PM E Mudra Loan SBI Bank: Pradhan Mantri Mudra Yojana (PMMY)

Government has recently started a new scheme known as Pradhan Mantri Mudra Yojana (PMMY), to provide PM E-mudra loans for small businesses. It is provided by India’s number one bank, the State Bank of India(SBI). Through this scheme, You can get a loan of up to Rs. 10 Lakh. You can use this loan to promote the new business or expand the small business according to your needs.

This article will help you to know all about the SBI e-Mudra loans, what’s the eligibility criteria, how you can apply for it, and everything related to the Pradhan Mantri E-Mudra Loan provided by the SBI Bank.

What is PM E Mudra Loan?

The Government of India has launched a scheme under the Pradhan Mantri Mudra Yojana to promote small businesses known as e-mudra loan. This scheme will offer business loans from 50k to 10 Lakh to generate income in the sectors of manufacturing, trading, and services including agricultural activities. The main aim of this scheme is to improve economic growth, employment generation, and financial inclusion across the nation. You can apply for the E-mudra loan in any branch of the State Bank of India. Following are the three categories in which you can apply for the loan:

1. SHISHU Category – provide loans up to Rs.50,000/-.
2. KISHORE Category – provide Loans from Rs.50,001/- to Rs.500,000/-.
3. TARUN Category – Loans from Rs.500,001/- to Rs.10,00,000/-.

Benefits of the Loan:

1. PM Mudra Loan promotes financial inclusion by providing access to credit for those who want to start or expand their business.
2. These loans are typically collateral-free for amounts up to a certain limit, reducing the burden on borrowers who might not have substantial assets to pledge as security.
3. It provides support to small business owners, shopkeepers, vendors, artisans, and other micro-enterprises.
4. The interest rates charged under the PM Mudra Loan scheme are usually competitive, making the repayment terms more favorable for borrowers.
5. This scheme provides financial assistance to small businesses and startups which contributes to job creation and economic growth by supporting entrepreneurship and self-employment.
6. This scheme boosts economic development by empowering individuals to become self-reliant and contribute to the country’s economy.
7. It Encourages Women Entrepreneurs by providing financial assistance for startups.
8. You do not need to pay any fees for processing the E-Mudra loan.

Who are the eligible applicants?

The PM E-Mudra Loan is available for Any individual including women in the following sectors and can get the advantages of the loan.

• Small manufacturing units
• Service sector units
• Shopkeepers
• Fruits/Vegetable vendors
• Truck operators
• Food-service units
• Repair shops
• Machine operators
• Small industries
• Artisans
• Food processors and others.

Following are the points you should consider while applying for the loan is:

• Applicant should be an Indian citizen with a minimum age of 18.
• Applicant should be a micro-entrepreneur or work under a recognized sector to be eligible for the e-Mudra Loan.
• Applicant must have an existing SBI current account or savings account of a minimum of 6 months.
• The applicant should have all the required documents and information for the loan application.
• The business in which you invest the amount should have a satisfactory credit rating and repayment history.

What are the important documents required to apply for the e-mudra loan?

Here is the list of all the documents required to apply for the SBI PM MUDRA Yojana.

• Completed application form with passport-sized photos.
• Current account or savings account number and branch details
• Business proof with name, address, starting date and all.
• Proof of identity (Aadhaar card, PAN card, passport, voter ID, etc.)
• Proof of address (ration card, utility bills, lease agreement, etc.)
• Community details with certificate (General/ ST/ OBC/ SC/Minority)
• Other documents for uploading: GSTN & UDYOG Aadhar
• Proof of Shop & Establishment or Any other Business Registration document (if available)

How you can apply for PM E Mudra Loan from SBI Bank?

Once you know that are eligible, you can apply through the steps given below:

1. Visit the official SBI website.
2. Go to the Loans section and select the Mudra Loan option.
3. On this page you will find the information about the scheme and a button to apply for the scheme. click on the Apply Online button.
4. After clicking, it will redirect you to a new page. Select the E-Mudra loan.
5. click on the Apply Now button.
6. Fill the details in the blank field and upload the necessary documents carefully as specified.
7. Review the information you have provided and correct if needed.
8. Click on the consent checkbox using your Aadhar for purposes of the e-sign.
9. You will receive an OTP on the registered mobile number.
10. Enter the OTP to complete your application process.
11. Submit the application.
12. After submitting the form, you will receive an acknowledgment or application reference number.
13. Once the verification is done, the loan will be disbursed to your bank account.