SBI E Mudra Loan: The State Bank of India is offering a golden opportunity to the potential entrepreneurs by providing them loans as stated by the Pradhan Mantri MUDRA Yojana. Under this scheme, the bank will lend money to the business owners, especially to the small and micro businesses ones.
This helps these businesses to grow as the bank provides them the financial assistance. In addition to that, the money lent by the bank shall be charged at a very minimal interest rate. If you want to know more information about the SBI E Mudra Loan, including the application process, eligibility, interest, loan amount, etc. then read the following information in this article.
SBI E Mudra Loan Overview
Here are some important details about SBI E Mudra Loan:
- SBI E Mudra Loan is initiated under the Pradhan Mantri MUDRA Yojana or PMMY scheme.
- It falls under the MUDRA Program and since 2022 it has been followed by the State Bank of India (SBI).
- This Term Loan facility’s aim is to offer financial assistance in form of loans to promising or established businesses. These loans will be provided at minimal interest in order to promote entrepreneurship in the country.
- The owners of small or micro businesses are the beneficiaries of this loan scheme program, where they can get up to Rs. 10 Lakhs as financial assistance.
- The bank charges very low-interest rates under this scheme such as 8.40% to 12.35% based on the MCLR at the time of Loan Application and Sanction.
- There is a total number of three categories under this program and those are Shishu, Kishore, and Tarun.
- The interested candidates can apply their application in Online and Offline mode and can check the status accordingly.
- The Amount Disbursement mode in this scheme is the Direct Bank Transfer mode.
- At last, talking about the repayment period of the loan, it is 3 to 5 years on the basis of the income.
SBI E Mudra Loan Categories
As we have said above, there are three categories that fall under the SBI E Mudra Loan. Below here, we are going to explain all three categories along with their loan amount, interest rate, processing fee, and so on.
This category is specifically for those enterprises that are on the basic level or stage. Under this category, the candidates can easily get the loan amount for their business idea or model which they want to turn into an actual practical existent startup. This financial assistance will help the applicants to start their dream business. They are going to get independent help, having full control over the early dealings.
Under this category, the aspirants can get up to Rs.50,000 of the loan amount at an 8.40% to 12.35% interest rate depending upon SBI MCLR. Meanwhile, the margin rate and processing fee will be 0 percent.
The second SBI E Mudra Loan category is Kishore. This category is specifically meant for those startups or small businesses that have been started already but need more funds to accelerate their business. The selected applicants get a chance to receive a loan for taking their enterprise to the next level to fasten up its growth.
Under this category, the candidates will be allotted up to Rs.50,001 to Rs.5,00,000 of the loan amount at an 8.40% to 12.35% interest rate depending upon SBI MCLR. In the meantime, the margin rate and processing fee will be 10% and 0% respectively.
The third one is Tarun which provides financial help to the established businesses that need to be scaled for expansion. The amount of loans in these cases is quite preferred as financing may take their vital equity for them. Therefore, if you are also one of those entrepreneurs who is looking forward to boosting and expanding your business, then you can easily apply for this loan to make that happen real quick.
Under the Tarun category, the candidates will receive loan amounts from Rs.5,00,001 to Rs.10,00,000 at an 8.40% to 12.35% interest rate, on the basis of SBI MCLR. On the other hand, the margin rate and processing fee will be 10% and 0.50% respectively.
Loan Eligibility Criteria
If you want to apply for the State Bank of India E MUDRA Loans, then you must qualify for its eligibility criteria. You can only get the loan under this scheme if you fulfill its requirements which are as follows:
- The loan facility under SBI E Mudra Loan is only available for the citizen of India who is planning to start a business or has established their business units (small or micro) in the country.
- The candidates must have certified or legal documents that are required during the process. This will help them to prove that they are valid candidates for this loan.
- There’s an age limit to access this loan and it is only going to be provided to the applicants whose age is between 18 to 60 years only.
- Whether it is a business that is about to be set up or it is already an established unit, both are eligible for the State Bank of India E MUDRA Loans as far as the government finds those establishments valid and eligible.
SBI E Mudra Loan Online Application
- At first, you need to open the official portal of the State Bank of India, the link for this is sbi.co.in.
- The official homepage will open, where you need to press the Business button.
- A new page will open, scroll down the page and go to the Quick Services section.
- Click on E Mudra Loans from the available options.
- Now, the SBI e-Mudra application page will open where you need to provide the required details in the form.
- Upload the documents required during the application process and submit them successfully.
The candidates who want to get the benefits of the PMMY by receiving loans from the bank for the better function of their small businesses should definitely apply for the loan. However, the applicants must have a look at all the relative details before applying for the same. After successfully completing the application process, you need to press the Submit button and send the request for processing your loan application. The SBI Officials who are assigned for this project will contact you soon for further operational work.