SBI offers Mudra / e-Mudra Loan to the individual and MSME (micro, small and medium enterprises) for new set up or expansion of business / profession.
Mudra
loan is offered to a person after checking income eligibility criteria and then
provides the suitable loan from Rs.50000 to Rs.10 Lakhs. Mudra loan is
basically to meet the various business requirements.
In the following we have explained in detail the features and eligibility criteria and how to apply for SBI Mudra loan / e-Mudra loan (offline / online).
What is SBI Mudra Loan / e-Mudra Loan?
Mudra loan / e-Mudra loan is an
advance facility provided by the banks to individual and micro, small and
medium enterprises (MSME) for the various business requirements like purchasing
raw material, machinery and other related activities for the growth and
expansion of business or services.
SBI
provides this loan after considering both business and professional
requirements. The main benefit of this loan is that it can be applied by medium
and small businesses for development and growth of business.
What are the
schemes available and its limits for applying for SBI Mudra loan / e-Mudra loan?
SBI Mudra loan / e-Mudra loan is
available under 3 limits namely:-
|
Scheme |
Limits |
|
Shishu |
Under this scheme mudra loan is available up
to the maximum limit of Rs. 50000. |
|
Kishore |
Under
this scheme mudra loan is available from Rs. 50000 to Rs. 500000. |
|
Tarun |
Mudra loan under the scheme is available from
Rs. 500000 to Rs. 1000000. |
What is the maximum limit for SBI Mudra loan / e-Mudra loan?
Loan
available under SBI Mudra scheme is maximum upto Rs. 1000000. If you apply
online from SBI website through e-Mudra
Loan then you can apply for a maximum Rs. 100000.
How to apply for SBI e mudra loan?
If
you want to apply online for the mudra loan facility then the maximum limit
that you can avail online is Rs. 100000.
To
apply for a mudra loan you must have
a savings account or current account in SBI.
You
can apply for an e-Mudra loan from SBI by visiting the official website of SBI.
But
if you want to apply for a mudra loan for more than Rs.100000/- then you have
to reach the nearest branch with required documents.
What are the eligibility criteria for applying for a SBI Mudra loan?
Person
who is engaged in non-farming activities like business or in the service sector
can apply for mudra loan.
This
loan is basically for those applicants who require the funds to expand or start
their business or profession and their requirement is up to 1000000.
Mudra loan is
basically granted for working capital needs and for various business
requirements. To apply for this loan you must be of Indian nationality and
residing for the last 2 years in the same society.
What are the interest rates and other features of SBI Mudra loan?
|
Maximum Loan Amount |
Rs. 10 Lakhs |
|
Interest rate |
9.75% |
|
Margin Upto Rs.50000 From Rs.50001 to Rs. 10 Lakhs |
Nil 10% |
|
Collateral / Security |
Nil |
|
Processing Fees Shishu & Kishore scheme Tarun scheme |
Nil 0.50% of loan amount + taxes |
|
Tenure |
1 to 5 years |
|
Moratorium |
Upto 6 months (depends on income generation) |
What are the
documents required for SBI Mudra loan / e- Mudra loan?
For
applying SBI Mudra loan you must
require the following documents:-
- Income proof
- Identity proof
- Address proof
- Proof of business
- Any other document required by SBI
How to apply for SBI Mudra loan offline / online?
For
applying for an SBI Mudra loan offline you have to approach the nearest branch
of SBI along with documents. Bank will check your eligibility criteria then
accordingly provide a loan.
For
applying online you have to visit SBI official website and apply for the loan
process. To apply online for a mudra loan, you need to carry the similar type
of document which you required offline.
What is the purpose for applying for SBI Mudra loan / e mudra loan?
Mudra
loan is applied for any activity related to business or profession growth. It
can be taken as working capital loan, commercial vehicle loan, loan for new
plant and machinery etc.
Following
are some illustrative lists for which you can apply for SBI Mudra loan.
- For purchase of commercial vehicle (like which is used for transportation of goods or passengers)
- For any running of shops like beauty parlor, tailoring shop, vehicle repair shops etc.
- For sweet making shops, ice cream making units, small shops can also apply for Mudra loan.
- For handloom products, traditional Dyeing and printing etc.
Summary
SBI Mudra / e-Mudra Loan is an
advanced facility which is very beneficial for small businessmen and
professionals, who want to start or grow their business / profession. Those
people whose need is upto Rs. 1000000 can apply for Mudra loan.