SBI offers business loan for up to Rs 10 lakh with SBI Shishu Mudra Loan Yojana. Under this scheme, businesses will receive loans up to ₹50,000 at very affordable rates. If you also want to start your own startup but do not have money, then you can take a loan through this scheme.
Mudra loans were launched in 2015, and since then, millions of people have benefited from this scheme. Loans can be obtained by applying to any bank under this scheme. In this article, we are providing detailed information about SBI Shishu Mudra Loan, along with its benefits, eligibility, amount, required documents and how to apply.
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Overview – SBI Shishu Mudra Loan Yojana
| Scheme Name | SBI Shishu Mudra Loan Yojana |
| Objective | To provide financial assistance to micro and small enterprises |
| Loan Amount | Up to ₹50,000 |
| Eligibility | Micro and small enterprises, particularly in the initial stages |
| Interest Rate | Varies based on bank’s policy, typically competitive |
| Repayment Tenure | Up to 5 years |
| Processing Fee | Generally, no processing fee |
| Collateral | No collateral required |
| Purpose | Working capital, business expansion, purchase of equipment, etc. |
| Documentation | Proof of identity, proof of address, business registration, and relevant financial documents |
| Application Process | Apply through SBI branches or online via the SBI website |
SBI Shishu Mudra Loan Yojana
The State Bank of India has launched a loan facility for traders, offering loans up to ₹50,000. SBI is offering these loans similar to the central government’s Mudra loan scheme. To take advantage of the SBI Shishu Mudra Loan Scheme, you must visit an SBI branch and apply for a Mudra loan. There are three types of loans available under the SBI Mudra Loan scheme.
- Shishu Loan: Under this scheme, you can get a loan of up to ₹50,000.
- Kishor Loan: Under this scheme, you can get a loan between ₹50,000 and ₹5,00,000.
- Tarun Loan: You can get a loan between ₹5,00,000 to ₹10,00,000.
Senior Citizen Saving Scheme Form and Interest Rates
Repayment Tenure of SBI PM MUDRA Yojana
SBI Pradhan Mantri MUDRA Yojana (PMMY) offers loan amounts of up to Rs 10 lakh for up to 7 years and is categorised as follows to signify the stage of development and funding needs of the borrower:
| Category | Loan Amount |
| Shishu | Up to Rs 50,000 |
| Kishor | Above Rs 50,000 to Rs 5 lakh |
| Tarun | Above 5 lakh to Rs 10 lakh* |
Eligibility for Shishu Mudra Loan Scheme
SBI Shishu Mudra Loan benefits are available only to eligible individuals. Those interested in applying must comply with the following conditions.
- You must be starting a new business with this loan.
- You must be between 18 and 60 years old.
- You must be borrowing for your own business.
- Your business must be registered.
- You must have an active bank account for at least the last 3 years.
Documents required for Mudra Loan Scheme
Some important documents will be required to apply under SBI Shishu Mudra Loan Yojana, you will have to provide these documents
- Aadhaar Card
- PAN Card
- Mobile Number
- Residence Certificate
- Bank Statement
- Income Tax Return (ITR)
- Proof of income, such as pay stubs
- Certificates for your startup project, if applicable
How to apply for SBI Shishu Mudra Loan?
SBI Shishu Mudra Loan was launched for all residents of India. Those interested in starting their own business can apply for a loan ranging from ₹50,000 to ₹5 lakh. However, a detailed application process is required; you can find the detailed guide below.
- To apply for an SBI Shishu Mudra loan, you must visit your nearest SBI branch.
- After visiting the bank, gather all the information regarding the loan and carefully understand the terms and conditions.
- After this, ask the bank officials for the loan application form.
- Enter all the information correctly in the form.
- After completing the form, be sure to attach the required documents.
- Submit your form to the bank, where the bank official will verify it.
- If everything goes well, the bank will grant you the loan.
- The amount will be transferred to your bank account within a few days.
The article provides detailed information about the SBI Shishu Mudra Loan Scheme. Through this scheme, you can easily obtain a loan at a low interest rate. If you also want to start your own business, you can do so by taking out a Mudra loan.