SBI Mudra Loan Yojana : Under the Shishu Mudra Loan Yojana, you can get a loan without any hassle and start your own business. If you are thinking of applying for a loan under Shishu Mudra Loan Yojana to start your business, read on to know how to apply and what documents are required.
SBI Shishu Mudra Loan Scheme 2024 | SBI Shishu Mudra Loan Yojana
Scheme Name SBI Mudra Loan Yojana | SBI Shishu Mudra Loan Scheme
Launched by State Bank of India/SBI
Citizens of the beneficiary country
Help start an objective business
Loan amount up to 50,000
Category Central Govt
Application Process Offline
Official Website https://www.onlinesbi.sbi/
Objective of SBI Shishu Mudra Loan Scheme
The primary objective of SBI Shishu Mudra Loan Scheme is to help individuals who wish to start their own business but lack financial resources. The scheme provides financial assistance to new entrepreneurs to set up their small businesses, thereby creating employment opportunities and reducing unemployment in the country.
SBI Mudra Loan Yojana Loan Amount
Through the SBI Shishu Mudra Loan Scheme, individuals can avail loans of up to ₹50,000 to start or upgrade their businesses. These loans are available without any collateral and can be availed directly from the bank. The loan carries interest at the rate of 12% per annum with a repayment period ranging from 1 to 5 years.
SBI Shishu Mudra Loan Yojana Benefits
SBI Shishu Mudra Loan Scheme is designed for individuals who want to start or expand their businesses. It provides financial support to them to realize their dreams.
SBI Mudra Loan Yojana Eligibility Criteria
To avail the benefits of SBI Shishu Mudra Loan Scheme, applicants must fulfill the following eligibility criteria:
- Citizenship: Applicants must be Indian citizens.
- Age Limit: Applicants should be between 18 to 60 years of age.
- Business Status: Applicants must either own a business or be part of a startup.
- Bank Account: Applicants must have a bank account at least 3 years old.
- Financial Documents: Applicants must have records of their GST and Income Tax returns.
SBI Shishu Mudra Loan Required Documents
To apply for a loan under SBI Shishu Mudra Loan Scheme, applicants need to submit the following documents to the bank:
- Aadhaar Card
- PAN card
- Proof of residence
- Income proof
- Credit report
- Business proof
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- Bank Account Passbook
SBI Shishu Mudra Loan Application Process
To avail SBI Shishu Mudra Loan, follow these steps:
- Visit the nearest branch of State Bank of India.
- Consult a bank employee regarding Shishu Mudra Loan Scheme.
- Get the application form from the bank employee.
- Fill the form with accurate information.
- Attach photocopies of required documents along with the form.
- Submit the application form along with the documents to the bank.
- The bank will verify your forms and documents.
- After approval, the loan amount will be transferred to your account.
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