India’s largest government owned bank State Bank of India (SBI) is giving loans ranging from Rs. 10000 to Rs. 10 lakh for small traders which can be availed in just 59 minutes. As per the recent report, this loan is given to small traders under the Mudra Loan Scheme of the Central Government which aims to eliminate financial troubles and increase their business amid the crisis. In this sequence, SBI told that Mudra loan can be easily obtained from home. While giving information about the website, SBI said that a loan up to Rs 10 lakh can be taken in 59 minutes only after giving some information.
Under the ambitious Mudra yojana of the central government, loans are given to people doing small business and street trading or other types of small business people on easy terms. Under this scheme, a loan up to 10 lakh rupees is given for opening tea or snack shop, fruit and other food items. This loan, which is available under the Mudra Scheme, is divided into three categories and the interest rate is 8.5 percent.
What is Mudra Loan?
The main objective of Micro Units Development and Refinance Agency (MUDRA) is to promote small and cottage industries. Prime Minister Modi started this by saying that 5 crore 75 lakh people engaged in self-employment need attention, who use an amount of 11 lakh crores with a loan of only 17,000 rupees per unit and provide employment to 12 crores Indians.
Important Documents for SBI loan
Any Indian citizen can apply for Mudra loan. However, in the Mudra scheme, preference is given to women and SC / ST applicants for loans. For taking Mudra loan from SBI, identity card, residence proof, bank statement, photograph, sales documents, price quotations, business ID and address certificate are required. Apart from this, information about GST identification number, income tax return will also have to be given. You can apply for Mudra loan by visiting this website of SBI (https://www.onlinesbi.com/)
