SBI Mudra Loan: Get loan up to Rs 10 lakh without guarantee! Know the interest rate and application process

Hello friends, in today’s post we will get information related to SBI Mudra Loan. If you also want to know what is SB Mudra Loan? So read this post till the end. In this post, all those factors related to Mudra Loan have been discussed which are very important for you to know and also we will also know how you can take SBI Mudra Loan.

Prime Minister Mudra Loan Scheme

“Microunits Development and Refinance” popularly known as State Bank of India Mudra Loan was launched by the Prime Minister of our country Shri Narendra Modi on 6 April 2015 to provide loans up to Rs. 50,000 to non-corporate, non-agriculture small, micro and medium class businesses. Benefits can be availed up to Rs 5 lakh and maximum up to Rs 10 lakh (with some mandatory conditions). Through this, MSEs (Small and Medium Traders) can start their business or further develop their existing business.

SBI Mudra Loan

Pradhan Mantri Mudra YojanaLoan State Bank of India plays an important role to benefit from this. However, State Bank has always been active in providing loans to its customers who want to start or develop their business. Therefore, SBI is opening the way for business development and modernization under PM Mudra Yojana for SMEs, which the beneficiary can easily avail.

interest rateStarting from 9.75%
loan amountup to 10 lakhs
Loan period3 to 5 years
processing fee0.50% of loan amount + tax

Nature of SBI Mudra Loan

  • SBI Mudra Loan Scheme is based on Term Loan i.e. the bank provides you the loan for a fixed period which you have to repay on the basis of regular payments like Fixed Monthly Installment (EMI).
  • SBI Mudra Loan is based on working capital, that is, it tells the capital requirement of the business which is necessary for the daily work of the businessman.

Purpose of SBI Mudra Loan

The purpose of SBI Mudra Loan is given below:

  • To promote modernization in business.
  • Expanding and developing the business.
  • To create and develop business capital.
  • Self-reliant and developing non-corporate, non-agricultural small and micro industries.
  • To promote manufacturing.

Also read:How to take Dhani Personal Loan? Complete information about interest rate, eligibility, documents

Features of SBI Mudra Loan

Features of SBI Mudra Loan are given below:

  • Loan amount: Under this scheme, beneficiaries can take loans ranging from Rs 50,000 to Rs 10 lakh.
  • Processing Fee: If you are a new businessman and your loan amount is between Rs 50,000 to Rs 5 lakh, then you will not have to pay processing fees. But if you want a loan up to the maximum limit of Rs 10 lakh, then you will have to pay a processing fee of 0.50%.
  • Margin: If you take a loan up to Rs 50,000 then there is no margin % on your loan. However, if you take a loan of Rs 50000 to Rs 10 lakh, the margin on the loan amount taken by you is 10%.
  • Rate of interest: The interest rate on Mudra Loan is based on competitive pricing linked to MCLR, which ranges between 9% to 12%.
  • Repayment Period:Depending on your income generation, you will have to repay the loan in 3 to 5 years including a moratorium period of 6 months.

Eligibility to apply for SBI Mudra Loan

To apply for SBI Mudra Loan you must meet the eligibility criteria given below:

  • You are non-corporate.
  • You are related to non-agricultural small business.
  • You may be an individual or belong to a small unit like manufacturing sector or service sector.
  • You are a new firm or want a loan for the development of an existing firm.
  • You are Indian.
  • Your business must have a balance sheet (this does not require any collateral).
  • You have been living at a certain place for the last 2 years.
  • Your account should be active for at least 6 months.
  • You are not a defaulter of any bank.
  • Your loan amount should not exceed Rs 10 lakh.

Types of SBI Mudra Loan Scheme

There are main categories of Pradhan Mantri Mudra Loan Scheme, which are divided on the basis of loan requirement i.e. amount, it is as follows:

  • Shishu Mudra Loan: If you want to start a new small business like setting up a stall, buying a machine, small business that requires low input costs, then Shishu Mudra Loan is sufficient for you. Under this, you can take a loan amount up to Rs 50000 and you do not need to pay any kind of processing fee.
  • Kishore Mudra Loan: Under this scheme, if you want to start a new business like parlor, computer cafe etc. or want to further develop your existing business, you can take a loan amount of Rs 50,000 to Rs 5 lakh. In this also you do not need to pay processing fees.
  • Tarun Mudra Loan: Under this scheme, you can take a loan up to the limit of Rs 10 lakh. Businessmen benefiting from this loan can establish and develop their business with a large amount of money. You have to pay 0.50% processing fee for this Mudra loan.

Documents required for SBI Mudra Loan

  • Photo: 2 passport size photographs of the applicant. The photo should not be more than 6 months old.
  • ID Proof: Aadhar Card, Passport, Voter ID, Driving License, PAN Card etc.
  • Residential Proof: Utility bill, rent agreement, passport, license, certificate issued by a government authority, local panchayat or municipality, etc.
  • Bank statement: The person taking State Bank of India Mudra Loan will have to show the bank details of the last 6 months of any of his banks.
  • Business ID and Address: This may include copies of licenses, registration certificates and lease or rental agreements, or other documents that contain information about the business owner, identity, and address. Businesses having Udyog Aadhar Memorandum can also submit it.
  • Category:The SBI Mudra Loan borrower must submit proof of being a SC, ST, OBC or part of a minority group, if applicable.
  • Balance Sheet and Tax Returns: The applicant will have to provide records of income and tax returns of the last two years of the existing business.
  • Projected Balance Sheet: For SBI Mudra application you have to provide the estimated balance sheet of the start-up or existing business for one year.

How to apply for SBI Mudra Loan?

You can apply for SBI Mudra Loan online and offline, both the methods are given below:

SBI E Mudra Loan Apply Online

  • SBI official website Go to.
  • Click on ‘Proceed’.
  • Now enter your personal information and verify your Aadhar card through OTP and complete e-KYC.
  • After the process is completed, an SMS will come on your phone asking you to go to the e-Mudra portal and complete the further process.
  • You have to complete this process within 30 days.

Note: If you want to apply for Mudra loan less than Rs 50,000 then only you can apply for e-Mudra loan online by visiting the website.

Offline SBI Mudra Loan Kaise Le

If you want to apply for SBI Mudra Loan for amount more than Rs. 50,000 then you will have to collect all your documents and go to your nearest SBI Bank branch and apply for Mudra Loan. For this, you tell the bank representative that you want to apply for Mudra loan, that representative will help you in applying.

Benefits of SBI Mudra Loan

  • There is a limit of amount for the development of small and medium businesses.
  • The interest rate is affordable and can be easily afforded.
  • Growth in GDP is the captain.
  • Processing fee is not charged. Only Tarun Mudra Loan has a processing fee of 0.50%.

SBI Mudra Loan Toll Free Number

For any queries related to SBI Mudra Loan you can contact SBI 24X7 helpline number given below. You can call at. Calls can be made on this toll free number from all landline and mobile phones in the country.

  • 1800 1234
  • 1800 11 2211
  • 1800 425 3800
  • 080-26599990

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