Last updated August 27th, 2023 at 11:00 am
SBI Mudra Loan Apply Online 2023: The SBI Mudra Loan encompasses collateral-free financial solutions including business loans, MSME loans, term loans, and working capital loans.
These are extended to a spectrum of applicants, such as individuals, self-employed professionals, startups, business proprietors, Micro, Small & Medium Enterprises (MSMEs), and various business entities. The administration of these loans falls under the guidance of the Micro-Units Development and Refinance Agency (MUDRA).
Within the framework of the Mudra loan initiative, the State Bank of India (SBI) provides business and MSME loans, catering to sums reaching up to Rs. 10 lakh. Additionally, the SBI e Mudra loan option allows for online application and disbursement for amounts up to Rs. 1 lakh, with a repayment window extending up to 5 years.
SBI e-MUDRA Loan –Features & Eligibility Criteria
- Type of Loan: Term Loan
- Maximum Loan Amount Offered: Up to Rs. 1 lakh
- Repayment Tenure: Up to 5 years, including a 3-month Moratorium Period
- Processing Fee & Margin: None
- Review of Term Loan: Conducted Annually
- Inspection: Biannually (Every six months)
- Documentation: Acceptance of Terms and Conditions via e-Sign using Aadhar-based OTP
- Insurance: Exempted
- Security: Primary: Charge on stock and receivables; Collateral: None. To be covered under CGFMU (Credit Guarantee Fund for Micro Units)
- Utilization Certificate: To be obtained from Borrower within 1 month from the disbursement date
- Applicant must be a micro-entrepreneur
- Applicant must hold an existing SBI Current or Savings Account for a minimum of 6 months
Steps to Apply for SBI e-Mudra Loan
Existing customers sharing relationships with SBI in the form of a Savings Account or Current Account (Individual) can apply for an e-MUDRA loan of amount Up to Rs. 1,00,000 by visiting the 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 the applicant’s Aadhar card for e-KYC purposes through UIDAI, as the e-KYC and e-sign need 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 the further process by revisiting the e-MUDRA portal.
Step 5: This process needs to be completed within 30 days after the receipt of the SMS of loan sanction.
Benefits of Mudra Loan
- This scheme provides you loan to take your business to new heights.
- With this scheme, you can get a loan of up to Rs 10 lakh (10 Lakh rs Loan) without any guarantee.
- The scheme is empowered by the National Credit Guarantee Trustee Company and Credit Guarantee for Micro Units (CGFMU).
- You can avail this loan and repay it for a period of 5 years.
- The minimum interest rate is charged under PM E Mudra Yojana 2022 .
- Good CIBIL is not required to avail the loan under this scheme.
- Rupay card is issued for credit based currency scheme .
- You can grow your business with SBI Mudra Loan Online Apply 2022-23 .
Documents required for SBI Mudra Loan Application
- Aadhar card
- PAN card
- Business Name
- business address
- business services
- business details and documents