SBI E Mudra PM Svanidhi Loan: Under the guidance of the Micro-Units Development and Refinancing Agency (MUDRA), SBI E Mudra Loan offers collateral-free MSME loans, business loans, and working capital loans to self-employed professionals, individuals and Micro, Small, and Medium Enterprises (MSMEs). A business loan or MSME loan up to Rs. 10 lakh is available through SBI’s Mudra scheme. With the SBI e Mudra loan, you can borrow amounts up to Rs. 1 lakh and repay them over a five-year period.
SBI E Mudra Loan – PM-SVANidhi Loan: SBI now offers loan amounts up to Rs. 50,000 to Rs 1,00,000 to citizens of India who are engaged in small businesses & MSMEs. Through the online system, citizens can now apply for a 50 thousand loan amount without visiting a bank branch.
The SBI E-Mudra Loan Scheme aimed to boost trade e-currency loans through the central government. Thus, citizens can use SBI Mudra Loans for various business purposes.
- Micro Units Development and Refinance Agency Ltd. is known as MUDRA. It is a government-sponsored financial institution that develops and refinances micro businesses.
- To channel the support of deserving borrowers based on the eligibility criteria, MUDRA has registered 17 private sector banks, 27 public sector banks, 27 rural and regional banks, and 25 MFIs as partner institutions.
- State Bank of India offers a variety of loans to SMEs, including the Pradhan Mantri Mudra Yojana (PMMY).
SBI MUDRA PM Svanidhi Loan Highlights
|Loan Name||SBI E Mudra PM Svanidhi Loan|
|Interest Rate||MCLR-linked competitive rates|
|Purpose||For Modernization Purposes, Business and capacity expansion|
|Loan Amount||Up to Rs. 10 lakh|
|Loan Type||Working Capital Loan & Term Loan|
|Target Group||Services sector, including allied agricultural activities, Business Enterprises in Manufacturing, and Trading|
|Processing Fee & Charges||Check the Article|
|Margin||Up to Rs. 50,000 Nil and From Rs. 50,001 to Rs. 10 lakh is 10%|
The SBI e Mudra pm Svanidhi Loan can be used for a variety of purposes, including purchasing raw materials, enhancing cash flow, stocking up inventory, paying rent, and expanding a business. Businesses engaged in services, manufacturing, and trading are eligible to apply for SBI Mudra loans and e Mudra loans. The following are the features of the SBI Mudra Loan and the SBI e Mudra Loan:
Features of Sbi E Mudra PM Svanidhi Loan
- The facility consists of a term loan and a working capital facility.
- The project’s main purpose is to expand business capacity and modernize the facility.
- The target group consists of business enterprises in the manufacturing, trading, and services sectors, as well as agricultural enterprises.
- Loan amount (minimum/maximum)
- Up to Rs 10 lacs is the maximum loan amount.
- SHISHU loans are those up to Rs.50,000
- KISHORE loans are those between Rs.50,001 and Rs.500,000
- TARUN loans are those between Rs.500,001 and Rs.10,00,000.
- Percentage margin (%)
- Nil up to Rs. 50,000/-
- For amounts between Rs. 50,001 and Rs. 10 lacs: 10%
- Competitive pricing linked to MCLR.
- Period of repayment
- The WC/TL process takes 3 to 5 years, including a moratorium of up to 6 months, depending on the activity.
- An annual review of WC/TL is required.
- Fees for processing
- For Shishu and Kishore to MSE units, there is no charge.
- In the case of Tarun: 0.50% (plus applicable tax) of the loan amount
Customers who have a Savings Account or Current Account (Individual) with SBI can apply for an e-MUDRA loan of up to Rs. 1,000,000 by visiting the SBI e-MUDRA portal and following the steps below:
- Step 1: Click on Pradhan Mantri Mudra Yojana Application Form.
- Step 2: Click on ‘Proceed’ on the SBI official website, i.e. https://emudra.sbi.co.in:8044/emudra.
- Step 3: Submit the applicant’s Aadhaar card for e-KYC purposes through UIDAI, as e-KYC and e-signing must be completed through OTP authentication for loan processing and disbursement.
- Step 4: After the SBI formalities and loan process are completed, the applicant will receive an SMS instructing them to revisit the e-MUDRA portal to initiate the process.
- Step 5: The process must be completed within 30 days of receiving the SMS of loan sanction.
Note: Documents must be uploaded in JPEG, PDF, or PNG formats, with a maximum file size of 2 MB.
SBI e-MUDRA Loan – Features & Eligibility Criteria
- There is a maximum loan amount of Rs. 1 lakh available.
- Up to five years are allowed for repayment.
- As per the Bank’s discretion, an instant loan of Rs. 50,000 is available.
- To apply for a loan over Rs. 50,000, applicants must visit their nearest SBI branch.
- Microentrepreneurs are eligible to apply.
- SBI’s CA/SB Account holder for at least six months is required
Documents required for SBI e-Mudra Loan
Along with the loan application form, you must submit the subsequent documents to apply for a Mudra loan from SBI:
- Completed application form with passport-sized photos
- The following KYC documents are required of the applicant: Voter’s ID card, Passport, driving license, Aadhar card, and PAN Card.
- Savings/current account number and branch information
- Business proof (name, start date, and address)
- Update your UIDAI-Aadhar Number on your account number.
- Information about the community (General/SC/ST/OBC/Minority)
- GSTN & UDYOG Aadhar is also required for uploading
- Business registration and proof of shop & establishment
- SBI may require any other document
emudra.sbi.co.in SBI Mudra Loan Eligibility Criteria
- A non-farm income-generating activity, such as manufacturing or service, is required of applicants
- Applicants must reside at the same address for at least two years
As well as providing finance, MUDRA also provides a credit guarantee for Mudra loans, provides development and promotional support and acts as a technology enabler. Four avenues of funding support are available:
- Loans of up to Rs. 1 lakh can be obtained through the Micro Credit Scheme (MCS), which is financed through microfinance institutions
- Refinancing Commercial Banks, Regional Rural Banks, and Scheduled Co-operative Banks
- With the help of the women’s enterprise program
- The portfolio of loans by securitizing it.
SBI Mudra loans are used for working capital needs and term loans for business needs. SBI offers a maximum loan amount of Rs. 10 lahks under the Mudra Yojana. CGTMSE guarantees are available to manufacturing and service businesses but not to retail companies. Up to a specific amount, the Credit Guarantee Fund Trust for Small and Micro Enterprises (CGTMSE) guarantees loans under the Mudra scheme.
Characteristics of the SBI E Mudra Loan
There are three types of MUDRA loans. The application can be submitted in the appropriate category based on the applicant’s needs.
- Kishore: Loans ranging from Rs. 50,001 to Rs. 5 lakhs. In accordance with the plan’s guidelines, the lender determines the interest rate based on the applicant’s credit history. The Bank will decide the repayment period, but it should be at most five years.
- Loans up to Rs 50,000 with a minimum interest rate of 1% per month or 12% per year. Payback period of 15 years.
- TARUN: Up to Rs. 10 lakhs in loans. In accordance with the guidelines of the program, the interest rate is determined by the lender based on the applicant’s credit history. At the Bank’s discretion, the repayment period should be at most five years.
Features of emudra.sbi.co.in SBI e-Mudra Loan
- Ideally, they should be microentrepreneurs.
- Applicants must hold a CA/SB account with SBI for a minimum of six months.
- The maximum loan amount is Rs.1.00 lakh.
- The maximum loan period is five years.
- Loans up to Rs.50,000/- are immediately available based on the Bank’s eligibility criteria.
- Those who wish to apply for loans over Rs.50,000 must visit the Branch in order to complete the necessary formalities.
SBI E-Mudra Loan Application Eligibility
- The applicant must be a small (micro) entrepreneur.
- A current/savings account holder with SBI for at least six months is required.
- The maximum loan tenure is five years.
- The scheme allows individuals to borrow up to Rs 1 lakh.
- Amounts up to Rs.50,000 are available for instant loans.
- In order to complete the formalities for a loan of more than 50 thousand, a person must visit a bank branch.
Online Application Steps for SBI E Mudra Loan
Indian Residents can Apply for E mudra loan on the official website of SBI or by clicking on this link: SBI eMudra Loan, existing SBI customers with a checking account (individual) or savings account can apply for an e-MUDRA loan amount of up to Rs. 50,000 online. It is also possible to apply at the nearest Branch of SBI.
- Please visit the SBI e-Mudra website.
- On the home page, click the “Continue” button.
- Click “Ok” to proceed to the next page after reading the instructions in Hindi or English.
- You will need to enter your mobile Number, your SBI current/savings account number, and the amount of credit you would like to request.
- Please click on “Continue”.
- Please complete the online application form with the requested information. The drop-down menu also allows you to select the relevant data.
- You can download the necessary documents here.
- With an e-Sign, you agree to the terms and conditions of SBI e-Mudra.
- Please enter your Aadhaar number.
- Please check the box to consent to the use of your Aadhaar for electronic signatures.
- Your registered mobile number with your Aadhaar will receive an OTP.
- To complete your request, enter the OTP in the required field.
Documents Required for SBI Mudra Loan
If you are applying for Shishu, Kishor, or Tarun loans, you must submit the following documents as per SBI to be eligible for the Loan:
- Fill out the application form and attach a passport-sized photograph.
- The following identification cards are accepted: passports, voter ID cards, driving licenses, PAN cards, and Aadhaar cards.
- A recent telephone or electricity bill, a voter’s ID card, an Aadhaar card, or a passport are all acceptable proofs of residence.
- Bank statement for the last six months as proof of income
- A copy of your proof of membership in SC/ST, OBC, or, if applicable
- Other documents, as required by SBI
Purpose of the MUDRA loans
- MUDRA Yojana achieves not only its goal of providing credit to small and micro-entrepreneurs but also that of uplifting the other sections of society by involving the less developed sections of society.
- In order to boost employment and create opportunities in the market, MUDRA Yojana aims to create an inclusive, sustainable entrepreneurship culture.
- Additionally, MUDRA Yojana focuses on empowering women in micro and small businesses.
- MUDRA Yojana offers lower interest rates on loans to micro and small women entrepreneurs to encourage them to become self-employed
- Micro entrepreneurs will also be able to run and manage their businesses more efficiently through the promotion of business literacy
Types of MUDRA Loans
The MUDRA loan is divided into three categories depending on the stage of growth or development of the enterprise:
|Daily cash withdrawal limits||10,000||15,000||20,000|
|Daily POS Limit||15,000||25,000||30,000|
- The Shishu loan scheme is best suited to businesses starting up or at the beginning of their business. Shishu loans have a maximum amount of Rs. 50,000.
- The Kishor loan scheme is available for individuals who have established their own businesses but need funding to enhance them. Fifty thousand rupees is the minimum loan amount, and 5 lakh rupees is the maximum loan amount.
- In the Tarun scheme, a business expense of a minimum of Rs. 5 lakhs will be covered by a loan of up to Rs. 10 lakhs. This loan, however, has certain requirements and norms that must be met before approval.
Eligibility Criteria of SBI E Mudra Loan
A MUDRA loan can be used by entrepreneurs looking to start a new business or by profit-making companies looking to expand. In this sector, millions of businesses operate as small production units, service units, dealers, fruit and vegetable sellers, truck operators, catering, repair shops, machine operators, small industries, artisans, food processors, etc.
- The applicant must prove the upgrade’s benefits and justify its need.
- The applicant must be between the ages of 18 and 60. Also, at least six months must have passed since the depot became active.
- To qualify for this loan, startups must present a viable business model that describes their profitability.
- Kishor and Tarun credit categories are for established businesses already operating profitably and wishing to expand their business or upgrade their machinery and equipment.
Requisite documents for Applying for SBI e-Mudra Loan
- Please provide the account number and branch information for your savings or current account.
- Proof of business (name, start date, and address)
- UIDAI – Aadhar Number (should be updated in account number).
- Details about the community (general/sc/st/obc/minority)
- Uploading other information such as GSTN and UDYOG Aadhar
- (If available) Establishment & Proof of Shop or Any other Business Registration document.
Documents Required for SBI E-Mudra Loan Application
- Business proof (name, address, and start date)
- The applicant’s bank account should be linked to the loan account.
- Details of your savings/current account and Branch
- Castes must be minorities, any minority group, STs, SCs, OBCs or general categories.
- Uploading requires GST and Udyog Aadhaar.
- Proof of business registration
Benefits of the Pradhan Mantri Mudra Yojana program
For those who require funds for a variety of business purposes, the Pradhan Mantri Mudra Yojana Plan is an ideal option. Pradhan Mantri Mudra Yojana offers the following benefits:
- PMMY provides better access to funds for the country’s micro businesses.
- PMMY offers affordable loans to individuals needing funds for business purposes.
- PMMY contributes to economic growth and job creation.
- Pradhan Mantri Mudra Yojana charges a relatively low processing fee. The Kishore and Shishu programs charge no processing fees, while the Tarun program charges a nominal interest rate of 0.50% plus tax.
Step-by-Step Process to Apply for SBI E Mudra Loan
- Fill out the application form by entering or selecting from the drop-down menu.
- If you have an Aadhaar number, please provide it. The user has to ensure that his present mobile Number is linked to his Aadhar (for OTP purposes) for e-KYC through UIDAI.
- To process and disburse payments, e-Sign must be completed using OTP authentication.
- Applicants with an SBI Saving/ Current Account of Rs. 50,000 to Rs. 1 lac must complete the document signing process at the Branch where they keep their account.
- You will receive an SMS on your Mobile Number once the formalities have been completed advising you to initiate the next step. By revisiting the e-MUDRA portal, you can open an account and make disbursements.
- After receiving the SMS of loan sanction, the process must be completed within 30 days.
Additional Benefit of SBI E Mudra PM Loan
Under the Mudra loan program, borrowers are provided with RUPAY Debit Cards for cash withdrawals and point-of-sale (POS) transactions. The RUPAY Debit Cards are named MUDRA Cards and cover three loan categories: Shishu, Kishor, and Tarun.
Who is eligible to apply for a Mudra loan from SBI?
Enterprises in manufacturing and trading can apply for a Mudra loan from SBI, and services sectors and allied agricultural activities.
How can I obtain an SBI loan of more than Rs. 50,000?
To avail a loan of Rs. 50,000 or more, you can apply for SBI’s direct loan or Mudra/e-Mudra loan.
When do SBI Mudra loans have to be repaid?
Term loans have a repayment term of 3 to 5 years, including a moratorium period of up to 6 months, while working capital is payable on demand.
Are SBI Mudra loans available to people living in urban areas?
SBI Mudra loans are available to people living in both urban and rural areas.
How does a Mudra Card work?
A Mudra Card allows you to withdraw money in portions from the total sanctioned loan amount. As a debit-cum-ATM card, it can be used to withdraw money for business purposes.
How much subsidy is provided by the Mudra loan program?
No, The Mudra loan scheme does not provide subsidies.
When does a bank approve a Mudra loan application?
Upon submission of the loan application form, Mudra loans are approved and disbursed within 7-10 working days. According to the portion or the amount of the loan, the applicant’s profile, and the nature of the business, the amount varies from case to case.
Are overdrafts up to Rs 5000 covered by Mudra Scheme?
Under Mudra Loan, the Pradhan Mantri Jan Dhan Yojana (PMJDY) sanctioned Overdraft facility of Rs. 5000 is covered.
What is the process for getting/downloading the SBI Mudra loan application form?
Applicants can download the loan application form in PDF format from SBI’s official website or click here to apply for an SBI Mudra loan. Then, you need to fill out the downloaded form and submit it to the nearest bank branch along with all the required documents.
How do I file a complaint if the bank manager rejects my Mudra loan application?
In the event that your loan application is rejected on false grounds, you can complain to the higher bank authority. Mudra loan applications are accepted or rejected at the sole discretion of the respective Bank based on the applicant’s creditworthiness, repayment history, and financial stability.