State bank of india Mudra loan online apply free 2023

Anjan Biswas

State bank of india Mudra loan online apply

The Government of India offers financial support to micro and small enterprises across the country. In this article, we will explore the process of State Bank of India Mudra loan online apply, one of the leading public sector banks in India.

how to apply online

  • Visit the official Portal of SBI and click Loan Section.
  • In Loan Section click on Mudra Loans and then select e-Mudra.
  • Read the eligibility criteria and required documents carefully.
  • Click Apply Now and fill up the application form.
  • Upload the required documents.
  • Check your application form and submit it.
  • After submitting the application, you will get an acknowledgment from SBI.
  • The bank checks your application and, if approved, disburse the loan amount to your bank account.
  • Note: It’s important to provide accurate details on the application form to avoid rejections in the loan approval process.
State bank of india Mudra loan online apply
Apply OnlineClick Here

Types of MUDRA Loans

The MUDRA loan scheme offers three types of loans:

1. Shishu

The Shishu loan is designed for micro-enterprises in their early phases. It gives a loan amount of up to ₹50,000, making it a perfect choice for people trying to start a small business or increase their present business.

2. Kishor

The Kishor loan caters to enterprises which have already established themselves and want financial help for their development and growth. Under this class, borrowers can avail loans starting from ₹50,000 to ₹5 lakh.

3. Tarun

The Tarun loan is appropriate for enterprises which have achieved a certain level of stability and require a better loan quantity for additional growth. This class provides loans starting from ₹5 lakh to ₹10 lakh.

Documents Required for MUDRA Loan Application

To apply for a MUDRA loan through the SBI online portal, you will need the following documents:

  1. Identity proof (Aadhaar card, PAN card, Voter ID, etc.)
  2. Address proof (Aadhaar card, utility bills, bank statement, etc.)
  3. Business proof (GST registration, partnership deed, sales tax registration, etc.)
  4. Bank statement for the last 6 -12 months.
  5. Business Plan or Business Details.
  6. Proof of category (SC/ST/OBC/Minority, if applicable)

Please note that these documents may vary based on the loan category and the specific requirements of the bank.

Frequently Asked Questions (FAQs)

1. Can I apply for a MUDRA loan if I have an existing loan with another bank?

Yes, you can still apply for a MUDRA loan even if you have an existing loan with another bank. However, the total outstanding loan amount across all banks should not exceed the maximum limit specified under the MUDRA scheme.

2. What is the maximum loan amount I can avail of under the MUDRA scheme?

The maximum loan amount you can avail of under the MUDRA scheme depends on the category you fall under. For Shishu loans, the maximum amount is ₹50,000, while Kishor and Tarun loans offer higher loan amounts up to ₹5 lakh and ₹10 lakh, respectively.

3. Are collateral or security requirements necessary for a MUDRA loan?

No, collateral or security is not required for MUDRA loans up to ₹10 lakh. These loans are provided based on the viability and feasibility of the business project.

4. Can I apply for a MUDRA loan online if I am not an SBI account holder?

Yes, you can apply for a MUDRA loan online through the SBI portal even if you are not an SBI account holder. However, you may need to fulfill certain additional requirements as per the bank’s policies.

5. How long does it take for the loan approval process?

The loan approval process for a MUDRA loan may vary based on several factors, including the completeness of the application, document verification, and the bank’s internal procedures. However, SBI strives to process the loan applications in a timely manner, ensuring a smooth and efficient experience for the borrowers.

Leave a comment