SBI Mudra Loan Yojana 2024: Often we need financial assistance for personal and business needs. Whether it is marriage at home, building a new house, buying a car or starting a new business, financial resources are needed for all this. State Bank of India provides different types of loans for such needs.

SBI offers loans at attractive interest rates

State Bank of India offers attractive interest rates for a variety of loan options including Mudra loans for Micro, Small and Medium Enterprises (MSMEs). These loans come with low processing fees and flexible repayment options to help businessmen and entrepreneurs realize their dreams.

Welfare Scheme for Small Businessmen and Entrepreneurs

Through the Mudra Loan scheme, SBI provides assistance to small businessmen and entrepreneurs to meet their working capital needs. Till now loans up to ₹ 10 lakh were provided under this scheme, but as per the recent budget announcement, the maximum loan limit has been increased to ₹ 20 lakh.

To take a loan, you must have a 6 month old current or savings account

One of the conditions required to avail the loan is that the applicant must have a current or savings account with SBI that is at least 6 months old. This ensures that the person seeking the loan already has an established banking relationship with the bank.

Loan is given under these three steps
Mudra loans are divided into three categories: Shishu, Kishor and Tarun. The loan amount and interest rates are decided according to these categories. This variety is designed to satisfy the needs of businesses of different sizes.

Documents required to avail a loan

While applying for a loan, you need documents like Aadhaar card, PAN card, savings/current account details, proof of occupation, UIDAI number, caste details, and GSTN and Udyog Aadhaar number if available.

How to apply for a loan

Applying for a loan is very simple. First of all you have to visit the official website of SBI, click on the option of “Mudra Loan Yojana”, and then enter the required information. After this you will get an OTP and have to upload the required documents. After this process is completed, your application will be reviewed and if everything is found correct, you will get the loan.