SBI Mudra Loan

State Bank of India (SBI) offers MUDRA loans under the brand name “SBI MUDRA loans”. It is a product offered through Pradhan Mantri MUDRA Yojana (PMMY). Non-corporate, non-farm small/micro startups and businesses are eligible to get loans through this scheme.

These loans are specifically curated to financially support small and micro businesses. You can get a loan of up to ₹10 Lakhs through this scheme.

As a part of the PMMY scheme, SBI provides MUDRA loans under 3 categories:

• Shishu - Loans of up to ₹50,000 for startups

• Kishor - Loans from ₹50,001 to ₹5,00,000 for businesses looking to expand

• Tarun - Loans from ₹5,00,001 to ₹10,00,000 for established businesses

Micro-entrepreneurs, small business owners, startups, existing enterprises, women entrepreneurs, and individuals from SC/ST category are eligible for these loans. The loans come with reasonable interest rates that are decided according to the SBIs' marginal cost of funds based lending rate(MCLR). In addition, the repayment tenure extends up to 5 years, with up to 6 months moratorium period, making it easier for you to repay the amount.

Here are some of the key highlights of the SBI MUDRA loan:

SBI e-MUDRA loan has been launched to facilitate customers seeking smaller amounts with quick, digital access to apply for the MUDRA loans.

Here are some of the features of the SBI e-MUDRA loan scheme:

• Interest rates of MUDRA loans are linked to the MCLR and are generally lower than traditional loans

• For Shishu and Kishore loans, there are no processing fees, whereas, a 0.50% fee applies for Tarun loans

• There is no margin for loans up to ₹50,000, however, a 10% margin applies for larger amounts

• For loan amounts less than ₹5 Lakhs, you get a loan tenure of up to 5 years. For larger amounts the loan tenure goes up to 7 years

• You can get a collateral-free loan for amounts up to ₹5 Lakhs, whereas, you might require hypothecation of assets for higher amounts

The interest rates for SBI MUDRA loans are linked to the Marginal Cost of Funds-based Lending Rate (MCLR). The bank cannot lend below the minimum interest rates established by SBI. When the MCLR rises, the bank increases its lending rates, making loans more expensive and resulting in higher EMIs. Conversely, a decrease in MCLR lowers loan interest rates, reducing EMI amounts. This linkage aims to create more flexible and fair interest rates for all customers, as MCLR is regarded as a transparent and efficient benchmark.

• If you already own a business and are looking to develop or modernise your existing venture

• If you’re a micro entrepreneur

• If you’re a new business owner or startup founder looking to fund your business

• If you’re engaged in any of the following sectors:

  1. Manufacturing sector

  2. Trading and services sector

  3. Allied agricultural services sector

Here are the documents required to apply for a SBI MUDRA loan:

• Proof of Business

• Savings and/or current account number and other account-related details

• Community details

• UIDAI- Aadhar Number

• Other information for uploading like:

  1. GSTN & UDYOG Aadhar

  2. Proof of Shop & Establishment or any other business registration documents (if available)

The repayment tenure is flexible and the customers can get 5 years tenure including maximum moratorium period of up to 6 months below for below ₹5 Lakhs. However, from ₹5 Lakhs to ₹10 Lakhs, a maximum of 7 years tenure including maximum moratorium period of up to 12 months is allowed.

You may apply for the SBI MUDRA Loan following these steps:

• Visit the SBI e-MUDRA portal https://emudra.bank.sbi:8044/emudra/basic-details

• Fill the details as instructed on the portal

• Click on proceed option

• Follow the instructions as mentioned on the website

• Your request will be processed and disbursed within the stipulated time period

You can apply for SBI MUDRA loan through https://www.jansamarth.in/home/sbi as well.

Here are some ways to contact SBI customer service in case of any queries. 

• Toll free number(s):

  • 1800 1234

  • 1800 2100

  • 1800 11 2211

  • 1800 425 3800

  • 080-26599990

• Email:

  • customercare@sbi.co.in

  • contactcentre@sbi.co.in