SBI e-Mudra loan is a loan scheme provided by State Bank of India to micro and small enterprises, including those in the agricultural sector, for meeting their working capital and investment requirements. Here are some details about the scheme:
- Eligibility: The loan is available to micro and small enterprises engaged in manufacturing, trading, or services. The borrower should have a good credit history and should not have defaulted on any loan payments.
- Loan Amount: The loan amount can range from Rs. 50,000 to Rs. 10 lakhs, depending on the borrower’s creditworthiness and the nature of the business.
- Interest Rate: The interest rate on e-Mudra loans is linked to the base rate of SBI and is subject to periodic revisions. As of September 2021, the interest rate is 9.50% per annum.
- Repayment: The loan can be repaid in up to 5 years, with a maximum moratorium period of 6 months.
- Collateral: No collateral is required for loans up to Rs. 10 lakhs.
- Application process: The application process for an e-Mudra loan can be completed online or at any SBI branch. The borrower needs to submit relevant documents such as the loan application form, KYC documents, business plan, etc.
- Fees: There is no processing fee for loans up to Rs. 50,000. For loans above Rs. 50,000, a processing fee of 1% of the loan amount is charged.
It is important to note that the above details are subject to change, and interested individuals are advised to check with SBI for the latest information and guidelines related to e-Mudra loans.