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How to Apply for Mudra Loan with SBI Bank | Demo, Documents, Eligibility

SBI E Mudra Loan is one of the simplest & fastest ways if you want a collateral-free business loan upto Rs. 10 lacs.

But, in 2022, SBI Bank completely changed its system of E Mudra Loan. Don’t worry, in this article, we will guide you with all the steps to follow to apply for the SBI E Mudra loan easily on your own. Share the tricks and tips that will help you make your mudra loan application strong and worthy of approval

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1. SBI E Mudra Loan How to Apply Online in 2022

SBI offers Mudra Loan under the Pradhan Mantri Mudra Yojana to new and existing Businesses. You can avail loan from Rs. 50,000/- to Rs. 10,00,000/- depending upon your business stage.

You can apply for both, Term Loan and a Working Capital under SBI E Mudra Loan. If you want a loan to buy Machinery, Equipment, Commercial Vehicle, etc., choose a Term Loan. You should select a Working Capital Loan if you need a loan to purchase stock and pay for day-to-day expenses.

To apply online for emudra loan, go to the SBI website. ( > business > SME > PM mudra yojana) and click the ‘Apply Now’ button as shown in the below image

sbi e mudra loan website

2. How to fill the Loan Application Form

After clicking the ‘Apply Now’ button, the SBI E mudra application form will open. You need to fill up basic details such as the Owner’s name, Business Name, Address, etc. Based on your address, you will also get an option to choose the nearest SBI branch.

The two form fields that you need to take care of are:

  1. Purpose: For this field, choose the option – setup small business under Mudra,
  2. Product Name: For this field, choose the option – Pradhan Mantri MUDRA Yojana

Then enter the loan amount you want to apply for in the Applied Amount field and click submit.

If you want to apply for the SBI E Mudra loan for Rs. 50,000/- i.e., under the Shishu category, submitting this online application form is sufficient for SBI Bank to process your loan.

After submitting this online application form for an emudra loan under Kishore or Tarun category (Rs. 50,001 to Rs. 10,00,000/-), the SBI bank branch you selected will ask you to submit additional documents like ID Proof, Project Report, Bank statements, etc.

3. What Documents are to be submitted

We have divided the documents needed for a mudra loan into 3 categories:

KYC Documents: You need to submit self-signed documents such as Pan Card, Aadhar Card, address proof like electricity bill, bank statements of last 6 months, business registration documents like MSME, GST, etc.

Mudra Loan related: You will need to submit a Project Report and a projected Balance Sheet. These documents serve the purpose of showing how you are going to use the loan amount and whether you will be able to repay the loan or not. Bank will study the Project Report carefully. In the next point, we have explained how can easily make a professional-level mudra loan project report online

Business related: These documents are mainly to support your past Business performance. Documents such as IT return copy, details of previous 2 years sales, previous 2 years Balance Sheet, etc. are needed.

4. How to make Project Report & Balance Sheet

To make your project report for the E Mudra loan, go to Fortrisk Consulting’s Project Report Software. Here enter basic details such as:

  • Mudra Loan amount with repayment period upto 5 years
  • How will you use the loan amount, such as to buy machinery, computers, working capital, etc. and
  • The breakup of monthly business expenses

Click download, and you will get a complete Project Report, Projected Balance Sheet, EMI schedule, etc. This Project Report you can submit to the SBI branch for your E Mudra Loan application.

Click here to know more on how to make a Project Report.

That’s it! You are now ready to submit these documents to the selected SBI branch to complete your E mudra loan processing. Also, check the current mudra loan interest rates and enter that interest rate value in our Project Report Software while making your Project Report.

5. What are the Eligibility Criteria for Mudra Loan

You can refer to this easy checklist to check your eligibility for the E Mudra loan 2022

Criteria for SBI E Mudra Loan Eligible
Business Type Existing & New units
Who can apply Any individual including women, proprietary concern, partnership firm, private limited company, or any other entity running as 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, in rural and urban areas
Loan Amount For new and small businesses – Loans upto Rs.50,000 under SHISHU Loans

For businesses wanting to expand or modernize:

Loans from Rs.50,001 to Rs.500,000 under KISHORE Loans

Loans from Rs.500,001/- to Rs.10,00,000/- under TARUN Loans

Margin Money Upto Rs. 50,000/- Nil

Rs. 50,001 to Rs. 10 lacs: 10%

Repayment Period 3 – 5 yrs, including a moratorium of upto 6 months
Collateral Nil. However, as Primary Security, Hypothecation of P&M for Term Loan and Hypothecation of Stocks & Receivables for working capital loan to be done.
Processing Fee Nil for Shishu and Kishore to MSE Units

For Tarun: 0.50%(plus applicable tax) of the Loan amount

6. Other Important Details of SBI E Mudra Loan

SBI E Mudra Loan Interest Rate 2022

the SBI E Mudra Loan interest rate is linked with the MCLR rate. In simple terms, the interest rate is a base rate (MCLR) + an additional margin rate charged by the bank depending upon your credit standing. At present, the E Mudra loan interest rate ranges from 8.40% to 12.35%. The bank will review your loan documents and determine the best interest rate for you.

Is Mudra Loan available for women?

Yes, of course. In fact, to encourage women entrepreneurs, the banks may consider interest reduction on their loans. Mudra yojana reduces 25bps in its interest rates to MFIs / NBFCs, who provide loans to women entrepreneurs. So, as a woman, do discuss this facility with SBI bank when applying for a mudra loan.

Can I get an E Mudra loan for a new business?  

If you have not started your business at all, then it isn’t easy to get a mudra loan. It is advisable that you first start your business and run it for some time, and then you can apply for a Shishu loan. It is better to apply for Kishore and Tarun Mudra loans after running your business for at least a year or so.

Follow the above guide step by step, and the SBI E Mudra Loan online apply process will be smooth and easy for you. If you have any questions regarding the SBI E Mudra Loan application, let us know in the comment section, and we will get back to you as soon as possible.

Important Links:

SBI E Mudra Loan Official Website Click Here
Mudra Yojana Official Website Click Here
To make Project Report for Mudra Loan Click Here
Project Report Tutorial Video Click Here

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We offer innovative online solutions that empowers small business owners to effortlessly create essential project reports for loan applications. By partnering with banks and NBFCs, we also provide end-to-end support to help businesses secure financing. Our mission is clear: to simplify access to financial resources for entrepreneurs, making loans more accessible.
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