SBI E-Mudra Loan Apply Online: If you have a dream of having your own business or if you want to expand your business horizons, money and finances is not a big issue to tackle. India has started its journey to achieve a good ease of doing business status soon because our government has launched Mudra loan scheme for all kind of business holders in the country.
State Bank of India E mudra loan is an easier and instant credit facility given by the bank to various MSME’s (Micro Small and Medium enterprises) to meet various small and local business requirements like purchasing raw materials, buying machinery, equipment for setting up of small or medium scale businesses, paying rent to the owner, to stock up inventory, for working capital requirements, for expansion of business or an opening new plant, for opening startups and other business-related purposes under PMMY.
PMMY ( Pradhan Mantri Mudra Yojna) is a central government-led initiative which has the objective of providing easier and instant financing or loan facilities to the existing business holders and for those who have a dream of having their own business. The scheme is launched for making India a hub of startups and facilitate ease of doing business in our country.
SBI provides E Mudra loan at very competitive interest rates with meager processing time and charges and it has very flexible payment options too.
The loan is provided under 3 categories:-
- Shishu:- loan amount is up to Rs. 50000 and
- Kishor:- loan amount Is up to Rs. 50,000 to Rs. 5 lakh.
- Tarun:- Rs. 5 lakh to Rs. 10 lakh.
Apart from this , it also offers credit guarantee, acts as a technology enabler and provides support.
These are the things need to considered before applying for Emudra loan-
- State bank of India provides mudra loan at the interest rate of 9.75% for all existing and new business units.
- There is no processing fee for Shishu and Kishor category loan. Only 0.50% of the loan amount processing fees is charged in Tarun category.
- They have 3-5 year repayment tenure. The moratorium period of 6 months is covered under this period.
- 10% margin from Rs. 50,001 to Rs. 10 lakh . there is no margin up to Rs. 50 k.
- There is no collateral security is required.
- The candidate should be Indian and residing in the same society for last two years.
Who is eligible?
- The Candidate should be a micro entrepreneur.
- The candidate should be a saving or current account holder in the bank.
- Maximum loan amount is Rs.1 lakh and its repayment is 5 years.
- There is a facility if instant loan of Rs. 50 k as per banks discretion.
- For loans up to 50k, the applicant needs to visit the branch.
How to apply for sbi e mudra loan apply online ??
- Visit SBI Emudra portal and then click on proceed.
- You can read all mentioned instructions and then click on the OK button.
- Fill all your details like saving account number, mobile number, required amount of loan and then click on proceed.
- Fill the form and upload all required documents.
- You have to provide Adhaar card number to provide e- signature. You have to accept terms and conditions with an e – Sign.
- Then you will receive an OTP on the registered mobile number. By entering that OTP your process of application will complete.
E mudra loan is the best credit facility by SBI for their account holders. You can also avail concession if the borrower is female as it is a great initiative for women entrepreneurs.