SBI e-Mudra loan is a digital loan product offered by State Bank of India (SBI) to provide financial assistance to micro and small enterprises (MSEs) to meet their working capital needs. The eligibility criteria for SBI e-Mudra loan are as follows:
- The applicant must be a micro or small enterprise (MSE) engaged in manufacturing, trading, or service activities.
- The enterprise should have a valid Udyog Aadhaar Memorandum (UAM) or a registration under any other applicable act.
- The enterprise should not be a defaulter in any bank or financial institution.
- The loan is available to both existing as well as new borrowers.
- The borrower should have a valid Aadhaar number.
- The enterprise should have a valid mobile number and email ID.
- The borrower should have a savings bank account with SBI.
The loan amount under SBI e-Mudra loan ranges from Rs. 50,000 to Rs. 10 lakhs, and the repayment period is up to 5 years. The interest rate charged by the bank varies depending on the credit profile of the borrower and the amount of the loan.