State Bank of Patiala Mudra Loan Features
|State Bank of Patiala Mudra Loan 2020|
|State Bank of Patiala Loan Amount||Max. up to Rs. 10 lakh|
|State Bank of Patiala Interest Rate||Based on the applicant’s profile|
|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|
Please Note: The above rates, fees, and charges are subject to change
- Easy and hurdle free loan
- Basically for new business and for startups, to expand their business.
State Bank of Patiala Mudra Loan Purpose
Following is a list of the activities that can be covered under MUDRA loans:
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.
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.
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.
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.
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.
- Equipment Finance Scheme for Micro Units: Beneficiary loan size of up to 10 lakh.
Activities allied to agriculture: Pisciculture, beekeeping, poultry, livestock-rearing, grading, sorting, aggregation agro industries, diary, fishery, agri-clinics, and agribusiness centers, food & agro-processing, etc.
State Bank of Patiala Mudra Loan Types
There are 3 types of State Bank of Patiala mudra loan:
This is for those who are at the starting stage of the establishment of their business or startups here the loan amount is up to rs 50000.
For those who have to expand or make certain changes to business here the loan amount is up to Rs 50,000 up to Rs. 5 lakhs. This can help in building, stocks, etc.
For small business owners who want to expand their business so the amount for this loan is up to Rs 10 lakh.
Please Note: Applicants do not require to submit any collateral or third-party security.
About State Bank of Patiala Mudra Loan
Mudra loan is something about small scale units development and put money at hand for payment again. The PMMY was got started in 2015 by the prime minister of India. State Bank of Patiala is one of the leading banks and thus it happily offers Mudra loans among other supports.
This is a type of loan for financial help of small scale industries, they can get from Rs 50,000 to Rs. 10 lakhs. State Bank of Patiala offered a very low-interest rate in comparison to other banks.
State Bank of Patiala PMMY Mudra Loan helps individuals and micro-enterprises to cover up the following expenses:
- Setting up a new business
- Business expansion
- Purchasing a new plant & machinery
- Working capital for business
- Purchasing business equipment or commercial vehicles
- Training or hiring new staffs
State Bank of Patiala Mudra Loan Eligibility Criteria
State Bank of Patiala Mudra Loan is offered to wide business segments and everybody who are:
- Start-up business owners
- Small Industrialists
- Business vendors
- Individuals involved with agriculture
State Bank of Patiala Mudra Loan Documents Required
For SBP Personal loan, the bank normally does not ask the applicant for more than a few critical documents for approving a loan which makes things much simpler and hassle-free for applicants.
List of papers/documents applicable to all Resident individual applicants are:
- Completed loan application
- 2 passport size photographs (including those affixed in loan application)
- Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
- Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
- Proof business address, in case of non- salaried borrowers
- Statement of bank account for the last six months
- Signature identification from present bankers
- Personal Assets and Liabilities Statements in Bank’s standard format.
Additional documents required for salaried persons:
- Original salary certificate for last month.
- TDS certificate- Form 16 or copy of I.T. Returns for the last two financial years, duly acknowledged by I.T. Deptt.
For professional /self- employed / businessmen:
- Three years I.T.Returns duly acknowledged by I.T Deptt./ I.T. Assessment Orders for computation of income
- Copies of challans in respect of advance payment of income tax
For Professionals, the highest professional qualification degree is also required. The above list is indicative of what banks generally ask before processing a loan application. The requirements vary as per the bank’s policy; some may ask for all documents while some may ask for only a few from the above.
State Bank of Patiala 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 Patiala Mudra Loan?
- Visit Dialabank.
- Go to the loan section and click on the Mudra loan link.
- Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by State Bank of Patiala and fill a user-friendly online application form for Mudra Loan.
- One of our relationship managers will soon get in touch with you for further process
- For more information and free guidance, you may call on +919878981166.
State Bank of Patiala Mudra Loan Agent and Contact Number
Dialabank helps you to find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
State Bank of Patiala Mudra Loan FAQs
✅ What is the interest rate State Bank of Patiala scheme?
The interest rates charged on the PMMY scheme vary across lenders and also on the credit history of the borrower.
✅ Is there any subsidy for the State Bank of Patiala scheme?
Presently there are no subsidies available on the scheme.
✅ Is there any security needed for the State Bank of Patiala scheme?
Loans under the 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 Patiala scheme?
Loans under the scheme are unsecured; therefore, no form of security is required.
Table of Contents
- 1 State Bank of Patiala Mudra Loan Features
- 2 State Bank of Patiala Mudra Loan Purpose
- 3 State Bank of Patiala Mudra Loan Types
- 4 About State Bank of Patiala Mudra Loan
- 5 State Bank of Patiala Mudra Loan Eligibility Criteria
- 6 State Bank of Patiala Mudra Loan Documents Required
- 7 State Bank of Patiala Mudra Card
- 8 How to Apply for State Bank of Patiala Mudra Loan?
- 9 State Bank of Patiala Mudra Loan Agent and Contact Number
- 10 State Bank of Patiala Mudra Loan FAQs