If you are looking to start a business in 2022 but don’t have enough money. Don’t worry! SBI’s Mudra Loans are there to your rescue. The Mudra Loan is a type of loan issued by the State Bank of India (SBI) to individuals and Micro, Small, and Medium Enterprises (MSMEs) under the supervision of the Micro-Units Development and Refinance Agency (MUDRA).
Benefits of Mudra Loans:
- Avail loan upto Rs 10 with a repayment tenure upto 5 years
- Minimal or no processing costs and various EMI options
- Reasonable interest rates.
SBI e-Mudra Loan: Interest Rate
Interest Rate for SBI e-Mudra Loans Linked to MCLR ranges between 8.40% to 12.35%.
Who is Eligible for SBI e-Mudra Loan?
Age Limit: The applicant should be between 18 and 60 years of age. The deposit account should have been active for a minimum of 6 months. Others can approach the nearest branch of SBI for submitting the application.
No Cibil Score Required: The best part about this loan is that no CIBIL score is required to get a Mudra Loan as the government has launched this scheme to help people start a new business.
SBI Mudra Loans can be used to fund a variety of company needs, including purchasing raw materials, stocking inventory, meeting working capital needs, purchasing plant and machinery, paying rent, and expanding a business. Individuals, MSMEs, organisations, and enterprises working solely in the services, manufacturing, and trading sectors are eligible for SBI Mudra loans.
How to Apply for SBI e-Mudra Loan?
Customers who have an existing relationship with SBI in the form of a Savings Account or a Current Account (Individual) can apply for an e-MUDRA loan of up to Rs. 10,00,000 by accessing the SBI e-mudra portal and following the procedures below:
Step 1: From the drop-down option, choose Pradhan Mantri Mudra Yojana Application Form.
Step 2: Go to https://emudra.sbi.co.in:8044/emudra on the SBI official website and click 'Proceed.'
Step 3: Provide the necessary information, such as the applicant's Aadhar card, to UIDAI for e-KYC purposes, as e-KYC and e-sign must be performed using OTP authentication for loan processing and payout.
Step 4: Once the SBI formalities and loan process are completed, the applicant will receive an SMS instructing them to return to the e-MUDRA portal to continue the process.
Step 5: This procedure must be completed within 30 days of receiving the documents.
