What is e mudra loan ?
This loan program was bought into the action by PM Narendra Modi in the year of 2015. It is a format which provides credit amenities to businessmen, Non- corporate, Non- farm MSME units with loans up to Rs. 10 lakh. This loan can be used by individuals, business needs, company set up or expansion purposes. This loan amount can also be used for setting up new businesses or to expand the existing set ups. The e mudra loan enables small unit’s development. It is a kind of financial set up done by Government of India for development and refinancing of small units.
SBI e mudra loan offers a huge number of Small and medium size enterprises. SME’s are said to be category of business with capital assets, staff, etc within a certain limit which is categorized. As per the description given by the European Union authorities SME’s are said to be legally self-governing companies with not more than 500 working heads or employees. MUDRA, itself has enrolled more than twenty five Public sector Banks, approx fifteen plus Private Sector Banks, around twenty five plus Regional Rural Banks and around twenty five plus Micro or small Finance Institutions as channel or partner institutions in order to provide support to the deserving category of borrowers based on the various eligibility criteria’s.
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There are few features of SBI e mudra loan. They are considered to be the basic requirement to avail the loan facilities:
- One should be an existing SBI account holder.
- The loan application amount should be of upto Rs. 50000.
Mandatory Documents for processing of the loan
The loan can be applied online, and while processing the loan one should have the below documents ready infront of them like:
- The entire document should be in the format of JPEG, PNG or PDF only.
- The document size should not exceed the limit of more than 2MB in size.
- The updated GST registration certificate.
- The shop & establishment certificate.
- The business Adhar card.
- Any other document related to business registration.
OTHER BASIC REQUIREMENT
Aside the above mentioned documents one should also have the below details also readily available in hand while processing effortlessly the loan online.
- Own SBI savings or current account number.
- Adhar number , which is the deliberate and is required to complete the process of KYC. Incase a user does not wish to provide the Adhar details online, the same can be done in the SBI bank itself during processing of the same.
- Minute Business details like, name and address along with the start date of the business as all this will be needed during the verification purpose.
- Religion and community details which happens to be a part of the SBI‘s credit policy.
- Last but not the least, business account details like account number, bank and branch name.
ONLINE APPLICATION PROCESS
Taking you through the online process, of SBI e mudra loan apply online:
- Go and visit the SBI e mudra portal.
- Click on the ‘Apply Now’ option available on the homepage itself.
- Now read the information mentioned in the languages like English or Hindi. And click on the “OK” to proceed to the next page option.
- Provide the mobile number detail. SBI savings/ current account and the required loan amount detail.
- Now move ahead and click on the “Proceed” option.
- Fill in the other minute details required to process the online application. There are options available to be selected from the drop down options.
- Upload all the necessary documents required.
- Update the information of Adhar card.
- Accept the Terms and conditions of the SBI e mudra followed with e-signature.
- Post all the above necessary check points you will be receiving the OTP on the registered mobile number which is linked to the Adhar card.
- Lastly enter the OTP which is required to complete the application.
SUMARIZATION AND APPLICATION PROCESS
SBI’s e mudra loan facility is very easier to get the loan approved, with negligible documentation and fastest approvals.
Who all can apply for e mudra loan?
- Any enterprise that is occupied in manufacturing goods can avail the loan facility.
- Any individual who is occupied an employed in trading and services sector can apply for the loan.
- People who all are associated in agricultural deeds can apply for the loan.