New Delhi: State Bank of India’, the country’s largest government bank, is now giving e-Mudra loan of up to 50,000 to small traders in just 3 minutes without any document.
You can take advantage of which without any document sitting at home without going to any branch of SBI.
What is e-Mudra loan and how to apply in it …
Must be a small (micro) entrepreneur. There must be a SBI account that is at least 6 months old current / savings account holder.
Maximum loan eligibility amount – Rs 1.00 lakh. Maximum loan term – 5 years.
Instant availability of loan up to Rs 50,000 / – as per the eligibility criteria of the bank.
For loan amount above Rs 50,000 / – the customer has to come to the branch to complete the formalities.
The same, if you want a loan above 50,000, then the applicant has to go to the SBI branch and complete the formalities for signing the documents where he has a savings / current account.
On completion of the formalities, you will receive an SMS on your mobile number, which will inform you of further action such as opening an account and disbursement of loan by visiting the e-Mudra portal. Process to be completed within 30 days of receipt of loan approval SMS.
Documents required for loan applications above 50,000-
Savings / Current Account Number and Branch Details Proof of business (name, starting date and address)
UIDAI – Aadhaar Number (must be updated in the account)
Caste Details (General / SC / ST / OBC / Minority)
Other details for upload such as: GSTN and Udyog Aadhaar GSTN & Industry Basis Proof of shop and establishment or other business registration documents (if available).