If you have SBI Saving Account or Current Account, you can avail up to 50,000 loans online in SBI e-Mudra. E-Loan Mudra offered by SBI is a part of the PM mudra scheme launched by the Prime Minister. In which traders are asked to get small/shishu loans are provided to improve their business status.
So if you also want to take a loan to grow your business, you can apply in the SBI e-mudra scheme.
Eligibility:
The following person can apply for SBI Mudra Loan-
- A person is required to be between 18 and 60 years of age.
- A person should be a micro trader.
- A person should have SBI savings or current accounts – at least 6 months old.
- A maximum loan of 50,000 can be availed on Online Apply. but
- You can also go to the bank branch and avail loans up to Rs 1 lakh.
- The loan tenure is for a maximum of 5 years.
Benefits:
SBI Emudra Loan is really a good plan:
- You don't have to pay any processing fees for a baby loan.
- Also, there is no margin on loans up to 50,000.
- You can avail of a loan without a guarantee.
- SBI e Mudra Loan is transferred directly to your account.
Interest Rate:
SBI e-Mudra Loan Interest Rate is around 9.75%. This means that it is decided on the basis of a different bank, which you will get from MCLR.
Now let's talk about how you can apply for a loan of 50,000 in SBI's E-Mudra Scheme–
1. First, go to the SBI E-Mudra Portal.
2. Then enter your Mobile Number and verify it 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 need to fill in the application form and provide your information.
5. Now you have to upload some documents. (which is known below)
6. Then you have to accept SBI e Loan Mudra T&C.
7. Enter your Aadhaar number and verify it with OTP.
8. Finally, you need to do OTP verification once again to complete the application process.
9. After that, if you fulfill all SBI qualifications, you will be granted a loan.
10. It may take up to 30 days for the bank to complete the process.
This is how you can apply for SBI's e Mudra Loan Scheme.
Document:
You need to submit the following documents while applying-
- Aadhar Card
- Bank Account Proof
- Business Proof
- Caste Details
- GST Number or Aadhaar Industry
- Shop or other proof of business etc.
(Keep in mind that the documents should be in PDF / JPEG / PNG format for uploading - maximum size is 2MB)
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