Best Things to Know Before Applying for SBI e-Mudra Loan 2021

SBI e-Mudra Loan | India’s largest public sector bank – the State Bank of India offers Mudra Loans to micro, small and medium enterprises (MSMEs). The Mudra Loan scheme of SBI extends funds to needy small and medium-sized enterprises (SMEs). 

The bank stands out to be the most popular when it comes to availing of the business fund support in form of an e-Mudra Loan as it offers the loan at quite appealing interest rates with minimal processing fees and pliable repayment options. Let’s take a look at all the essential aspects of SBI e-Mudra Loan 2021 before you consider applying for it! 

SBI e-Mudra Loan 2021 – Highlights
Loan amount	Rs, 1,000 to Rs. 1 lakh
Eligible entity	Micro-entrepreneur
Nationality	Indian
Collateral	Zero
Repayment tenure	Up to 5 years

 Difference between SBI Mudra Loan 2021 and SBI e-Mudra Loan 2021 

Before you contemplate enjoying the best Mudra Loan interest rate, you also must be aware of the difference between Mudra Loan and e Mudra Loan. Yes, there is still an ample number of people who are unaware of the fact that SBI Mudra Loan and SBI e Mudra Loan are two different business loan schemes. 

Here are 2 major elements that will clear you with the differences in-between both: 

• Sub-Type

SBI Mudra Loan is categorized into 3 sections viz. Shishu, Kishor, and Tarun. Whereas, SBI e Mudra Loan doesn’t have any sections. 

• Loan Limit

The SBI e Mudra Loan limit is decided based on the categories. Under Shishu loan, you can avail of a loan amount of up to Rs. 50,000, in Kishor loan, between Rs. 50,000 to Rs. 5 lakhs, and in Tarun loan, between Rs. 5 lakhs to Rs. 10 lakhs. 

While applying for an SBI e Mudra Loan online, you can apply for a loan amount of up to Rs. 50,000 to get instant funds and for a loan amount above that, you will have to visit the bank branch to perform further formalities. 

Eligibility Criteria of SBI e-Mudra Loan 2021 

Following are the eligibility criteria of the SBI e-Mudra Loan 2021 that you are required to meet in order to avail the same: 

• You must be a micro-entrepreneur. 
• You must hold a minimum of 6 months old SBI savings or current account. 
• Your loan requirement should not surpass Rs. 1,00,000. 
• You’ll be required to walk into the closest branch of the SBI to avail of the loan amount exceeding Rs. 50,000. 

Required Documents of SBI e-Mudra Loan 2021 

If you find that you are eligible for the loan scheme, next you’ll need to check, whether or not you possess the required fundamental documents that are needed to be attached along with the SBI e Mudra Loan application. Take a look at these basic documents’ requirements: 

• Basic branch information. 
• Your SBI savings/current account number. 
• Proof of business (Name, incorporation date, and address) 
• Aadhar card number (Note: It must be updated in your SBI account) 
• Community details (General/ SC/ ST/ OBC/ Minority) 
• Shop proof 
• Business registration proof 
• Incorporation proof 
• GST number & UDYOG Aadhaar number 

Application Process of SBI e-Mudra Loan 2021 

In order to apply for SBI e-Mudra Loan 2021, you are simply required to follow the below-stated simple and seamless process that you can easily perform at your convenience. The complete application process of SBI e-Mudra Loan 2021 is drawn below in 5 easy steps. Have a look at them: 

1. Visit the official portal of the State Bank of India. 
2. From the top right side of the website, choose the ‘e-MUDRA’ option which you can find from the drop and down menu stating ‘SBI loans’. 
3. Click on ‘Proceed for e-Mudra’. 
4. A pop up will appear with the highlights of the details about the SBI e-Mudra Loan 2021. 
5. Scroll down and then click on ‘Ok’. 
6. Enter the essential small-prints (SBI saving/current a/c no., loan amount, mobile number, etc.). 
7. When you key in your mobile number, you’ll be asked to input your aadhar card number for the purpose of e-KYC objectives by means of UIDAI as the e-KYC and e-sign are needed to be carried out through OTP authentication for loan processing and disbursement. 
8. Once the loan formalities are carried out at the bank end, you’ll receive an SMS stating to commence the further procedure by revisiting SBI e-Mudra Loan 2021 portal. 
9. You’ll need to carry out this process within 30 days after you attain the SMS of loan approval. 

Moreover, you also have to remember that when you apply for SBI e Mudra Loan online, you’ll be required to attach the documents in JPEG, PDF or PNG format only under 2 MB each. 

The Final Message 

To conclude, SBI e-Mudra Loan 2021 stands out to be the optimal option if you are a micro businessman and in search of funds to expedite any part of your business. 

To apply for SBI e Mudra Loan, all you need to do is to visit the SBI e-MUDRA page on the official SBI portal and apply accordingly. 

Nevertheless, if you come across any sort of queries or issues regarding the scheme, you can undoubtedly approach the customer care agents via SBI e Mudra Loan helpline number viz. 1800-11-2211/1800-425-3800.