SBI E Mudra Loan- Eligibility, Charges & Apply Online 50,000

SBI E-MUDRA LOAN

Have you taken the SBI e mudra loan? Do you know SBI is providing loans at low-interest rates?

No worries because we will talk all about this SBI e mudra loan (benefits, charges, downsides and complete application process). We will also talk about the eligibility criteria(condition) of SBI e mudra.

Before applying you should know what SBI e mudra exactly is?

What is SBI E-Mudra?

SBI e mudra is an SME loan for many types of businesses(low or medium businesses). SBI is providing this loan to promote small and medium enterprises or businesses.

However, the eligibility criteria are so specified. That’s why this is not available for any kind of business.

SBI is providing loans up to 50,000 rupees, SBI has difficult eligibility criteria. So that you must know the eligibility before applying, if you apply without seeing the availability, you may not get the loan.

Eligibility Criteria Of SBI E MUDRA LOAN

SBI has difficult eligibility criteria. SBI has a 10-page document about loan eligibility, but we have pointed out the most important eligibility that you must follow.

If you fulfil this eligibility that we are going to mention, you will be eligible for an SBI e mudra loan.

1. Your age must be between 18 to 65 years. If you are below or above the age you can’t get the loan.
2. SBI said that you must have a savings or current account in SBI. If you have anyone, you are on the priority list of SBI. Your SBI account must be with your single name, make sure that there is no joint account holder of your SBI account
3. Your mobile number must be linked to your Aadhar card & your mobile number and Aadhar must be linked to your savings or current account of SBI.
4. One of the most important criteria is to make sure You do not apply for a loan from any other bank. If you applied to other banks for a loan, your application for an SBI e mudra loan will be rejected.

BENEFITS OF SBI E MUDRA LOAN

1.  To pay off this loan, you will get a limit of 60 months. It means you will get by to pay off the loan and this is very helpful for small business owners. Also, you will get 3 extra months in the time limit of the SBI e mudra loan.
2. SBI doesn’t charge for any kind of processing fees or other types of fees that most banks charge.

CHARGES OF SBI E MUDRA LOAN

RATE OF INTEREST

From the circular of SBI, SBI has mentioned that they charge the fixed rate of interest of 9% per annum. However, this is not a high-interest rate in the aspects of 1 year.