SBI E-Mudra Loan Eligibility Check, Apply Online, Interest Rate, Schemes, and more important information are shared here.
Those who want to avail the benefits of this scheme should read the whole article. In this article, we have covered all the important and relevant information about the State Bank of India E-Mudra Loan. We advise all loan seekers to read the whole article carefully before applying for it.
Pradhan Mantri MUDRA Yojana (PMMY)
On April 8, 2015, Our Hon’ble Prime Minister Mr Narendra Modi launched Pradhan Mantri MUDRA Yojana(PMMY) to boost the ‘Make in India’ campaign in the country.
Under this Yojna, the Prime Minister announced that the govt will provide loan facilities to the non-corporate, non-farm small/micro-enterprises on lower interest rates.
The MUDRA Yojana is operated by the State Bank Of India(SBI) so, here in this article, we are publishing major details of the SBI e Mudra Loan like eligibility criteria, online application, Interest Rate, required documents and features/benefits of the Scheme.
Under the Pradhan Mantri MUDRA Yojana, the deserving borrowers get a collateral-free loan of up to 10 Lakh rupees that can be used to expand an existing business or establish a new business.
SBI e Mudra Loan facility is a boon for those startups and Small and mid-size enterprises who are into their initial phase and struggling to raise funds from the market.
The full form of MUDRA is Micro Units Development & Refinance Agency. As its name clearly suggests, the scheme has been initiated for the development and refinancing of startups and small and mid-size enterprises(SMEs).
In order to provide channel support to deserving aspirants, the government has tied up with 27 Public Sector Banks and 17 Private Sector Banks. The scheme offers financial aid of up to 10 Lakh rupees but the final disbursement is totally based on the profile of the borrower and the eligibility criteria.
E-Mudra Loan SBI Apply Online Application
Individuals who want to online apply for SBI E Mudra Loan can visit the official website sbi.co.in for more details. By going further in this article, you will get to know about the stepwise process to apply for SBI E Mudra Loan 2022 and points you should consider while filling out the SBI E Mudra Online Application Form 2022.
If your business is in the initial phase and you are seeking funds for the expansion then you must apply for Pradhan Mantri Mudra SBI Loan. By doing this, you may get a loan from Rs 50,000 to Rs 10,00,000/-.
Before applying for the scheme, we suggest you have a look at the SBI E Mudra Loan Eligibility Criteria and SBI E Mudra Loan Interest Rates which are mentioned in the next section of the article. The loan will be collateral-free and on low-interest rates but you must understand other aspects of the facility too.
Key Highlights of PM E-Mudra Loan
If you want to gain quick information about the PM SBI E-Mudra Loan Facility then have a look at the table below that contains key highlights of the scheme.
|Name of the Scheme||Pradhan Mantri MUDRA Yojana(PMMY)|
|Nature of the Scheme||Term Loan and Working Capital|
|Purpose of the Scheme||To provide financial aid for startups and small and mid-size enterprises(SMEs)|
|Loan Amount||Rs.50,000 to Rs.10,00,000 (Based on Eligibility Criteria)|
|Loan Categories||SHISHU, KISHORE, TARUN|
|Repayment Period||3 to 5 years from the date of disbursement|
|SBI e Mudra Interest Rates||1% to 12% (Based on Borrowers Profile)|
|Processing Fees||Not Applicable on SHISHU and KISHOR Loans, 0.5% on TARUN Loans|
|Post Category||Sarkari Yojana|
|Collateral Security||Not Required|
|SBI e Mudra Loan Eligibility Check||Mentioned Below|
|SBI E Mudra Online Application Form 2022||Available on the Official Website of SBI|
Loan Categories of PM Mudra
Under the Mudra Loan Scheme, the govt has categorized the businesses into 3 categories which are as follows:
- SHISHU- Under Shishu, the govt provides loans up to Rs.50000 at the nominal rate of interest starting from 1% to 12%. Completely new businesses are facilitated under this category.
- KISHORE- Finacial aid of Rs. 50001 up to Rs. 5 lakhs is provided to Kishore category businesses. Interest rates will be applicable as per the credit history of the borrower. Existing businesses are facilitated under this category.
- TARUN- A loan from Rs.5 lakhs to Rs.10 lakhs is provided to Tarun category businesses. Interest rates will be applicable as per the credit history of the borrower. Established businesses are entertained under this category.
Note: The re-payment period for Shihsu is 1 to 5 years and for Kishore and Tarun is 3 to 5 years.
SBI E-Mudra Loan Benefits
SBI Mudra Loan comes under the PM Mudra Yojana which means it is a reliable scheme. It comes with endless benefits for those who want to raise funds for the expansion of their business. Some SBI E-Mudra Loan Benefits are as follows:
- Through this scheme, startups, small and mid-size enterprises get funds for business expansion, new business set-up and establishment modernization.
- Deserving aspirants get financial support at an affordable rate of interest.
- Loans under PM Mudra Yojana don’t require any collateral security because the loan amount is authorized by the National Credit Guarantee Trustee Company (NCGTC) and Credit Guarantee for Micro Units (CGFMU).
- The scheme helps in expanding the business, as a result of which the GDP of the country also grows.
- The processing fee of the SBI e-Mudra Loan is absolutely nil for Shishu and Kishore loans while just 0.50% for Tarun loans.
- After the disbursement of the loan, the borrower gets a MUDRA Card through which he/she can withdraw cash. PoS transactions can be also done through MUDRA Debit Cards.
Before applying for this loan facility you should read out all SBI E-Mudra Loan Benefits.
Eligibility Criteria For SBI Bank Mudra Loan
SBI e mudra loan can be availed by entrepreneurs who want to expand their existing business or want to establish a new business. But it doesn’t mean that every business person is eligible for the mudra yojana 2022. In order to apply for this scheme, one has to meet the following eligibility conditions:
- The business model should contain these four elements: customer value proposition, a profit formula, key resources, and key processes.
- The borrower’s credit history should be clean which means he/she has not done any credit default.
- Businesses that are in the manufacturing process can avail this loan facility.
- Businesses that come under the Shishu category are eligible for loans up to Rs. 50,000 only
- Last but not least, businesses that are established and making profits come under the Kishor and Tarun categories in which the borrowers need to submit proof of profits and the road map of business expansion.
Note: If you want more clarity on SBI E-Mudra Loan Eligibility Criteria, visit the official website of SBI and the complete section of eligibility criteria for the PM Mudra Loan SBI.
SBI E-Mudra Loan Application Form 2022 Online
Interested ones can process the SBI E Mudra Loan application online by following the below shared stepwise guide.
Step 1- Visit the official website of SBI at sbi.co.in.
Step 2- You will find a loans section on the homepage where you need to click on “MSME Loans”.
Step 3- After that, you will see multiple loan options from which you need to click on “SBI E Mudra Credit Scheme 2022”.
Step 4- After that, read out the term & conditions, and eligibility criteria for the SBI Mudra scheme.
Step 5- Now you need to fill out the SBI E Mudra Loan Application Form 2022 Online with the required details.
Step 6- After filling in the required details in the application form, click on “Submit”.
Step 7- Upload the required documents and click on “Submit”.
Step 8- That’s it, the SBI Mudra Yojana Apply Online Process has been completed.
Step 9- note down the application reference number for future uses.
Note: Post the online application, the department will verify the documents which may take 3-5 working days. Applicants have to wait for at least 3-5 days in order to get approval.
Frequently check the status of your application on the official website. (Process is given below)
There is no application fee for SBI Mudra online apply.
How to check the status of the SBI e Mudra loan online application?
In order to check the status of your online application for a mudra loan in SBI, follow the following steps:
Step 1- Visit the official website of SBI at sbi.co.in.
Step 2- On the homepage, go to the loans section and click on “Status of Loan Application”.
Step 3- Enter your SBI Mudra Application Reference Number and registered mobile number.
Step 4- After that click on “Check Status” and the status will be displayed on the screen.
Note: you can also check your SBI e Mudra Loan application status offline by vising the nearest SBi branch.
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Documents Required for SBI Mudra Loan Facility
The applicants must keep the below-mentioned document while applying for the SBI Mudra loan online.
- Photo ID Proof (Voter’s ID card, Aadhaar Card, Passport)
- Address Proof ( Electricity Bill, Property Tax Receipt)
- GST Registration Certificate of Business
- 6 Months Bank Statement
- PAN Card
- 2 Passport Size Photographs
- IT returns for the past 2 years
Note: You have to upload these documents in JPEG, PNG, or PDF format but the file size will be up to 2 MB.
FAQs: SBI E Mudra Loan Apply Online 50000
Existing users of the State Bank of India (SBI) can apply for the SBI E-Mudra Loan up to Rs 50,000 anytime from SBI E-Mudra Online Portal.
To get the loan you have to submit documents that are Savings/Current Account Number, Proof of Business, Aadhaar Number, and Caste Certificate.
No, Cibil’s score is not required to get this SBI Loan.
Under this scheme there are various interest rates are available 14%, 15% and 16%.
There is no dedicated helpline number for E-Mudra loans, those who want to contact them should call SBI’s 24X7 helpline number i.e. 1800 1234 (toll-free), 1800 11 2211 (toll-free), 1800 425 3800 (toll-free),1800 2100(toll-free) or 080-26599990.