SBI’s e-Mudra loan is your answer if you need funds to expand your small business. This loan is exclusively for small entrepreneurs and self-employed individuals to be able to get help for their requirements and move their work ahead. This loan is online from SBI and has a very simple taking process.
What is SBI E-Mudra loan?
It is a scheme in which loans up to ₹10 lakh are being extended by SBI Bank to small and middle-class businessmen. This loan comes under the Pradhan Mantri Mudra Yojana (PMMY). One of the objectives of this program is making small businessmen self-sufficient. It has three divisions; Shishu in which loans are extended up to ₹50,000, Kishor in which loans will be from ₹50,001 to ₹5 lakh, and lastly, Tarun in which loans would be from ₹5 lakh to ₹10 lakh.
Who can apply for it-
If you are an Indian, you have a small business, then you can apply for this loan. Also, you should be aged between 18-65 years. Furthermore, Aadhar and PAN cards are required. This loan can be obtained without any collateral, making it simpler.
Rate of Interest and Time to Pay Back Loan-
The loan has a very reasonable interest which will vary as per the loan amount and profile. The period of repayment is 5 years. You can undertake monthly installment SYSTEM according to your income.
What is loan taking?
To borrow this loan go to the official website of SBI. There you go to the section of e-Mudra and have to fill the application form. Fill in the form with your name, address, details pertaining to your business, and also the amount of the loan required. After that, you will have to upload all the documents like Aadhar card, PAN card, and proof of the business. The bank checks the application so that after you fill in all details, if everything goes okay, they approve your loan. Once approved, the loan amount gets deposited in your bank account.
Where can you use the loan?
You can use the loan to expand the business. You can purchase new machines or get things necessary in the business, or it can be used for meeting your other needs as well. It solves your business problems; bring in new growth opportunities.
What is SBI E-Mudra loan special?
SBI e-Mudra loan is the special one as it does not require any security and totally works online. This means there won’t be a visit made to the bank-the ultimate time saver for you. Not just that, the money required is transferred to your account swiftly for the meeting of any of your urgent needs. Small business owners can use SBI e-Mudra loan, which is quick and hassle-free, to achieve their goals through sheer hard work.
