SBI offers a number of different types of loans. Its loan portfolio includes both personal and business loans. These loans have been instrumental in helping both small and large businesses across the country flourish.
SBI also offers a wide range of SME (Small Medium Enterprises) loans to help boost the growth of small and medium enterprises in India. One such scheme is the Pradhan Mantri Mudra Yojana (PMMY), under which the SBI Mudra and SBI e-Mudra schemes are offered.
The PMMY is a scheme initiated by the government of India to provide credit facilities to non-corporate and/or non-farm MSMEs with loans of up to ₹10 Lakhs. The Pradhan Mantri Mudra Yojana is a collateral-free loan that can be used by individuals and business owners that require funds for developing or improving their MSMEs. This credit facility can also be used to set up a new business unit altogether or to expand or modernise existing business ventures.
Here are some of the key highlights of the SBI Mudra loan.
Credit Nature |
|
Purpose |
|
Eligible Borrowers |
Entrepreneurs and business owners looking to set up a new venture or expand/modernise their existing venture(s) |
Maximum Loan Amount |
Up to ₹10 lakh, in accordance with the loan category;
|
Repayment Tenure |
3 to 5 years |
Processing Fee |
|
Margin |
|
Interest rates |
Linked to MCLR rates |
Here are some of the features of the SBI e-Mudra loan schemes:
Applicants should be micro entrepreneurs.
It is required that all applicants of the SBI e-Mudra scheme should be an existing current or savings account holder of SBI. The account(s) should be at least six months old at the time of loan application.
The maximum eligible loan amount under the e-Mudra scheme is ₹50,000.
The maximum loan tenure under the e-Mudra scheme is 5 years.
For loans of over ₹50,000, the borrower will have to visit their SBI branch and get in touch with a representative from the bank.
If you already own a business and are looking to develop or modernise your existing venture, you may take an SBI Mudra loan.
If you’re a micro entrepreneur, you may avail an SBI Mudra loan.
If you’re a new business owner or startup founder looking to fund your business, you may apply for the SBI Mudra loan.
If you’re engaged in any of the following sectors, you may avail a SBI Mudra loan:
Manufacturing sector
Trading and services sector
Allied agricultural services sector
Here are the documents and details you need to begin applying for the SBI Mudra loan:
Proof of Business
Savings and/or current account number and other account-related details
Community details
UIDAI- Aadhar Number
Other information for uploading like:
GSTN & UDYOG Aadhar
Proof of Shop & Establishment or any other business registration documents (if available)
Here are the documents and details you need to begin applying for the SBI e-Mudra loan:
Proof of Business
Savings and/or current account number and other account-related details
Community details
UIDAI- Aadhar Number
Other information for uploading like:
GSTN & UDYOG Aadhar
Proof of Shop & Establishment or any other business registration documents (if available
Please keep these documents handy when applying for the e-Mudra loan. These documents should be in PNG, JPEG, or PDF format and should not exceed over the recommended size of 2MB. The documents must be photocopied or scanned copies.
There are three types of loans offered under the SBI Mudra loan scheme. These are SHISHU, KISHOR and TARUN categories. Here are some of the key features of these loans.
The maximum loan amount that can be availed under this loan scheme ₹50,000. This loan scheme is ideal for anyone looking to start a new small business unit as it requires minimal documentation and can be availed online.
The maximum loan amount that can be availed under this loan scheme ₹5,00,000. This loan scheme is ideal for anyone looking to expand their business or fund their working capital needs or to buy new machinery to expand their business.
Under this scheme, you can avail a loan of up to ₹10 Lakhs, which can help you fund the the growth and expansion of your business. You can use these funds to finance purchase of new machinery, upscale your business operations, etc.
You may apply for the SBI e-Mudra Loan following these steps:
Visit the SBI e-Mudra portal.
Fill the SBI e-Mudra application form provided on the portal.
Provide your Aadhaar number for e-KYC through UIDAI.
Complete the e-Sign through OTP authentication.
Your request will be processed and disbursed within the stipulated time period.
Here are some ways to contact SBI customer service in case of any queries.
1800 1234
1800 2100
1800 11 2211
1800 425 3800
080-26599990
customercare@sbi.co.in
contactcentre@sbi.co.in
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You can apply for the SBI Mudra loan if you:
Own a business that requires funds for development and expansion
Are looking for funds to start a new business venture
If you need ₹50,000 or more to start or expand your business, you may apply for the KISHORE category loan under the SBI Mudra loans scheme.
The repayment tenure for the SBI Mudra scheme ranges from 3 years to 5 years.
Yes, people living in urban areas can apply for the SBI Mudra loan, provided that the funds are intended to be used for business purposes.
There is no subsidy for the loan given under the Pradhan Mantri Mudra Yojana.
The processing time generally depends on a number of factors such as your credit profile and the quality of the documents submitted. However, typically, the turnaround time for the SBI Mudra loan can be anywhere between 7 to 10 days.
The overdraft amount of ₹5000 sanctioned under Pradhan Mantri Jan Dhan Yojana (PMJDY) has been also classified as MUDRA loans under Prime Minister MUDRA Yojana (PMMY).
You may reach out to SBI’s dedicated customer service team should you have any questions, queries or complaints.