The Mudra Loan is a type of loan issued by the State Bank of India (SBI) to Micro, Small, and Medium Enterprises (MSMEs) under the supervision of the Micro-Units Development and Refinance Agency (MUDRA). Small and Medium-sized Enterprises (SMEs) sector units benefit from the Mudra initiative, which provides critical funding. SBI’s Mudra Loan has reasonable interest rates, cheap processing fees, and no prepayment penalties. 

SBI Mudra Loans can be utilized to address a variety of business needs, including purchasing raw materials, stocking goods, meeting working capital needs, purchasing plant and machinery, paying rent, and expanding a business. SBI Mudra loans are available to companies in the service, manufacturing, and trading sectors. 

SBI MUDRA Loan Interest Rate and Features – 2021
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 last 2 years, residing in same society
Collateral Security	Nil
Nationality	Indian

How Do I Get an SBI e-Mudra Loan? 

Existing SBI customers who have a Savings Bank or Current Account (Individual) can apply for an e-MUDRA loan of up to Rs. 1,00,000 by accessing the SBI e-mudra portal and following the steps outlined below: 

Step 1: To fill out the Pradhan Mantri Mudra Yojana Application Form, please choose from the drop down menu. 

Step 2: Go to https://emudra.sbi.co.in:8044/emudra on the SBI official website and click on ‘Proceed.’ 

Step 3: Please supply the required information, such as the applicant’s Aadhar card, for e-KYC purposes through UIDAI, as the e-KYC and e-sign for loan processing and payout require OTP authentication. 

Step 4: Once the SBI procedures and loan process are finished, the applicant will receive an SMS directing them to the e-MUDRA site to continue the process. 

Step 5: This procedure must be completed within 30 days after receiving the loan sanction SMS. 

Eligibility for SBI e-MUDRA Loans 

To be eligible for a Mudra loan from SBI, you must fulfil the following requirements: 

The applicant must be a microentrepreneur with a minimum age of 18 and a maximum age of 65. 

Must have kept a current or savings account with SBI for at least 6 months. 

A maximum loan amount of Rs. 1 lakh is available. 

Up to 5 years is the maximum repayment period. 

As per the bank’s discretion, an instant loan of Rs. 50,000 is available. 

If the loan amount exceeds Rs. 50,000, the applicant must go to the nearest SBI bank branch to complete the loan process. 

SBI e-Mudra Loan Documents Required 

You must submit the following papers, together with the loan application form, to apply for a Mudra loan from SBI: 

A self-written business plan  

Applicants must submit a completed application form together with passport-sized pictures. 

Documents proving the applicant’s identity: Passport, voter identification card, Aadhar card, driver’s licence, and PAN card are all examples of identification cards. 

Number and branch of your savings/current account 

Business Evidence (Name, Start date & Address) 

PAN card for a business 

Aadhar Number from UIDAI (should be updated in A/c Number) 

Details about the community (general/ SC/ ST/ OBC/ Minority) 

Other documents to upload include GSTN and UDYOG Aadhar. 

Any other document required by SBI, such as proof of shop & establishment and business registration 

Conclusion: 

Lastly, the SBI e- mudra loan can beof  great support for your business as it comes with easy mudra loan eligibility criteria with flexible repayment tenure. So, what are you waiting for come at Afinoz and avail SBI mudra loan in a short time.