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 Mudra / e-Mudra Loan eligibility details | How to apply

    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.

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