SBI E Mudra Loan has been launched for the State bank of India account holders who are willing to start Micro enterprises. Under this scheme, appellants can apply for the loan up to Rs.50000. The loan will be given as term loan for the period of 60 months (including moratorium period of 3 months). Repayment of the loan with interest of 9% per annum will start after the moratorium period of 3 months. To know more about the E Mudra loan please read the article.
What Is SBI E Mudra Loan?
The SBI E Mudra Loan is a part of Pradhan Mantri Mudra Yojana (PMMY). PMMY has been launched by the honourable Prime Minister Mr Narender Sing Modi on 8th April 2015. Under this scheme, the loan up to Rs.10 Lakh will be providing to Micro Enterprises /units those are in manufacturing, trading and Services sector including allied agricultural activities. E-Mudra Loan will provide to the SBI Account holders who want to start Micro enterprises (MSME)- Individual. Many people who want to start their own business fail to do so because of lack of finance. SBI e mudra loan will be given up to Rs.50000 with 9% rate of interest.
PM E Mudra Loan Highlights
|Name of the scheme||SBI E Mudra Loan under Pradhan Mantri Mudra Yojana|
|Launched by||State Bank of India|
|Target Groups||Micro enterprises (MSME)- Individual|
|Type of Loan||Term Loan|
|Loan||Up to Rs.50000|
|Loan period||60 months (including moratorium period of 3 months)|
|Interest rate||9% p.a.|
- Applicant must obtain a minimum overall score of 50% in Mudra Scoring Card for Shishu.
- Applicant’s age is must in between 18 to 65 years.
- Existing Individual customer maintaining Saving Bank/Current account with SBI can apply for e-Mudra digital platform.
- Not availed any SME loan in past.
- Satisfactory Bureau report from CRIF Hi Mark.
Features of SBI E Mudra Loan Scheme
|Nature of Facility||Working Capital and Term Loan|
|Purpose||Business purpose, capacity expansion, modernization|
|Target Group||Business Enterprises in Manufacturing, Trading and Services sector including allied agricultural activities.|
|Eligibility Criteria||Existing & New units|
|Quantum of loan (Min/Max)||Maximum loan amount : Upto Rs 10 lacs First Loans upto Rs.50,000 are categorised as SHISHU Second Loans from Rs.50,001 to Rs.500,000 are categorised as KISHORE Third Loans from Rs.500,001/- to Rs.10,00,000/- are categorised as TARUN|
Upto Rs. 50,000/- Nil|
Rs. 50,001 to Rs. 10 lacs: 10%
|Pricing||Competitive Pricing Linked to MCLR|
Nil. To be covered under CGFMU.|
However, as Primary Security, Hyp. of P&M for TL and Hyp. of Stocks & Receivables for CC to be done.
WC/TL: in 3 – 5 yrs including a moratorium of upto 6 months depending
on the activity/ income generation.|
Review of WC/TL to be done annually.
|Processing Fee/Upfront Fee||Nil for Shishu and Kishore to MSE Units For Tarun: 0.50%(plus applicable tax) of Loan amount|
How to Apply for SBI E Mudra Loan?
- Aspirants who are desired to get E Mudra loan have to go to the official website of the State Bank of India.
- Now go to the other services section and search “E Mudra” from home page
- Click on click here option and a new web page appears on the screen
- Read the official notification carefully and click on apply online appropriate link
- Now you have to enter the details as asked on the screen first, enter mobile number and aadhar card number
- Generate OTP and enter the OTP in the given space and click submit
- Now you have to enter your Stare bank account number
- Enter the loan amount and click proceed option
- Now enter your personal information as asked on the screen such as an address, qualification, monthly income, family member details, PAN card number, house ownership etc.
- Click proceed and on the next page enter the details related to your business
- Now review the details you entered in the application form
- Then Tick on “I have read the terms and conditions” and click proceed to E-sign”
- Now your aadhar verification will be done for the esign procedure, OTP will be generated enter the OTP
- After verification, a confirmation message will appear on the screen click proceed and your application has been submitted
- Take a print out of the form at last for further reference.
Offline Method to Apply SBI E Mudra Loan
The Interest Citizen who wishes to get Loan Under SBI E Mudra Kindly filled Pradhan Mantri MUDRA Yojana (PMMY) loan application form is to be submitted to SBI branch with copies of required documents.
Note: must read the terms very carefully before applying for the loan. Stay tuned with us for an update in future.