SBI e-Mudra loan | Government Scheme | SBI Loan Details | How to apply Sbi e-Mudra loan

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An e-Mudra loan is a kind of unsecured business loan that entrepreneurs with capital needs of under ₹10 Lakhs can avail through the internet. The funds from an e-Mudra loan can be used for establishing a business, expanding, or meeting its working capital requirements.

There are three types of mudra loan schemes, namely  “Tarun, Kishor, and Shishu”.

Mudra loans under Pradhan Mantri Mudra Yojana (PMMY) can be availed of from nearby branch office of a bank, NBFC, MFIs etc. Borrowers can also now file online application for MUDRA loans on Udyamimitra portal (www.udyamimitra.in).Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY.

You can apply for a Mudra Loan from SBI by visiting the nearest branch of the bank along with all the necessary documents. A representative from the bank will help you with the process of applying for a Mudra Loan provided you fulfil all the required eligibility criteria. Once you submit the application form and the document, the bank will review it and if they are found to be in order, the loan amount will be disbursed to your bank account within a few days.

Each category under pradhan mantri mudra yojana SBI has different loan limit as mentioned below: Shishu: Maximum up to Rs. 50,000. Kishore: Minimum Rs. 50,001 and maximum up to Rs. 5,00,000. Tarun: Minimum Rs. 5,00,001 and maximum up to Rs. 10,00,000. the Trading, Manufacturing, and Service sector, including allied agricultural activities are eligible for the loan.

 

Eligible Norms

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans upto 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under PMMY.

There are three types of mudra loan schemes, namely Tarun, Kishor, and Shishu.

Any Indian Citizen who has a business plan for a non-farm income generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank, MFI or NBFC for availing of MUDRA loans under PMMY.

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

SBI e-Mudra Loan details

An e-Mudra loan is a kind of unsecured business loan that entrepreneurs with capital needs of under ₹10 Lakhs can avail through the internet. The funds from an e-Mudra loan can be used for establishing a business, expanding, or meeting its working capital requirements.There are three types of mudra loan schemes, namely Tarun, Kishor, and Shishu.

Existing customers of SBI, maintaining Saving Bank or Current Account (Individual), can apply for e-MUDRA loan amount up to Rs. 50,000 online on their official website or by clicking on the link: SBI e-Mudra Loan. The applicant should be between 18 and 60 years of age.

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

Traders, vendors, and shopkeepers can get a business loan and a working capital loan through Mudra Cards. A boon to many small/ medium business owners, the Pradhan Mantri Mudra loan for startups is benefitting a big section of budding and established entrepreneurs.

You can avail a Startup business loan from a bank or a financial body in order to raise funds to start a business of your own or expand your current business. The rate of interest charged by the bank will depend on the loan amount availed by you and the repayment tenure.

Mudra loan Intrest Rate

MUDRA loan is offered by banks to aid non-corporate, non-farm sector income generating microenterprises that require credit below Rs. 10 lakh. Interest rates on MUDRA loans start at the rate of 7.30% p.a. and the loan repayment tenure ranges between 1 year and 7 years.

Most Usually Intrest rates are based on the “Repayment Tenure & loan amount”‘,and commonly fixed as some ratio’s    

8.40% to 12.35%

SBI Mudra Loan 

Interest Rate 8.40% to 12.35%

There are three types of mudra loan schemes, namely Tarun, Kishor, and Shishu..It is not advised to take two loans at a time because it would become hard to pay interest and EMIs. And applying for multiple loans should be avoided because it would cause too many hard inquiries.

What documents are required for MUDRA loan?

  1. Documents Required for Pradhan Mantri Mudra Yojana
  2. Mudra application form.
  3. Vehicle loan application form.
  4. 2 passport size colour photographs.
  5. Photo Identity proof.
  6. Address proof.
  7. Income proof.
  8. Bank statement (last 6 months)
MUDRA loan does not require any collateral from the borrower, as RBI has mandated that all loans up to Rs. 10 lakhs to the MSE sector will not need any collateral.

Benefits e-Mudra loan

The Pradhan Mantri Mudra Yojana(PMMY) scheme doesn’t provide subsidies for any loans availed. However, it would be an exception, if the loan proposed by the applicant is linked to a government scheme and given a government capital subsidy. This will be eligible under the PMMY.

CIBIL score™ is not required to get a Mudra Loan as the government has launched this scheme to help people start a new business or grow an existing business. Credit scores play a crucial role in determining your loan eligibility and interest rates.
The Mudra loan scheme offers credit facilities to MSMEs engaged in manufacturing, trading and service sector activities. These are currently the main areas of income generation. One of the key benefits is that borrowers are not required to provide security or collateral.
 
Rs. 10 lakhs
The maximum amount that can be availed under the Pradhan Mantri Mudra Yojana is Rs. 10 lakhs. However, the loan amount varies across three schemes, which are distinguished based on the stage of growth and development of the business and financing needs.
Shishu & Kishore Category Mudra Loans come with ‘NIL Processing Fees’. The Mudra Yojana is a collateral-free loan that can be used by individuals who need funds for business purposes, such as expansion, company formation, or establishment modernization, among other things.
 
 

Risks & Challenges

Business loans by the government offer the right kind of financial backing to MSMEs to support the existing business activities and drive expansion. Also, the start up business loan by the Indian government provides easy access to capital to convert bankable business ideas to profitable ventures.

In case one fails to pay the Mudra loan, then the loan is considered as the non-performing asset. In addition, the lender has rights to take legal action against you if you fail to pay the loan. The lender may also seize the assets of the borrower and sell them off for loan repayment.

The interest rates on MSME loans start at 7.65% p.a. The loan amount sanctioned ranges from as low as Rs. 50,000 and can go up to a few crores. On the basis of the sanctioned loan amount, the loan repayment tenure can go up to 15 years.

 

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