply Online:

The mudra loan online application procedure is a very easy and time-saving process to apply for the mudra loan, you just need to fill in some basic details about yourself. Follow the following steps for SBI mudra loan online application:

  • Go to the SBI Official website for PM Mudra Yojana- MSME’s loan
  • Fill out the online form
  • Enter your name, mobile number, and e-mail address
  • Enter your residential address
  • Select the branch name, branch code, and sector
  • Select the purpose and product name
  • Enter the amount that you required
  • Click on submit button
  • You have to fulfill the e-KYC by using your Aadhaar card, the applicant needs to provide the Aadhaar details for verification (you must link your mobile number with your Aadhaar card)
  • Once all the formalities are completed you’ll receive the SMS to your registered mobile number from the bank, to complete the entire process it takes up to 30 days to sanction the mudra loan.

Also search: CIF number SBI Cheque Book

SBI Mudra Loan Eligibility:

As we already mention the basic mudra loan eligibility criteria, features, and benefits but when you use the SBI e mudra loan online portal to apply for a mudra loan you just need to fulfill one more eligibility to gain trust value with SBI bank.

The applicant who is sharing the relationship with the SBI bank in the form of SBI saving and current account can apply for an SBI e mudra loan, in a simple way if you have a saving account or current account at least for 6 months with the State bank of India then you can easily apply for the e mudra loan.

Also search: SBI online balance enquiry option

Document required for SBI e Mudra Loan:

The applicant needs to provides some basic documents for the SBI mudra loan application along with the SBI mudra loan application form:

  • Duly filled mudra loan application form
  • Identity documents: Aadhaar Card, PAN Card, Driving License
  • Residential address proof documents: Aadhaard Card, Light Bill, Gas connection bill
  • Bank account details: Saving or Current account details with branch name
  • Business details like Name, address & start date, GST number if required
  • Community Details
  • Land lease agreement or rent agreement details
  • Any other document asked by the bank

Mudra Yojana Official Website:

For more details and updates you can visit the official Pradhan Mantri Mudra Yojana website

FAQs

What is e mudra loan?

Micro Units Development & Refinance Agency Ltd. is nothing but a public sector financial institute, the main focus or vision of Mudra bank is to provide strength and small mudra loan to SMEs. There is a facility for SME gold loan but the mudra loan is a completely collateral-free loan.

How to e mudra loan apply online?

The mudra loan online application procedure is a very easy and time-saving process to apply for the mudra loan, you just need to fill in some basic details about yourself. Go to SBI’s official mudra loan site to apply for a mudra loan.

How to use mudra loan?

There is a proper guideline provided by the government of India that how you can use the mudra loan, you can use the loan to purchase a commercial vehicle or machine or to expand your business so that’s why you need to provide the proper quotation to the bank.

e mudra loan Andhra bank?

You can apply for a mudra loan through any public sector bank, private sector bank, microfinance institute, or from any rural bank, you just need to visit your nearest bank along with your mudra loan application form and required documents.

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Conclusion:

In this guide, we discussed SBI e mudra loan, we also mentioned the eligibility criteria and the documentation required to apply mudra loan online and offline.

By using the above methods you can easily apply for an SBI e mudra loan, please let us know if you have any queries regarding the article.

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