The SBI e-Mudra loan is a specialized loan scheme offered by the State Bank of India to support micro-enterprises, particularly those in the informal sector. It aims to provide financial assistance to small business owners, traders, and artisans. To apply, visit the SBI website or your nearest SBI branch, and follow the application process outlined there, providing the necessary documentation and meeting the eligibility criteria.
1. **Eligibility Criteria**:
- Individuals or entities engaged in manufacturing, trading, and services sectors are eligible.
- The enterprise should be engaged in activities like small business, vendor development programs, shopkeepers, fruits/vegetable vendors, artisans, food processors, and others.
2. **Loan Amount**:
- The loan amount can vary depending on the nature of the business and credit assessment.
- Typically, loans up to Rs. 10 lakhs are offered under this scheme.
3. **Interest Rate**:
- The interest rate for the e-Mudra loan is generally competitive, and it can vary based on the prevailing market conditions and the applicant's creditworthiness.
4. **Repayment Period**:
- The repayment period for the e-Mudra loan can range from one year to five years, depending on the terms of the loan and the borrower's preferences.
5. **Collateral Requirement**:
- For loans up to a certain limit, no collateral or security is required. However, for higher loan amounts, collateral may be required.
6. **Application Process**:
- Interested individuals or entities can apply for the e-Mudra loan online through the SBI website or by visiting their nearest SBI branch.
- The application process typically involves filling out a loan application form and submitting the necessary documents, such as identity proof, address proof, business registration documents, financial statements, and others.
7. **Documentation**:
- The specific documentation required may vary depending on the nature of the business and the loan amount requested. However, common documents include PAN card, Aadhaar card, business registration certificate, bank statements, income tax returns, and others.
8. **Approval and Disbursement**:
- Once the application is submitted along with the required documents, the bank will assess the creditworthiness of the applicant and the viability of the business.
- Upon approval, the loan amount will be disbursed to the borrower's bank account.
It's essential to thoroughly review the terms and conditions of the loan scheme and seek clarification from the bank if you have any doubts before applying.
Loan amount & Repayment Tenure of SBI PM MUDRA Yojana
| Categorisation | Loan Amount |
| Shishu | Up to Rs 50,000 |
| Kishor | Above Rs 50,000 to Rs 5 lakh |
| Tarun | Above 5 lakhs to Rs 10 lakhs |