Before going into the details of how to get e Mudra Loan, let’s first see what is e Mudra and how it is beneficial for small businesses.
On April 8 2015, the government launched a scheme Pradhan Mantri Mudra Yojana (PMMY), to promote small businesses. The term Mudra stands for Micro Units Development & Refinance Agency Ltd. Under this scheme, the government provide loans up to ₹10 Lakhs to non-corporate, non-farm and mico enterprises. Mudra loan is given by commercial banks, rural banks, small finance banks, MFIs and Non-Banking Financial Companies (NBFCs).
To avail of this loan, you can reach out to any of the lending institutions mentioned above. Also, you can apply for an e Mudra loan online from this portal www.udyamimitra.in.
Types of Mudra Loan
PMMY has three types of loans. You can choose the one which is best for your business.
- Shishu
- Kishore
- Tarun
These signify the stage of growth and funding needs of the recipient micro-entrepreneur and also provide reference points for the next phase of growth.
Mudra Loan Interest Rate
As we have seen there are three types of Mudra loans, their rate of interest also varies. Let’s see what are the Interest Rates for Shishu, Kishore and Tarun.
| Interest Rate | 7.30% to 12.35% p.a. |
| Processing Fee | NIL up to 0.50% |
| Loan Term | From 6 months up to 5 years |
| Maximum Loan | ₹ 10,00,000 |
Shishu Loan Services
Shishu loan is for individuals and small business owners who are in their early stages of establishing a business.
| Loan Type | Loan Details |
|---|---|
| Loan Amount | Up to ₹ 50,000 |
| Repayment Term | 6 months to 12 months |
| Processing Fees | Nil |
| Margin amount | Nil |
| Collateral requirement | No |
Kishore Loan Services
Kishore loan is best for small business owners who are willing to expand their business.
| Loan Type | Loan Details |
|---|---|
| Loan Amount | From ₹ 50,000 to ₹ 5,00,000 |
| Repayment Term | 12 months to 36 months |
| Processing Fees | Nil |
| Margin amount | 10% |
| Collateral requirement | No |
Tarun Loan Services
Tarun loan is beneficial for fully established businesses.
| Loan Type | Loan Details |
|---|---|
| Loan Amount | From ₹ 5,00,000 to ₹ 10,00,000 |
| Repayment Term | 12 months to 60 months |
| Processing Fees | 0.50% of the loan amount + taxes |
| Margin amount | 10% |
| Collateral requirement | Yes (Hypothecation of plant and machinery, receivables, and stock) |
SBI Mudra Loan
The State Bank of India is one of the most popular Mudra loan providers in India. It can provide Mudra loans to Micro, Small & Medium Enterprises (MSMEs). Also, you can avail the e Mudra loan SBI by registering online. These loans are helpful for individuals to expand their businesses, adapt to modernization, buy new equipment and other such business purposes.
If you have an SBI Savings/Current account you can also apply for a Mudra Loan SBI and e Mudra SBI.
SBI e mudra loan apply online and get an instant approval for loans up to ₹ 50,000. Visit the SBI bank to get e Mudra SBI loan of up to ₹ 1,00,000.
Mudra Loan Eligibility
Individuals who run small businesses are qualified to apply for Mudra Yojana Loan.
How to apply for e mudra loan online?
Individuals can apply online for loans up to ₹ 1,00,000. To get e mudra loan online follow these simple steps.
- Go to the official SBI mudra website and click proceed
- Fill in the following details.
- Enter your mobile number and click on verify.
- Fill in your Aadhar number and click on send OTP. An OTP will be sent to the registered mobile number, enter the OTP and click on verify.
- Enter your bank account number then enter the loan amount and click on proceed.
- Fill in your Personal Details, such as PAN card, qualifications, House ownership, Monthly income, and Number of dependent family members. Fill in the community details and click on proceed.
- Enter your Business details
- Business name, Business start date and Experience.
- Fill in the Business address.
- Business Sales details and click on submit
- The e mudra loan process is complete. The process may take up to 30 days after the receipt of the SMS of loan sanction. If you have applied for a loan up to ₹ 50,000 your loan will get instantly approved. But if you have applied for a loan between ₹ 50,000 and up to ₹ 1,00,000 you will have to visit the branch.
Mudra Loan Documents
For Shishu Mudra Loan, Kishore and Tarun Mudra loan, you need the following documents.
- ID Proof: Voter ID, Driving License, Aadhar, PAN card, Passport.
- Residence Proof: Electricity bills, Telephone bills, Property tax bills (not older than 2 months)/ Voter ID, Aadhar Card, Passport, Bank Passbook/ Domicile certificate/ certificates issued by government authorities such as Local panchayat, Municipal etc.
- Photographs: 2 passport size photographs (not older than 6 months)
- Proof of Income: Bank Account Statement of the Last 6 Months, Income Tax Returns/ Sales Tax Returns, Audited Balance Sheets of last 3 years, and projected balance sheets for the next 2 years for working capital limits.
- Business Existence Proof: Business licence/ registration certificate of the business. Documents containing owner’s details and address proof of the business, rental agreement(If the establishment is in rented property), partnership deed( in case of partnership business), memorandum, and articles of association ( In case of a company), title deeds and lease deeds, etc.
- Proof of SC/ST/OBC Minority.
- Price quotation of machinery.
Vehicle Loans
- Mudra application form
- Vehicle loan application form
- 2 passport size colour photographs
- Photo Identity proof
- Address proof
- Income proof
- Bank statement for last 6 months
Business Installment Loan
- Mudra application form
- BIL application form
- Photo identity proof
- Address proof
- Establishment proof
- Bank statement for last 6 months
- Ownership proof of residence/office
- Proof of continuity of business
- Proof of qualification
- Trade references
- 2 years ITR
- CA certified financials
Business Loans Group and Rural Business Credit
- Mudra application form
- BIL/RBC application form
- Photo identity and age proof
- Address proof
- Ownership proof of residence/office
- Business vintage proof
- Bank statement for the last 12 months
- Income tax return (ITR) of the last 2 years
Also check:
Punjab And Sind Bank | Saving Account | Net Banking
Saraswat Bank | Net Banking and Interest Rates
FAQ
A Mudra card is a debit card issued against the Mudra loan account for Micro entrepreneurs who have availed of the working capital loan from the bank. It’s a Rupay payment platform where the borrower can make use of a Mudra card in multiple withdrawals and credit facilities to manage the working capital limit efficiently and keep the interest burden minimum.
1. Open SBI net banking account and log in to your account.
2. Under the loan account you can check the Outstand Loan Amount. Click on the Payments/Transfers menu and select Fund Transfer (Own SBI A/c) from the dropdown.
3. Select the savings account from which you want to repay your loan(In case you have only one savings account, it would automatically get selected).
4. Enter the EMI amount. Select the purpose as Payment towards loan repayment.
5. Click on submit.
6. Verify your details and click on confirm.
Your e mudra loan EMI repayment is successful. You can download the receipt as a PDF.
