SBI e-Mudra Loan is a digital financing scheme offered by the State Bank of India (SBI) to provide financial assistance to small and micro-businesses in India. This loan aims to support and promote new businesses and small business owners by offering easy access to credit for individuals involved in various sectors, including manufacturing, services, and trade.
With the Pradhan Mantri e-Mudra Loan, SBI aims to improve economic growth, employment generation, and financial inclusion across the nation.
Check the e mudra loan SBI apply online process, eligibility criteria and key features that are mentioned on this page.
SBI e-Mudra Loan Application Online Process
Existing SBI customers with a Savings Account or Current Account can apply for an e-MUDRA loan of up to Rs. 1,00,000 by accessing the SBI e-mudra portal and following the steps outlined below. Here is the step-by-step process of application for the PM e-Mudra loan by SBI:
- Visit the State Bank of India (SBI) official website at https://www.sbi.co.in/.
- Go to the "Loans" tab on the homepage and click "Mudra Loan" from the dropdown menu.
- On the e-Mudra Loan home page, the user will find information about the loan scheme and its features. Scroll down and click on the "Apply Online" button.
- The user will be redirected to a new page. Select the type of Mudra loan you want to apply for. Select "e-Mudra Loan."
- Read the instructions and eligibility criteria carefully before proceeding. Ensure that you meet all the requirements.
- Click on the "Apply Now" button to start the online application.
- Provide details such as your personal information, contact details, business information, loan amount, etc. Fill in the required fields accurately.
- Upload the necessary documents as specified by the bank. These may include identity proof, address proof, bank statements, business registration documents, etc.
- Review the information provided and make any necessary corrections before submitting the application.
- Once you have submitted the application, you will receive an acknowledgement or application reference number.
- After the verification process is complete, the loan will be disbursed to your bank account.
Eligibility to Apply for the PM e Mudra Loan SBI
To be eligible for an SBI e-Mudra Loan, applicants must meet the following criteria:
- The applicant should be an Indian citizen with a minimum age of 18.
- The applicant should work under a recognized sector to be eligible for the e-Mudra Loan.
- The business should have a satisfactory credit rating and repayment history.
- The applicant should have all the required documents and information for the loan application.
Documents Required to Apply for e-mudra Loan
To apply for a Mudra loan from SBI, you must submit the following papers with your loan application:
- Completed application form with passport-sized photos.
- Community information (General/SC/ST/OBC/Minority).
- Proof of identity (Aadhaar card, PAN card, passport, voter ID, etc.)
- Proof of address (ration card, utility bills, lease agreement, etc.)
- Proof of business existence and ownership (registration certificates, licenses, etc.)
- Bank statements and financial statements (profit and loss statement, balance sheet, etc.)
- Business plan or project report (if applicable)
Key Features and Benefits of SBI e Mudra Loan
Given below are the major benefits of Pradhan Mantri e-Mudra Loan by SBI:
- Digital Application Process: SBI e-Mudra Loan is designed to be a completely digital lending solution. Applicants can apply for the loan online through the SBI's official website thus, reducing paperwork and saving time.
- Collateral-Free Loans: For e-Mudra Loan, applicants do not need to provide any collateral or security to avail of the loan. This aspect makes it an attractive financing option for small businesses that may not have substantial assets to offer as collateral.
- Loan Amount: The loan amount under the e-Mudra Loan scheme can range from Rs. 50,000 up to a maximum of Rs. 10 lakh, depending on the nature of the business, creditworthiness of the applicant, and other relevant factors.
- Flexible Repayment Terms: SBI provides flexible repayment options to borrowers, allowing them to choose a suitable repayment period based on their financial capabilities. The loan tenure can extend up to five years, providing borrowers with ample time to repay the loan without undue financial stress.
- Competitive Interest Rates: SBI offers e-Mudra Loans at competitive interest rates, ensuring that borrowers can access affordable credit for their businesses. The interest rates may vary depending on the loan amount, tenure, and applicant's credit profile.
- Multiple Loan Products: SBI provides different variants of the e-Mudra Loan to cater to the diverse needs of small businesses. These variants include SBI e-Mudra Term Loan, SBI e-Mudra Overdraft, and SBI e-Mudra Flexi Term Loan. Borrowers can choose the product that aligns best with their business requirements.
- Quick Disbursement: The digital process facilitates faster verification and disbursal, ensuring that businesses can access the required funds without unnecessary delays.