If you have a savings/current account in the State bank of India, you can apply for an SBI e Mudra loan instantly and there is no need to go to the branch. You can get loans up to Rs. 50000 instantly online under this scheme. However, if want a loan of more than Rs. 50000 then you need to visit the branch also.
Our Honourable Prime Minister Narender Modi launched the scheme of Pradhan Mantri Mudra Yojana (PMMY) in 2015. MUDRA stands for Micro Units Development and Refinance Agency. State Bank of India also provides credit facilities under this scheme.
Before I go into the details of the SBI e Mudra loan, let me tell you some important points about this scheme. MUDRA loan is basically divided into three categories.
- SHISHU – Loan amount up to Rupees 50000
- KISHORE – Loan amount from Rupees 50001 to 500000
- TARUN – Loan amount from Rupees 500001 to 1000000
You can apply for a Mudra loan for a new or existing business under this scheme. Generally, anyone who wants to start a new business or already running a business can apply for a Mudra loan. If you are a micro-entrepreneur and have a six-month-old savings/current account in SBI, you can apply for an SBI e Mudra loan online. Let’s go through the other details of it.
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Steps to Apply for SBI e Mudra Loan Online
Here are the complete steps to apply for an SBI e Mudra loan online. Through this process, you can get a mudra loan of up to Rs.50000 without visiting your branch. So, let’s check all the steps.
Step 1: Open https://emudra.sbi.co.in to apply online. Scroll down the page and click on Proceed for e-Mudra. Select the language and read the requirements (Features and Documents) shown on the page and click on the OK button. After that, you will have a page like the below image.
Step 2: Enter your mobile number which is linked to your Aadhaar and enter the captcha code. After that, click on verify and enter your 12-digit Aadhar number and verify it with the OTP you receive on your mobile number.
Step 3: Enter your SBI account number and the loan amount that you want and click on Proceed. If you do not want to go to the branch and want to get a loan online only then enter the amount up to Rs.50000 only.
Step 4: Enter your personal details like PAN number, Qualification, House Ownership, Monthly Income, Number of dependents, etc.
Step 5: Enter your community details.
Step 6: Now you need to fill in your business details. Enter your Business Name, Business start date, Experience in Line of Trade/Business, Enter Business Address, Select Type of Business, Enter the detail of Your Activity, Select Business Registration and upload the document, and Select – Business is owned or rented.
Step 7: Now you need to enter some more details of the business like Business sales and Account details. It includes Monthly Sales, Sales Credited to the business, Business account number, bank name, Branch name, etc, and finally click on Submit.
Step 8: Now after completing the above, if bank sanctioned your loan, you will have a page like Congratulations Your loan has been sanctioned with the following details. It will include details like Loan Amount, Rate of Interest, Tenure, EMI Amount, etc.
Step 9: Now read the terms and conditions and tick it to accept it. Now click on Proceed to eSign and click on I Agree (There will be some terms and conditions that you should read). Your eSign will be done using your Aadhaar credentials.
Step 10: Now a Signature Panel preview would be on your screen. Scroll the page and read all the details and make sure all are correct. On the right side of your Signature panel, there is Aadhaar Based Signature Panel. Click on eSign Through OTP.
Step 11: Now accept the declaration NSDL Electronic Signature Service and enter your Aadhaar number and click on Send OTP. Now enter the OTP you receive on your mobile number and verify it.
Step 12: Now you will have a thank You page after verifying your Aadhar credential and your loan amount and account number would be there. Now click on Proceed to get the loan amount in your account. Before you click on Proceed, open a preview and download your application.
Finally, after completing the above process your loan application will be processed in a few moments and the amount will be credited to your account. So, the above is the complete process to get an SBI e mudra loan.
The process is quick and smart. when you apply for the above loan, make sure you have all the required details. And make sure that you have uninterrupted internet so that you don’t get any problems while processing the SBI e Mudra Loan.
Features of SBI e Mudra Loan
Here are some of the important features of the SBI e Mdra loan. You must know before applying for it.
- The loan applicant should be a micro-entrepreneur.
- The applicant should be an existing account holder (Savings/Current account) and the account should be a minimum of 6 months old.
- You can apply for up to a maximum of 1 lakh rupees through an SBI e Mudra loan. For more than 1 lakh you have to apply offline through the branch.
- Maximum loan tenure is 5 years.
- If you are eligible, you can get a loan of rupees 50000 instantly online.
- For more than 50000 you need to visit a branch to accomplish formalities.
So if you are eligible, you can get the loan of rupees 50000 instantly by applying through an SBI e Mudra loan. For up to 50000 rupees you can apply and complete all the formalities online and get the loan disbursed instantly.
Documents for SBI e Mudra Loan
Before you apply for a Mudra loan online from SBI, you should understand the documentation also. There is a certain requirement that you should know. Here are the requirements which you should have before applying for it.
- Your savings/current account details and brand details.
- Proof of your business/Shop/Establishment
- Aadhar number. It should be linked/updated with your account.
- GST Number and UDYOG Aadhar and or Proof of business or any other business registration documents.
- Community Details.
The above are some important documents that you should have. However, you may need to enter some other details while applying for an SBI e Mudra loan.
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