SBI e-Mudra Loan apply online – Complete process

SBI e-Mudra Loan

State Bank of India (or just SBI) is a leading public sector bank that offers loans to customers for their personal needs and business requirements, and as a part of its portfolio, SBI offers several SME loans. SBI savings and current account holding customers can now apply for the SBI e-Mudra Loan online

SBI e-Mudra

Old and regular SBI savings and current account holding customers can now apply for the SBI e-Mudra loan online. Loan applications for up to Rs. 50,000/- can be submitted on the SBI e-Mudra portal.

The link is https://emudra.sbi.co.in:8044/emudra.

SBI e-Mudra Loan: Overview

 Name of the Loan:  SBI E-Mudra Loan

Scheme: Pradhan Mantri MUDRA Yojana or PMMY

Program: MUDRA

Bank: State Bank of India or SBI

Type of Facility: Term Loan

Aim: To provide the required monetary amount in loans to budding or established businesses at minimal interests and promote entrepreneurship.

Beneficiaries: Owners of Small or Micro S

Loan Amount: Up to Rs. 10 Lakhs

Year: 2022

Interest Rate: 8.40% to 12.35% depending upon the MCLR at the time of Loan Application and Sanction

Number of Categories: 3 (Shishu, Kishore, and Tarun)

Application Mode: Online and Offline

Application Status: Active in Offline Mode

Amount Disbursement Mode: Direct Bank Transfer Mode

Repayment Period: 3-5 Years depending upon the income

Features of SBI e-Mudra Loan

The SBI e-Mudra Loan that will be granted to the small or micro business owners will have the following features:

• Three types of facility provided through the SBI e-Mudra Loans would be Working Capital and Term Loans to promote entrepreneurship.
• The loans will be sanctioned to set up a business or capitalize on them. The entrepreneurs looking to scale or modernize their business can also get a loan from here.
• Loan amounts up to Rs. 10 Lakhs can be sanctioned on minimal Interest rates depending upon the applicable MCLR.
• The entrepreneurs are divided into three categories for better functioning.
• The repayment period has been announced as 3-5 years, depending upon the business’s income.

Documents Required for SBI e-Mudra Loan

It is important to keep the following documents ready when applying online for the SBI e-Mudra loan. The documents should be in JPEG (photo), PNG, or PDF format and should not exceed 2MB in size. The documents should be a photocopy or a scanned copy of any of the following documents:

• GST registration certificate
• Shop & Establishment certificate
• Udyog Aadhaar

Any other document of business registration

Details Required

For smooth processing in passing the loan, make sure you have the following details ready with you:

• Your SBI savings or current a/c number.
• Aadhaar number: This is the most important thing, and you must complete the e-KYC process instantly through the mobile app.
• Your Business details: This includes the name and address of your business and its start date.
• Religion and community: Part of SBI’s credit policy.
• Sales figures: Sales turnover figures.
• Business account: Your account number, bank, and branch name are credited for your business’ sales proceeds.

Online Application Process steps

• Visit the SBI e-Mudra portal.
• Now, click on the “Apply Now” button on the homepage.
• Read the instructions given in Hindi or English and click on “Ok” to proceed to the next page.
• Fill in your mobile number, SBI savings/current account number, and required loan amount.
• Click on ‘Proceed.’
• Fill in the details required in the online application form. You can also select the relevant data through the dropdown menu you can see on the screen.
• Upload the necessary documents.
• Accept the SBI e-Mudra Loan Terms and Conditions with a tick Sign.
• Input your Aadhaar number for that.
• Tick on the consent check box for using your Aadhaar no for purposes of the e-Sign.
• You will receive an OTP to your mobile number registered with your Aadhaar.
• Enter the OTP in the required given field to complete your application.

About PMMY and Mudra Loan

Pradhan Mantri MUDRA Yojana is all about empowering growing businesses by providing them with the required financial sum. The amount shall be provided in the format of loans, and this amount will be disbursed to the applicants upon their eligibility. There are no special requirements to get the requirements other than to satisfy the announced eligibility criteria. The candidates also need to observe that they shall receive the amount depending upon the category (out of three) of entrepreneurs to which they belong. There are three categories: Shishu, Kishore, and Tarun.

SBI’s e-Mudra facility makes it very easier to get your loan sanctioned with minimal documentation and faster approvals.

Particulars of Pradhan Mantri Mudra Yojana scheme:

Loan Amt

• Shishu: Up to Rs. 50,000/-
• Kishore: Between Rs. 50,001/- and Rs.5 lakh
• Tarun: Between Rs. 5,00,001/- and Rs.10 lakh

Loan Tenure

• Three years to 5 years (moratorium period of up to 6 months may be offered)

Interest Rate

• Linked to the MCLR

Processing Fees

• Nil for Kishore and Shishu loans; 0.50%

Plus tax for Tarun.

Who can all Apply?

• Both existing and new units can avail of the Pradhan Mantri Mudra Yojana loan.
• All Business enterprises engaged in manufacturing goods can avail of this loan.
• All individuals employed in the trading and services sector can apply for the PMMY loan.
• And those who participate in allied agricultural activities can apply for this loan.

Things to Keep in Mind

• Loans issued under the Pradhan Mantri Mudra Yojana scheme are guaranteed under the CGFMU or the Credit Guarantee for Micro Units. The almost same guarantee is also provided by the NCGTC or the National Credit Guarantee Trustee Company.
• The guarantee offered by the CGFMU and the NCGTC is available for a maximum period of five years. Thus, the Pradhan Mantri Mudra Yojana (PMMY) scheme’s maximum repayment scheme is fixed at 60 months.
• MUDRA RuPay cards will be offered to all its eligible accounts.

How to Apply for an SBI e-Mudra Loan online?

• Read all the features, benefits, and terms and conditions of the loan. It is advisable to familiarise yourself with all kinds of charges levied once you borrow the loan.
• Check the eligibility criteria specified by the lender to know if you qualify to apply for the scheme.
• Reach out to the State Bank of India to apply for the loan.
• The lender will require you to fill up an application form and submit the form with a few documents.
• Now, Post this, your application will be verified. And once it gets approved, you will receive the loan amount in your account.

The objective of the SBI E Mudra Loan

The main aim of the SBI e-Mudra Loans is to supply loans as per the PMMY or Pradhan Mantri MUDRA Yojana. The candidates who apply for the loan receive financial assistance to kickstart their budding start-ups or speed up their pre-existing small or micro-businesses. The Prime minister (PM) launched the scheme in 2015 to provide loans up to Rs. 10 Lakh at a minimal rate.

It was rather difficult for such candidates to receive loans, and they had to contact external agencies or mortgage. This scheme is very highly beneficial since it provides loans depending upon the necessity and the level of business of the enterprise. The government of India was to create a sustainable ecosystem of entrepreneurs and give as many opportunities as possible.

FAQS?

Q1 Is there any subsidy provided under SBI e-Mudra Loan?

Ans: No, there is no subsidy under the SBI (State bank of India) Mudra Loan.

Q2 What is Mudra RupayCard?

Ans: Mudra RupayCard is issued when you can successfully open a Mudra Loan account with SBI. This card will act as a debit and ATM Card and can be used to withdraw money as much as you want and make transactions wherever necessary. You can also use this card to make points of sales transactions to make business transactions.

Q3 What are the other ways to apply for a Mudra Loan from SBI?

Ans: You can apply for an e-Mudra Loan from SBI by visiting the nearest branch of the bank along with all the required documents. A representative from the bank will help you with all the processes of applying for a Mudra Loan. And once you submit the application form and the document, the bank will review it, and if they are found to be in order, then the loan amount will be submitted to your bank account within a few days.

Q4 I have a small business, but I live in an urban area. Can I apply for an SBI e-Mudra Loan?

Ans: Yes, you can apply for an SBI e-Mudra Loan even if you reside in an urban. You must ensure you meet the eligibility criteria before applying for a Mudra Loan.

Q5 Can I avail myself of a Mudra Loan for an amount of Rs.20 lakhs?

Ans: No, under an SBI e-Mudra Loan, the maximum loan amount you can avail of is up to Rs.10 lakhs.

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