1. News

SBI e-Mudra: Get Loans Upto Rs 10 Lakh Within Minutes to Start Your Business In 2022

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. Check the eligibility, Intrest rates & other details in this article!

Sugandh Bhatnagar
Indian Currency
Indian Currency

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.

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters