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August 23, 2021

SBI e-Mudra Loan – Features, Interest Rate and much more

SBI e-Mudra Loan
The State Bank of India SBI e-Mudra Loan refers to the loans offered to individuals and Micro, Small & Medium Enterprises (MSMEs) under the guidance of the Micro-Units Development and Refinance Agency (MUDRA). Under Mudra scheme, SBI offers funding support of up to Rs. 10 lakh to individuals and Small and Medium-sized Enterprises (SMEs) sector units. Mudra Loans from SBI are offered at competitive interest rates with Nil or low processing fees along with flexible EMI options.SBI Mudra Loans can be used to meet various business requirements, such as purchasing raw materials, stock up inventory, meet working capital needs, buying plant and machinery, paying rent, business expansion and other business related purposes. SBI Mudra loans are offered to individuals, MSMEs, businesses and enterprises engaged only in the services, manufacturing and trading sectors.
SBI MUDRA Loan Interest Rate and Features – 2021
Interest Rate9.75% onwards
Loan AmountUp to Rs. 10 lakh
Eligibility CriteriaExisting and New Units
Processing Fee & ChargesNil for Shishu and Kishor to MSE UnitsFor Tarun: 0.50%of the loan amount + taxes
Pre-payment ChargesBetween 3 – 5 years (moratorium of up to 6 months) depending on the activity / income generation
MarginUp to Rs. 50,000 Nil and From Rs. 50,001 to Rs. 10 lakh is 10%
Residence StatusFor last 2 years, residing in same society
Collateral SecurityNil
NationalityIndian
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

How to Apply for SBI Mudra Loan?

Existing customers sharing relationship with SBI in the form of Savings Account or Current Account (Individual) can apply for e-MUDRA loan of amount Up to Rs. 1,00,000 by visiting SBI e-mudra portal and following the below mentioned steps:Step 1: Select Pradhan Mantri Mudra Yojana Application Form from the drop down menu.Step 2: Visit the SBI official website https://emudra.sbi.co.in:8044/emudra and click on ‘Proceed’.Step 3: Provide the required details like applicant’s Aadhar card for e-KYC purposes through UIDAI, as the e-KYC and e-sign needs to be completed through OTP authentication for loan processing and disbursement.Step 4: Once the SBI formalities and loan process is completed, the applicant shall receive an SMS that will state to initiate further process by revisiting e-MUDRA portal.Step 5: This process needs to be completed within 30 days after the receipt of SMS of loan sanction.Note: The applicant needs to upload the document in JPEG, PDF or PNG format only, with a maximum file size of 2MB.

SBI e-MUDRA Loan Features & Eligibility

Features
  • Maximum loan amount offered is Rs. 1 lakh
  • Maximum repayment period is up to 5 years
  • Instant loan availability of Rs. 50,000 as per bank’s discretion
  • For loan amount above Rs. 50,000, applicant needs to visit SBI’ nearest bank branch for loan formalities
Eligibility Criteria
To avail a Mudra loan from SBI, you must meet the following eligibility criteria:
  • Must have maintained SBI’s current or savings account for at least 6 months

Documents required for SBI Mudra Loan

To apply for a Mudra loan from SBI, you are required to submit the following documents, along with loan application form:
  • Duly filled application form with passport sized photographs
  • KYC documents of the applicant: Passport, Voter’s ID card, Aadhar card, Driving License, PAN card
  • Details of Savings/Current Account number and branch
  • Proof of Business (Name, Start date & Address)
  • UIDAI- Aadhar Number (should be updated in A/c Number)
  • Community details (General/ SC/ ST/ OBC/ Minority)
  • Other information for uploading like: GSTN & UDYOG Aadhar
  • Proof of Shop & Establishment and business registration
  • Any other document required by SBI

SBI Mudra Loan Eligibility

  • Applicant must be engaged in a non-farm income generating activity, either in manufacturing or in the services sector
  • The applicant should be residing at the same location for at least 2 years
MUDRA Yojana Loan Amount
CategoryLoan Amount
ShishuUp to Rs. 50000
KishorRs. 50000 – Rs. 5 lakh
TarunRs. 5 lakh – Rs. 10 lakh
In addition to finance, MUDRA also offers credit guarantee for Mudra loans, acts as a technology enabler and provides developmental and promotional support. The funding support is offered through four avenues:
  • Through a Micro Credit Scheme (MCS) for loans up to Rs. 1 lakh, where the financing comes through micro finance institutions
  • Using a refinance scheme for Commercial Banks, Regional Rural Banks (RRBs) and Scheduled Co-operative Banks (SCBs)
  • Through women enterprise program
  • By securitization of loan portfolio 
The bank provides the SBI Mudra loan for working capital needs and as term loan to meet various business needs. The maximum amount of loan offered by SBI under Mudra Yojana is Rs. 10 lakh. Businesses engaged in manufacturing or provisions of services are eligible for a CGTMSE guarantee, though the same is not provided to businesses engaged in retail trade. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) guarantees the loans given under the Mudra scheme to eligible applicants up to a certain specific amount.

Additional Benefits

Borrowers financed under Mudra loan are provided with RUPAY Debit Cards named as MUDRA Card for cash withdrawals & Point-of-Sale (POS) transactions under three loan categories, named as Shishu, Kishor & Tarun:
LimitShishuKishorTarun
Daily Cash Withdrawal Limits10,00015,00020,000
Daily POS Limit15,00025,00030,000
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