- What Makes SBI PM Mudra Yojana Appealing for Old and Budding Entrepreneurs?
- Attractive interest rates & flexible repayment options make it so!
The country’s largest lender State Bank of India (SBI) intends to empower the growth of businesses by providing them loans to meet their working capital requirements. Of the many loans, it’s the Pradhan Mantri Mudra Yojana that grabs the attention of business enterprises. It’s because the bank offers impressive loan amounts at affordable interest rates. As a result, businesses run smoothly and add on to the bottom lines. So, let’s read this page that details everything about SBI Pradhan Mantri Mudra Yojana.
Table of Contents
- 1 SBI Pradhan Mantri Mudra Yojana Interest Rates & Other Details at a Glance
- 1.1 Who is Eligible to Apply for SBI Pradhan Mantri Mudra Yojana Loan Scheme?
- 1.2 How Will SBI Calculate the Loan Eligibility?
- 1.3 Categorization of Loans
- 1.4 Do You Need to Provide any Collateral Security to Access the Loan?
- 1.5 SBI Pradhan Mantri Mudra Yojana Loan EMI Calculator
- 1.6 Documents Needed
- 1.7 How to Apply for SBI Mudra Yojana Loan Online?
- 1.8 Can You Apply for Mudra Yojana Loan Offline?
- 1.9 How Can You Contact SBI Customer Care for the Resolution of Loan Queries?
SBI Pradhan Mantri Mudra Yojana Interest Rates & Other Details at a Glance
|Interest Rate||Competitive pricing linked to MCLR|
|Loan Amount||Upto INR 10 Lakh|
|Repayment Period||3-5 Years including a maximum moratorium period of 6 months|
|Processing Fee||NIL-0.50% of the loan amount plus applicable tax|
|Margin||Upto INR 50,000 - NIL|
Above INR 50,000-10,00,000 - 10%
|Purposes for which the loan is granted||Business purpose, capacity modernization and expansion|
Who is Eligible to Apply for SBI Pradhan Mantri Mudra Yojana Loan Scheme?
Business enterprises across manufacturing, trading and service sectors including the agriculture allied activities are eligible to apply for the said loan scheme. Loans can be either a term loan or a working capital loan. You can get the loan for business purposes, capacity modernization and expansion.
How Will SBI Calculate the Loan Eligibility?
The bank will check the flow of your income, balance sheet, profit & loss account statement of the recent past to assess the loan it can extend you.
Categorization of Loans
|Loan upto INR 50,000||SHISHU|
|Loan above INR 50,000 to INR 5,00,000||KISHORE|
|Loan above INR 5,00,000 to INR 10,00,000||TARUN|
There’s no processing fee applicable to SHISHU and KISHORE loans to MSE units.
Do You Need to Provide any Collateral Security to Access the Loan?
There’s no need to provide any collateral security as the loan comes with Credit Guarantee for Micro Units (CGMU) of National Credit Guarantee Trustee Company (NCGTC). However, the bank will carry out the hypothecation of plant & machinery for term loans and stocks & receivables for working capital loans, respectively.
SBI Pradhan Mantri Mudra Yojana Loan EMI Calculator
As the loan comes in two forms – term loan and working capital loan, the dynamics of the EMI calculator will vary accordingly. For term loans, the use is pretty simple. You just need to enter the loan amount, interest rate and tenure in the calculator. After that, you’ll get to see the Equated Monthly Installment (EMI) applicable to the loan. You’ll also see the interest payable over the course of a loan. Working capital loans will be in the form of cash credit by which you are sanctioned with a certain limit. A new current account will be opened for the said purpose. You can withdraw to the extent of the limit sanctioned. The interest will not apply to the sanctioned limit, instead, it will be due on the amount you withdraw.
Keep with you the following documents while applying for the SBI Pradhan Mantri Mudra Yojana Loan scheme.
- Identity Proof – PAN Card/Voter ID/Driving License/Passport/Aadhaar Card
- Residence Proof – Voter ID/Driving License/Passport/Aadhaar Card
- Income Proof – Profit & Loss Account Statement and Balance Sheet for existing units, new units will have to submit business plans
- Passport size photographs
How to Apply for SBI Mudra Yojana Loan Online?
You can visit the official website of SBI and then move on to the Pradhan Mantri Mudra Yojana page. At the bottom, you can see the ‘Apply Now’ button. Click on it, the application form will open before you. Mention your personal and enterprise related details and submit the application along with scanned documents. The bank will process the application and approve it upon successful authentication.
Can You Apply for Mudra Yojana Loan Offline?
You can also visit the nearest SBI branch to apply for the loan. Ask for the loan application form and fill the details correctly. Submit the form along with hard copies of the documents to the concerned bank official. The bank will start its verification process and approve the loan when the authentication is successful.
How Can You Contact SBI Customer Care for the Resolution of Loan Queries?
All you need is to dial 18004253800 from your registered mobile number and get connected with the customer care representatives of the bank. Tell your queries, be it related to loan eligibility, EMI or interest servicing, to the representatives. The representatives will answer your queries and even provide you a plausible solution for any problem you may have with regards to loan servicing.