E-Mudra loan facility of State Bank of India was started for such people who are unable to start their own start-up or business due to lack of money. This facility will also benefit the students and women will also be able to get help due to this loan. This loan will be given by the government and will be able to take it only from government banks, in which banks like SBI are prominent.
SBI e-Mudra Loan
If you have a SBI Saving Account or Current Account, then you can take up to 50 thousand loans online in SBI e-Mudra only.
The E-Mudra Loan offered by SBI is a part of the PM Mudra Yojana launched by the Prime Minister.
In which small / child loans are provided to the traders so that their business conditions can be improved.
Who can take SBI E-Mudra Loan
The following person can apply for SBI Mudra Loan
- A person must be between 18 and 60 years of age.
- He should be a micro trader.
- He should have a savings or current account of SBI – which is at least 6 months old.
- A maximum loan of 50 thousand can be availed by applying online. but
- You can also take a loan of up to 1 lakh by going to the bank branch.
- The loan term is for a maximum period of 5 years.
Benefits of Mudra lone
SBI E-mudra Loan is a really good plan in this.
- You do not have to pay any processing fees for the baby loan.
- Also, there is no margin on loans up to 50 thousand.
- You can take a loan without any guarantee.
- SBI E Mudra loan is directly transferred to your account.
Interest Rate of mudra lone
SBI e-Mudra Loan Interest Rate would be around 9.75%.
That is, it is decided on the basis of different banks, the information of which you will get from MCLR.
How to apply online for SBI E-Mudra loan
2. After that enter your Mobile Number and Verify with OTP
(Keep in mind that your mobile number should be linked to your SBI account and Aadhaar card)
3. Then enter the account number and Loan Amount and click on Process.
4. After which you have to fill the application form and give your information.
5. Now some documents have to be uploaded. (Details of which are given below)
6. Then you have to accept SBI e Mudra Loan T&C. And
7. Enter your Aadhaar number and Verify it with OTP.
8. Finally, you will have to do OTP verification once again to complete the application process.
9. After that, if you fulfill all the qualifications of SBI, then you will be given a loan.
10. It can take up to 30 days from the bank to complete this process.
So in this way you can apply in SBI’s e Mudra Loan Scheme.
Documents required for Mudra loan
At the time of applying, you have to submit the following documents.
- Aadhar Card
- Bank account proof
- Business proof
- Caste Details
- GST Number or Aadhaar Industry
- Shop or other proof of business etc.
Note: Keep in mind that the documents must be in PDF / JPEG / PNG format for uploading – maximum size is 2MB.
State wise Contact no. for SBI Mudra lone.
Andaman & Nicobar Islands
Dadra & Nagar Haveli
Daman & Diu
Jammu & Kashmir
1800 3456 576
Net of Delhi
2 Replies to “How to apply for SBI e-Mudra Loan online?”
what is the interest rate of mudra loan
Subsidy on interest rates
There is no fixed interest rate under PM Mudra Loan.
These may vary depending on the bank, business risk and loan amount.
Interest rates of Mudra Loan are around 9% to 12% per year.
Also, no subsidy is given by the government.