e-Mudra SBI – How to Apply for SBI Mudra Loan

e-Mudra SBI – How to Apply for SBI Mudra Loan

As a growing business getting funds for your business sometimes may seem difficult or the loan interest rate may be high. And as a growing business, you don’t need to get a loan with a high-interest rate. Then you need to get the e-Mudra SBI. e-Mudra SBI which stands for State Bank of India is India’s largest sector bank. Meanwhile, it is a scheme set up for individuals, businesses, and Micro to get an e-MUDRA loan up to Rs. 1, 00,000 with a low processing fee.

Furthermore, the e-Mudra SBI loan gotten from SBI can be used to meet many business requirements. it includes capital needs, paying rents, and expand the business, purchasing raw materials, and other business-related purposes. However, the loan is only given to individuals, businesses, and organizations in the service, manufacturing sector, and trading sectors.

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Loan Eligibility

Nevertheless, there are certain criteria borrowers have to meet up with to be qualified for the e-MUDRA SBI loan. Although, the qualifications and requirements are not too difficult to get or pass. Below are the requirements of the loan;

  • Must have an existing savings or current account of at least 6 months with SBI
  • You must be 18 years of age
  • Must be an Indian citizen.

Documents Required for an SBI e-MUDRA Loan

However, there are certain documents you must have possession of to be eligible for the application. However, you will need to submit the documents alongside your loan application form:

  • Passport
  • Voter’s ID card
  • Aadhar card
  • Driving license
  • PAN card
  • Savings or Current account number and branch
  • Proof of Business
  • UIDAI should be updated in the Account Number
  • Proof if Business registration

How to Apply for SBI e-MUDRA Loan

Meanwhile, the loan is only available to customers with existing SBI current or savings accounts. you can apply for the loan without collateral since it is a collateral-free loan and no guarantee is required. Below are the steps and guidelines to apply for an SBI e-MUDRA loan;

  • Go to https://emudra.sbi.co.in:8044/emudra
  • Click on apply now
  • Fill in the e-MUDRA online application form with correct details
  • Enter the correct details of your Aadhar card to receive your e-KYC OTP
  • Next, applicant will receive a text message to initiate the further processing of the loan
  • Afterwards, applicant will have to revisit the e-MUDRA portal to complete the process

Finally, after the receipt of the SMS of the loan sanction. The loan process will take a total of 30 days to be completed.