State Bank of India Mudra Loan

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State Bank of India Mudra Loan Features

State Bank of India Mudra Loan 2020
State Bank of India Mudra Loan Amount Max. up to Rs. 10 lakh
State Bank of India Mudra Loan Interest Rate 8.05%
Mudra Loan Amount: Shishu scheme Up to Rs. 50,000
Mudra Loan Amount: Kishore scheme Between Rs. 50,000 and Rs. 5 lakh
Mudra Loan Amount: Tarun scheme Between Rs. 5 lakh and Rs. 10 lakh

  1. State Bank of India Mudra Loan requires minimum paperwork and documentation 
  2. Fast, easy, and hassle-free approvals and disbursals
  3. The main aim of Mudra Loan is for the stage of growth/development and funding needs of the micro-units and business owners.

State Bank of India Mudra Loan Purpose State Bank of India Mudra Loan

Following is a list of the activities that can be covered under MUDRA loans:

  1. Transport Vehicle: Purchase of transport vehicles for transportation of goods and passengers such as auto-rickshaws, small goods transport vehicles, 3 wheelers, e-rickshaws, taxis, etc. Tractors/Tractor Trolleys/Power Tillers used only for commercial purposes are also eligible for assistance under PMMY. Two Wheelers used for commercial purposes are also eligible for coverage under PMMY.

  2. Community, Social & Personal Service Activities: Salons, beauty parlors, gymnasium, boutiques, tailoring shops, dry cleaning, cycle, and motorcycle repair shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, etc.

  3. Food Products Sector: Papad making, achaar making, jam/jelly making, agricultural produce preservation at the rural level, sweet shops, small service food stalls and day to day catering/canteen services, cold chain vehicles, cold storages, ice-making units, ice cream making units, biscuit, bread and bun making, etc.

  4. Textile Products Sector / Activity: Handloom, power loom, khadi activity, chikan work, zari and zardozi work, traditional embroidery and handwork, traditional dyeing and printing, apparel design, knitting, cotton ginning, computerized embroidery, stitching, and other textile non-garment products such as bags, vehicle accessories, furnishing accessories, etc.

  5. Business loans for Traders and Shopkeepers: Financial support for on lending to individuals for running their shops/trading & business activities/service enterprises and non-farm income-generating activities with a beneficiary loan size of up to  10 lakh per enterprise/borrower.

State Bank of India Mudra Loan Types

Mudra Loans are classifications under three sorts which are referenced beneath with loan sum:

Shishu Yojana

The loan sum offered is up to Rs 50,000. This scheme is specifically customized for those who need a small capital to set-up their new business. To avail of this loan, the applicants have to present their business ideas.

Kishore Yojana

 The loan sum offered is between Rs 50,000 and Rs 5 lakh. To benefit from this loan, the business must fill the loan application and should introduce legitimate business archives to exhibit the business’ present status in the market. 

Tarun Yojana

 The loan sum offered is between Rs 5 lakh and Rs 10 lakh. Small business owners who have a full-fledged running business and need to grow more can pick this classification of Mudra Loan.

About State Bank of India Mudra Loan 

Mudra Loan which refers to Micro Units Development and Refinance Agency Ltd. comes under the Pradhan Mantri Mudra Yojana scheme (PMMY). The PMMY was launched in the year 2015 by the Prime Minister of India. State Bank of India is one of the leading banks and thus it proudly offers Mudra loans among other services.

The loan facilitates micro-credit to small scale industries ranging from Rs. 50,000 to Rs. 10 lakhs. State Bank of India PMMY Mudra Loan is offered at a very low-interest rate when compared to other private sector banks. 

State Bank of India Mudra Loan Eligibility Criteria

Before applying for SBI Mudra Loan, you must check the following eligibility criteria for the successful approval of the loan application.

  • SBI Mudra Loan can be availed by any Indian Citizen who has a business plan for a non-farm income-generating activity. These include activities such as manufacturing, processing, trading, or service sector.
  • Micro, Small and Medium enterprises can get credit up to ₹ 10 Lakh for business expansion, buying equipment, etc. through a Bank, MFI, or NBFC.
  • To avail of SBI Mudra Loan, you must be a resident at your current location for the last two years.
  • The minimum age of the applicant must be 18 years, and the maximum age limit for SBI Mudra Loan is 65 years.

State Bank of India Mudra Mudra loan documents required

To avail SBI Mudra Loan, you require specific documents for each Loan product.

These are the documents that you require for Shishu Mudra Loan:

  • Registration certificate of GST
  • Udyog Aadhar details
  • SBI account details
  • Shop & Establishment Certificate

Documents required for Kishore and Tarun Mudra Loan

  • Proof of Identity such as PAN, Voter ID,
  • Aadhar Card, Passport etc.
  • Proof of Residence such as Utility bills, Passport
  • Property Tax receipt, etc.
  • Bank Statements for the last 6 months.
  • Price Quotations for buying equipment or machinery.
  • Aadhar & proof of establishment for Business ID.
  • Profit & Loss statement for the previous 2 years
  • Balance Sheet statement for the last 2 years.
  • Partnership Deed and Legal Arrangement documents
  • Passport size Photographs of the applicant.

State Bank of India Mudra Card

A Mudra card is a debit card that is issued against the loan taken under the PMMY account.

MUDRA Card can be used in multiple withdrawals and credits to manage the working capital limit in a cost-efficient manner at the same time keeping the interest burden to a minimum.

A MUDRA Card can be operated across the country for withdrawal of cash from any ATM/micro ATM and also make payment through any ‘Point of Sale’ machines.

How to Apply for State Bank of India Mudra Loan?

  1. Visit Dialabank.
  2. Go to the loan section and click on the Mudra loan link.
  3. Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by State Bank of India and fill a user-friendly online application form for Mudra Loan.
  4. One of our relationship managers will soon get in touch with you for further process
  5. For more information and free guidance, you may call on +919878981166.

State Bank of India Mudra Loan Agent and Contact Number

Dialabank is the main specialist for profiting the State Bank of India’s Mudra Loan. You can apply online at Dialabank or give a call at +919878981166

Dialabank causes you to locate the most ideal alternative of Banks and NBFCs by furnishing you with an itemized market examination of various banks so you can settle on the correct decision.

State Bank of India Mudra Loan FAQs

✅ What is the interest rate State Bank of India Pradhan Mantri Mudra Yojana scheme?

The interest rates charged on the PMMY scheme is 8.05% and but also vary on the credit history of the borrower.

✅ Is there any subsidy for the State Bank of India Pradhan Mantri Mudra Yojana scheme?

Presently there are no subsidies available on the PMMY scheme.

✅ Is there any security needed for the State Bank of India Pradhan Mantri Mudra Yojana scheme?

Loans under the PMMY scheme are unsecured in nature; thus, the borrower does not need to keep anything as collateral or security with the lender.

✅ Is a guarantor required for the State Bank of India Pradhan Mantri Mudra Yojana scheme?

Loans under the PMMY scheme are unsecured; therefore, no form of security is required.

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