The new SBI loan scheme gives loans in 59 minutes

Check New SBI Loan Scheme

Just a few weeks ago, our government encouraged the citizens to go to local markets. To support the local sellers financially, our PM introduced the ‘PM MUDRA Yojna.’ MUDRA is an abbreviation of Micro Units Developed and Refinance Agency.

The people came to know about this New SBI Loan Scheme through the State Bank of India (SBI) itself; they communicated through Twitter. Considering the message was posted from its official page, it is far from fraud and seems legitimate.

The MUDRA yojana is a massive initiative taken by the government. Under this yojana, New SBI Loan Scheme sanctions loans from ten thousand to ten lacs in just an hour. Let us see how this scheme works, the eligibility, and how one can avail it.

  • How does PM MUDRA Yojana work?
    Unlike every other loan schemes, this New SBI Loan Scheme doesn’t ask for guarantees. Yes, the MUDRA yojana does not ask for any security or collaterals. Its sole purpose is to help small businesses stay afloat and promote their expansion. This loan can only be taken for business. Hence, the license registration certificate or any business-related documents are supposed to be submitted or uploaded online on SBIs’ official website.
  • Types of loan that the beneficiary can avail
    The types look quite similar to the graph of the business cycle. The first type is the Shishu Loan (Child stage). In this type, the beneficiary is eligible to get a loan of up to 50 thousand (50,000). This type of loan facility can be beneficial for a street-dweller who is suitable for the loan.

    The next type of loan is the Kishor Loan (Adolescent stage); in this type, the beneficiary can get a loan ranging from 50 thousand to 10 lakhs (50,000 – 5,00,000). The last step is the Tarun Loan (Teenage or here Maturity stage), here the beneficiary can avail loan that ranges between 5 lacs to 10 lacs (5,00,000-10,00,000). The interest rate starts from 8.5%, as mentioned on the official website of SBI.
  • Eligibility Criteria
    This New SBI Loan Scheme is solely to promote the ‘vocal for local’ idea. Hence, this loan can only be taken if you have to invest in or accelerate a business. To ensure that the fund is being used for the business, this scheme demands its balance sheet (profit and loss statement).

    The business owners have to give the sales details once they’ve taken a loan under this scheme. This scheme is not only applicable to proprietary businesses but also partnership businesses. The applicant must be of legal age and should compulsorily have all his business-related documents.
  • Documents to be needed
    As mentioned above, the business license registration certificate is mandatory. Along with this, business ownership certificate, Voter’s ID, Adhaar Card, PAN card, electricity bill, and to be on the safer side, get a photocopy of ration card too (if you have one).

    Make two sets of documents and take two passport size photographs too. If the business is in partnership, every partner must submit two photos. Click the pictures on white, red, or white background only; this shall avoid any contrasts and make the image clear. See to it that you self-attest all the documents, to be off the hook.

One can apply for this New SBI Loan Scheme online too, PM MUDRA Yojana is specially curated to promote small scale business, and the money should strictly be used for that only.

In case one does not avail of the benefits of this New SBI Loan Scheme even after submitting the documents as required, SBI has released a list of the following numbers that will register the complaint.

PM-Mudra Toll-Free No.
National: 1800 180 1111 and 1800 11 0001
Uttar Pradesh (UP): 18001027788
Uttarakhand (Uttarakhand): 18001804167
Bihar: 18003456195
Chhattisgarh (Chattisgarh): 18002334358
Haryana (Haryana): 18001802222
Himachal Pradesh: 18001802222
Jharkhand (Jharkhand): 1800 3456 576
Rajasthan (Rajasthan): 18001806546
Madhya Pradesh (Madhya Pradesh): 18002334035
Maharashtra (Maharashtra): 18001022636

The scheme that has been with us for a while has now taken a new turn. People need this scheme now more than ever.


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