SBI e-Mudra Loan Apply online:
State Bank of India introduced SBI E Mudra Yojana is a part of the Pradhan Mantri Mudra Yojana. This Scheme was launched this year to assist small and medium-sized businesses (SMEs) with financial assistance. If you want to apply for SBI E Mudra loan then stay with us.
With SBI Mudra Loan, banks lend money to small and medium-sized businesses at low-interest rates, nominal administrative charges, and flexible repayment options to such companies. For example, purchases of raw materials, inventory, working capital, plant and machinery, and other company costs can be financed with this loan.
Businesses in the service, commerce, and manufacturing industries can apply for Mudra loans. It is one of the most excellent and most beneficial programs of the government to get loans for small, micro, and medium-sized firms.
SBI e-Mudra Loan Documents Required:
- Voter ID card, driving license PAN card, Aadhar card, passport, or other photo identity card issued by a government agency are acceptable forms of identification. The following are acceptable forms of proof of residence: a recent utility bill (phone or electricity), a voter ID, an Aadhaar card, a passport, or any other document issued by a government agency, such as a panchayat or municipality.
- If they have a bank account, they will have to provide bank details for the last six months.
The applications should be supported by quotations for machinery and other goods that the firm would need to acquire in order to be considered.
- Two current passport photographs of the applicant are required.
- If you are SC, ST, OBC, or another minority group, then you need a caste certificate. These include copies of applicable licenses, certificates of registration, lease or rent agreements, or other papers that demonstrate the ownership, identity, and location of the business entity. Businesses that have a Udyog Aadhaar memorandum can also submit it.
- Individual and corporate tax returns for the last two years have to be submitted.
SBI E-Mudra Loan: How To Apply Online?
- First, visit the official website
- Now that you have read the loan application instructions, you need to click on the “OK” button to proceed.
- Enter your mobile number, SBI current or savings account number, and the amount required to borrow, and you will be redirected to a new page.
- Once this is done, press the Next button. You have to fill out the form
- After reading the terms and conditions, click on the “I accept” button with the e-signature to complete the transaction.
- Next, you need to enter your Aadhaar number here to allow Aadhaar for e-signature. OTP will be sent to your Aadhaar-registered cellphone number.
- Next, applicants will now have to enter the OTP number to complete the online application.
- submit the application form in the next step.
What are the benefits of the SBI Mudra Loan?
This scheme is excellent for micro, small, and medium-sized business owners. Entrepreneurs can develop their enterprises without any hindrance. There are many benefits of the State Bank of India Mudra Loan. With Mudra Card, you can avail of overdraft benefits. Mudra card acts as both a credit card and a debit card. You can make purchases using Mudra Card at Merchant POS and get cash from ATMs using the same card. For one, the Mudra loan is collateral-free, and there are no costs associated with the loan application process.
Under this program, you can use the loan to expand your business, and buy goods and machinery, among other things. The interest rate of the SBI Mudra Loan (SBI E Mudra Loan Scheme) is lower than the traditional business loan of the bank. SBI Mudra loans come with a lower interest rate for women applicants, so this is a plus.