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The State Bank of India (SBI) Mudra Loan refers to the loans offered to individuals and Micro, Small & Medium Enterprises (MSMEs) under the guidance of the Micro-Units Development and Refinance Agency (MUDRA). Under the Mudra scheme, SBI offers funding support of up to Rs. 10 lakh to individuals and Small and Medium-sized Enterprises (SMEs) sector units. Mudra Loans from SBI are offered at competitive interest rates with Nil or low processing fees along with flexible EMI options.
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SBI Mudra Loans can be used to meet various business requirements, such as purchasing raw materials, stock up inventory, meet working capital needs, buying plant and machinery, paying rent, business expansion, and other business-related purposes. SBI Mudra loans are offered to individuals, MSMEs, businesses, and enterprises engaged only in the services, manufacturing, and trading sectors.
SBI MUDRA Loan Interest Rate and Features – Jan 2022 | |
| Interest Rate | 9.75% onwards |
| Loan Amount | Up to Rs. 10 lakh |
| Eligibility Criteria | Existing and New Units |
| Processing Fee & Charges | Nil for Shishu and Kishor to MSE Units For Tarun: 0.50%of the loan amount + taxes |
| Pre-payment Charges | Between 3 – 5 years (moratorium of up to 6 months) depending on the activity/income generation |
| Margin | Up to Rs. 50,000 Nil and From Rs. 50,001 to Rs. 10 lakh is 10% |
| Residence Status | For the last 2 years, residing in the same society |
| Collateral Security | Nil |
| Nationality | Indian |
Note: The mentioned interest rate is subject to change and depends on the sole discretion of the bank and RBI. Interest rates updated as on Jan 2022.
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How to Apply for SBI e-Mudra Loan?
Existing customers sharing relationships with SBI in the form of Savings Account or Current Account (Individual) can apply for an e-MUDRA loan of amount Up to Rs. 1,00,000 by visiting the SBI e-mudra portal and following the below-mentioned steps:
Step 1: Select Pradhan Mantri Mudra Yojana Application Form from the drop-down menu.
Step 2: Visit the SBI official website https://emudra.sbi.co.in:8044/emudra and click on ‘Proceed’.
Step 3: Provide the required details like the applicant’s Aadhar card for e-KYC purposes through UIDAI, as the e-KYC and e-sign need to be completed through OTP authentication for loan processing and disbursement.
Step 4: Once the SBI formalities and loan process is completed, the applicant shall receive an SMS that will state to initiate the further process by revisiting the e-MUDRA portal.
Step 5: This process needs to be completed within 30 days after the receipt of the SMS of loan sanction.
Note: The applicant needs to upload the document in JPEG, PDF, or PNG format only, with a maximum file size of 2MB.
SBI e-MUDRA Loan Features & Eligibility
Features
- The maximum loan amount offered is Rs. 1 lakh
- The maximum repayment period is up to 5 years
- Instant loan availability of Rs. 50,000 as per bank’s discretion
- For loan amount above Rs. 50,000, an applicant needs to visit SBI’ nearest bank branch for loan formalities
Eligibility Criteria
To avail Mudra loan from SBI, you must meet the following eligibility criteria:
- Must have maintained SBI’s current or savings account for at least 6 months
Documents required for SBI e-Mudra Loan
To apply for a Mudra loan from SBI, you are required to submit the following documents, along with the loan application form:
- Duly filled application form with passport-sized photographs
- KYC documents of the applicant: Passport, Voter’s ID card, Aadhar Card, Driving License, PAN card
- Details of Savings/Current Account number and branch
- Proof of Business (Name, Start date & Address)
- UIDAI- Aadhar Number (should be updated in Account Number)
- Community details (General/ SC/ ST/ OBC/ Minority)
- Other information for uploading like GSTN & UDYOG Aadhar
- Proof of Shop & Establishment and business registration
- Any other document required by SBI
SBI Mudra Loan Eligibility
- Applicant must be engaged in a non-farm income-generating activity, either in manufacturing or in the services sector
- The applicant should be residing at the same location for at least 2 years
Must Read: How to Apply for Mudra Loan Online?
| MUDRA Yojana Loan Amount | |
| Category | Loan Amount |
| Shishu | Up to Rs. 50000 |
| Kishor | Rs. 50000 – Rs. 5 lakh |
| Tarun | Rs. 5 lakh – Rs. 10 lakh |
In addition to finance, MUDRA also offers a credit guarantee for Mudra loans, acts as a technology enabler, and provides developmental and promotional support. The funding support is offered through four avenues:
- Through a Micro Credit Scheme (MCS) for loans up to Rs. 1 lakh, where the financing comes through microfinance institutions
- Using a refinance scheme for Commercial Banks, Regional Rural Banks (RRBs), and Scheduled Co-operative Banks (SCBs)
- Through women enterprise program
- By securitization of the loan portfolio
The bank provides the SBI Mudra loan for working capital needs and as a term loan to meet various business needs. The maximum amount of loan offered by SBI under Mudra Yojana is Rs. 10 lakh. Businesses engaged in manufacturing or provisions of services are eligible for a CGTMSE guarantee, though the same is not provided to businesses engaged in retail trade. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) guarantees the loans given under the Mudra scheme to eligible applicants up to a specific amount.
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Documents Required for SBI Mudra Loan
The following documents have to be submitted for Shishu, Kishor, or a Tarun loan scheme:
- Duly filled application form with passport-sized photographs
- ID Proof: Passport, voter’s ID card, driving license, PAN Card, Aadhaar Card
- Residence Proof: Recent telephone or electricity bill, Voter’s ID card, Aadhaar Card, Passport
- Income Proof: Last 6 months’ bank statement
- Proof of belonging to SC/ST, OBC, or any minority group, if applicable
- Any other document required by SBI
Also Read: Is there any Subsidy for a Mudra Loan?
Additional Benefits
Borrowers financed under Mudra loan are provided with RUPAY Debit Cards named as MUDRA Card for cash withdrawals & Point-of-Sale (POS) transactions under three loan categories, named as Shishu, Kishor & Tarun:
| Limit | Shishu | Kishor | Tarun |
| Daily Cash Withdrawal Limits | 10,000 | 15,000 | 20,000 |
| Daily POS Limit | 15,000 | 25,000 | 30,000 |
FAQs
Ques. Who can apply for an SBI Mudra loan?
Ans. Any micro or small business owner can apply for an SBI Mudra loan. The owners can be proprietors, partners, or directors in the business.
Ques. How can I get Rs. 50,000 loan from SBI?
Ans. You can either apply for a direct loan from SBI or can avail Mudra/e-Mudra loan from SBI to avail loan amount up to Rs. 50,000.
Ques. What is the repayment timeline for an SBI Mudra loan?
Ans. The funds for working capital are payable on demand while that for term loans have a 3 to 5 years repayment tenure, including the moratorium period of up to 6 months.
Ques. Can people in urban areas apply for an SBI Mudra loan?
Ans. Yes, people living in urban areas can apply for an SBI Mudra loan.
Ques. What is a Mudra Card?
Ans. Mudra Card is a debit card that can be used to withdraw money in portions from the total sanctioned loan. It shall be used as a debit-cum-ATM card to withdraw amounts to make business purchases.
Ques. Is there any subsidy provided under the Mudra loan scheme?
Ans. No, there is no subsidy provided under the Mudra loan scheme.
Ques. What is the maximum loan amount offered under the Mudra loan scheme?
Ans. The maximum loan amount offered under the Mudra loan scheme is Rs. 10 lakh.
Ques. What is the processing time taken by banks in the Mudra loan application approval?
Ans. The Mudra loan processing time is approximately 7-10 working days for approval and disbursal from the date of loan application form submission. However, it varies from case to case and depends on the loan amount, applicant’s profile, and nature of business.
Ques. Under Mudra Scheme, is the overdraft facility of up to Rs 5000 covered?
Ans. Yes, Overdraft facility of amount Rs. 5000 sanctioned under Pradhan Mantri Jan Dhan Yojana (PMJDY) is covered under Mudra Loan.
Ques. How can I get/download the SBI Mudra loan application form online?
Ans. To apply for an SBI Mudra loan, the applicant needs to download the loan application form in PDF format from its official website or click here. The downloaded form needs to be duly filled and all the required documents are to be gathered and submitted at the nearest bank branch.
Ques. Do NBFCs also provide Mudra loans?
Ans. No, only banks are authorized to provide Mudra loans. The Government of India does not provide permission to NBFCs to provide Mudra loans. However, they can provide MSME loans.
Ques. Who do I complain to, if the bank manager denies my Mudra loan application form?
Ans. If you think your loan application has been rejected on false grounds, you can complain to the higher bank authority if your loan application is rejected. However, it depends on the sole discretion of the respective bank to accept or reject Mudra loan applications considering the applicant’s creditworthiness, repayment history, or financial stability.