Pradhan Mantri Mudra Loan Yojana in SBI Bank
State Bank of India is Scheduled commercial bank which is also India’s largest public sector bank. People looking for loans under Mudra Bank Yojana can visit SBI branch and ask for loan.
The bank will review the business and also check whether the applicant is eligible for the loan or not. In case the applicant is eligible, the bank will forward a loan to the applicant. SBI will only offer any one of the three available loan products just like any other lender.
Starting 25th of September, the SBI will be leading a nationwide campaign under which several camps will be set up across the nation. Willing borrowers can walk up to those camps and talk about their requirements. This campaign will last till 2nd of October, 2015. Though SBI will be the lead bank, other banks and lending institutions will also participate. All possible information regarding the loans such as interest rates, penalty for defaults etc. will be disclosed in those camps. In a person is not willing to visit a camp, he or she can walk up to any SBI branch and enquire about the loan offerings under Mudra Bank Yojana.
Applying for Mudra Loan in SBI
For those who are looking to apply in Mudra loan in SBI, there are three forma available, which are Sishu, Kishore and Tarun. These three categories are according to the size of businesses. Like Sishu is for start ups, Kishore is for those businesses that are stated but not yet established and Tarun is for the already established business. Visit your nearest branch of SBI and take up a form according to your business. Present the business idea and loan application along with ID proof, address proof and a passport size photo which should be recently taken. The rest are some bank formalities which will be guided by the bank and then the loan shall be sanctioned.
Eligibily to get Mudra Loan in sbi
|S. No||Loan Vending Phases||Eligible Factor||Loan Amount That Can Be Availed|
|1.||Shishu||Loan seeker must be in the early stage of starting business or for business people who are about to start business||Rs.50,000|
|2.||Kishor||The persons, who have already started their own business and requires financial help to run the business to attain more profit||Amount Ranges From Rs.50,000 to Rs. 5,00,000|
|3.||Tarun||It’s the highest level for the business person to avail loans from bank. Its suits best for the entrepreneur who want to start business in high margin.||Up to 10,00,000|
Mudra Bank Yojana
The hot topic just around the corner today is the Mudra Bank Yojana that was launched a few months back by the Union Ministry. The scheme immediately became the subject of discussion because it targeted over 5 crore small and medium scale business operating in India. The objective of the scheme is plain and simple, provide financing to these business which can eventually grow into big business houses in India and will drive the economy of the nation.
This makes sense because every developed country in this world is known to be a capitalist economy. Capitalism has always been a driving factor for economic growth because of the following reasons:
- Increased employment.
- Improved lifestyle.
- Efficient usage of resources.
- Increased efficiency of supply and distribution channels.
- Cross-border business relations which help in numerous ways.
Interestingly, the majority of the Indians are employed in the unorganized business sectors which are made up of these small and medium scale companies. Unfortunately, since these business do not have access to proper funding, they fail to grow and since they fail to grow, the people working in those sectors also fail to improve their overall lifestyle.
Mudra Bank aims to close this gap by building a direct credit line for these small and medium business of India. Under Mudra Bank Yojana, three types of loans will be given out to business owners or aspiring businessmen. These three products are:
- Shishu loan – usually for startups. This product offers loans up to 50,000 rupees.
- Kishor loan – usually for already existing but small businesses. This product offers loans anywhere between 50,000 rupees and 500,000 rupees.
- Tarun loan – usually for medium business that are looking for expansion. This product offers loans anywhere between 500,000 rupees and 1,000,000 rupees.
People who are looking for loans under the Mudra Scheme have multiple options. They can approach any institution that falls under any one of these categories:
- Scheduled commercial banks which are nothing but private and public sector banks of India.
- Regional rural banks.
- Scheduled state cooperative and urban cooperative banks.
- Microfinance institutions.
Last Date of Mudra Loan Yojana in SBI
There is no last date for this yojana as such. The scheme would be launched in phases and would depend on Bank to bank. SBI have never shared any last date. But you have to be cautious and contact bank from time to time and enquire about the next lot of funds allocated so date you do not miss the Loan sanctioning. You can also visit official site for more details.
List of State Bank offering Mudra Loan
|Sno||State Bank List|
|1||State Bank of India (SBI)|
|2||State Bank of Mysore (SBM)|
|3||State Bank of Hyderabad (SBH)|
|4||State Bank of Travancore (SBT)|
|5||State Bank of Bikaner & Jaipur (SBBJ)|
|6||State Bank of Patiala (SBP)|
Aaadhar Card needed to get Mudra Loan
It has been observed that SBI have been asking for your Aadhaar card to get loan. Supreme court has ordered that Aadhaar should not be mandatory for availing any government sponsored schemes.
Interest Rate in Mudra Loan
Each bank have a Different interest rate for Mudra Loan. Please read this article to get the details of Interest Rate offered by Mudra Bank.
Mudra Loan Shishu Form