SBI E Mudra Loan
Existing customers of SBI savings and current accounts can apply for the SBI E Mudra loan up to Rs. 10 Lakhs online at competitive interest rate. The tenure ranges between 2 to 5 years. Customers can submit the loan application for up to Rs. 50,000 on the SBI e-Mudra portal.
SBI E Mudra Loan Details
| Type of facility | Working Capital & Term Loan |
|---|---|
| Purpose | Business purposes like modernization, capacity extension, etc. |
| Target group | Existing and new business units in the Manufacturing, Trading, & Services sector |
| Loan amount | Up to Rs. 10 Lakhs |
| Tenure | 3 to 5 years |
| Interest rate | Competitive interest rate linked to MCLR |
| Margin | Up to 10% |
| Processing fee | Up to 0.50% + applicable tax |
| Collateral | Nil |
| Schemes under Mudra Loan | Shishu, Kishore, and Tarun |
SBI E Mudra Loan
The government of India launched the PM Mudra Yojana or PM E Mudra Loan in 2015 to promote the small enterprises in India. Under E Mudra loan, business enterprises in the sectors of manufacturing, trading and services (including allied agricultural activities) can avail business loans up to Rs. 10 Lakhs. E Mudra loans can be availed from any bank or non banking financial institution. You can apply for SBI Mudra Loan through any SBI branch or through their website.
Features & Benefits of SBI E Mudra Loan
Following are the key features of e SBI mudra loan:
Type of facility: The e mudra loan SBI is offered as Working Capital as well as Term Loan.
Purpose: SBI Mudra Loan can be used for business purposes, such as capacity expansion, modernization, etc.
Target group: Business enterprises working in the sectors of Manufacturing, Trading, and Services, including allied agricultural activities.
Loan amount: Maximum loan amount up to Rs. 10 Lakhs is available under e mudra SBI loan. Each category has different loan limit as mentioned below:
Shishu: Maximum up to Rs. 50,000.
Kishore: Minimum Rs. 50,001 and maximum up to Rs. 5,00,000.
Tarun: Minimum Rs. 5,00,001 and maximum up to Rs. 10,00,000.
Margin required: Nil for loans up to Rs. 50,000 and 10% for loans between Rs. 50,001 to Rs. 10 Lakhs.
Rate of interest: SBI mudra loan interest rate is competitive and is linked to the current MCLR.
Repayment tenure: The mudra loan SBI bank has to be repaid in 3 to 5 years, including a moratorium of up to 6 months, depending on the activity or income generation. The limit for Working Capital or Term Loan will be reviewed annually.
Processing fee: Nil for Shishu and Kishore to MSE Units, and 0.50% plus applicable tax for Tarun.
SBI E Mudra Loan Interest Rate
The mudra loan interest rate SBI is competitive and is linked to the current MCLR of the bank. For banks, the Reserve Bank of India (RBI) has put a cap on the interest rate at Base rate or MCLR for lending micro units by commercial banks.
| Rate of interest | Linked to MCLR & ranges from 8.40% to 12.35% p.a. |
|---|---|
| Processing fee | Nil for Shishu & Kishore and 0.50% + applicable tax for Tarun |
Online Procedure to Apply SBI E Mudra Loan
- Visit the SBI mudra loan online portal and click on the ‘Proceed’ button.
- Click on the ‘Ok’ button after reading the instructions given in Hindi or English language.
- Now, you will be redirected to a new page where you will have to enter some details like your mobile number, SBI savings or current account number, and required loan amount.
- Click the ‘Proceed’ button after entering the required details.
- Then fill the online SBI mudra loan application form and upload the required documents.
- Accept the Terms & Conditions with an e-sign.
- Provide your Aadhaar number to give consent for using your Aadhaar for e-sign.
- Now, you will receive an OTP on your registered mobile number. Enter it in the given space to complete your loan application.
Documents Required for SBI for e-Mudra
Following mudra loan documents SBI bank will require to apply for SBI e-Mudra Loan:
Documents required for Shishu Mudra Loan:
- Registration certificate for GST
- Details of Udyog Aadhaar
- Details of SBI Account
- Shop & Establishment certificate
Documents required for Kishore and Tarun Mudra Loan:
- Passport size photographs of the applicant
- Identity proof, such as Voter ID, PAN Card, Aadhar, Passport, etc.
- Residence proof, such as Passport, Utility Bills, Property Tax Receipt, etc.
- Last 6 months’ bank statements
- Quotation of price for purchasing equipment or machinery
- Aadhaar and proof of establishment for business ID
- Last 2 years’ Balance Sheet and Profit & Loss statement
- Partnership deed & legal arrangement documents
Eligibility for SBI for e-Mudra
- Business enterprises in the Trading, Manufacturing, and Service sector, including allied agricultural activities are eligible for the mudra SBI loan.
- 10% margin will be required for loans of Rs. 50,001 to Rs. 10 Lakhs.
- Existing and new business units can apply for mudra loan online SBI bank.
- Hypothecation of P&M for Term Loan and Hypothecation of Stocks & Receivables for Credit Card has to be done for primary security.
Pradhan Mantri Mudra Yojana Scheme
Pradhan Mantri Mudra Yojana or PMMY scheme was launched by the Government of India in 2015 to promote the small enterprises in India. The up to Rs. 10 Lakhs under PMMY are guaranteed by Credit Guarantee for Micro Units (CGFMU) and is provided via National Credit Guarantee Trustee Company (NCGTC). Under PM mudra loan, the guarantee cover for 5 years is available and hence for advances offered under pradhanmantri mudra loan yojana the maximum tenure offered is 60 months. To apply for the loan, you can fill and submit the pradhan mantri mudra yojana application form in e-Mudra portal or Udyami Mitra Portal.