Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
SBI PM MUDRA Yojana Highlights
|Interest Rate||Linked to the MCLR (marginal cost of funds-based lending rate)|
|Facility||Term Loan & Working Capital|
|Loan Amount||Up to Rs 10 lakh (Up to Rs 1 lakh for availing SBI e-Mudra Loan)|
|Loan Tenure||3 to 5 years|
|Processing Fee||Up to 0.50% of the loan amount|
Note: Updated as of 16 October 2023
SBI PM MUDRA Yojana Interest Rates
SBI has not disclosed the interest rates of SBI PM MUDRA Yojana. However, the interest rates are linked to MCLR (marginal cost of funds based lending rate).
Loan amount & Repayment Tenure of SBI PM MUDRA Yojana
SBI Pradhan Mantri MUDRA Yojana (PMMY) offers loan amounts of up to Rs 10 lakhs for up to 5 years and is categorised as follows to signify the stage of development and funding needs of the borrower:
|Shishu||Up to Rs 50,000|
|Kishor||Above Rs 50,000 to Rs 5 lakh|
|Tarun||Above 5 lakhs to Rs 10 lakhs|
Loan amount & Repayment Tenure of SBI e-Mudra Loan
SBI e-Mudra Loan offers loan amounts of up to Rs 1 lakh for repayment tenures of up to 5 years. Further, borrowers can get an instant loan of up to Rs 50,000 under this scheme, depending on the bank’s eligibility norms. For loans above Rs.50,000, applicants need to visit SBI branch for the required formalities.
Fees & Charges for SBI PM MUDRA Yojana
|For Shishu and Kishore to MSE Units||NIL|
|For Tarun||0.50% p.a. of the loan amount|
SBI PM MUDRA Yojana Eligibility Criteria
SBI offers PM MUDRA Yojana loan to existing and new units of enterprises having business in the manufacturing, trading and service sector. The enterprises in allied agricultural activities are also eligible for availing SBI Mudra Loan.
|For up to Rs 50,000||NIL|
|Above Rs 50,000 to Rs 10 lakhs||10%|
The collateral is NIL as it is guaranteed by the Credit Guarantee Fund for Micro Units (CGFMU). However, hypothecation of plant and machinery in case of term loans and hypothecation of stocks and receivables in case of CC is required as primary security.
SBI e- Mudra Loan Eligibility Criteria
- Applicant should be a micro-entrepreneur
- Should have existing SBI current account or savings bank of a minimum of 6 months
Documents Required for availing SBI PM MUDRA Yojana
SBI has not explicitly mentioned the documents required for availing SBI PM MUDRA Yojana. Prospective business loan borrowers can visit the branch for the same.
Stated below are the documents required for availing SBI e-Mudra Loan:
- Current account or savings account number and branch details
- Business Proof (Name, Start date and address)
- UIDAI- Aadhar Number (should be updated in the account number)
- Community details (General/ ST/ OBC/ SC/Minority)
- Other documents for uploading: GSTN & UDYOG Aadhar
- Proof of Shop & Establishment or Any other Business Registration document (if available)
Applicants have to provide their Aadhaar No. for e-KYC through UIDAI as OTP is required for e-Sign for loan processing and disbursement. Note that the Aadhaar number is linked with the current mobile number for OTP purposes.
Prospective borrowers availing SBI e-Mudra loans ranging from Rs 50,000 to Rs 1 lakh have to visit the SBI branch where their SBI savings or current account is maintained and complete document signing formalities. An SMS will be sent to their mobile number for further process, namely, account opening and disbursement by revisiting e-MUDRA portal. The process is required to be completed within 30 days after SMS receipt of loan sanction.
1. Who can apply for an SBI Mudra loan?
Ans. Business enterprises engaged in the manufacturing, trading, and services sectors, including allied agricultural activities can apply for a Mudra loan from SBI.
2. How can I get a loan amount of Rs. 50,000 or more 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 of an amount of Rs. 50,000 or more.
3. What is the repayment timeline for an SBI Mudra loan?
Ans. The funds for working capital are payable on demand while term loans have a 3 to 5 years repayment tenure, including a moratorium period of up to 6 months.
4. Can people living in urban areas apply for an SBI Mudra loan?
Ans. Yes, people living in urban areas, as well as rural areas can apply for an SBI Mudra loan.
5. 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.
6. Is there any subsidy provided under the Mudra loan scheme?
Ans. No, there is no subsidy provided under the Mudra loan scheme.
7. 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 the business.
8. Under Mudra Scheme, is the overdraft facility of up to Rs 5000 covered?
Ans. Yes, the Overdraft facility of the amount of Rs. 5000 sanctioned under Pradhan Mantri Jan Dhan Yojana (PMJDY) is covered under Mudra Loan.
9. 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.
10. 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.