SBI E Mudra Loan Scheme offers 3 Products:
- Shishu: Loans upto ₹50,000 to individuals in the early stage of business.
- Kishore: Loans between ₹50,000 and ₹5 Lakh.
- Tarun: Loans between ₹5 Lakh and ₹10 Lakh.
Why SBI E Mudra Loan ?
One of the primary objectives of this particular scheme is to provide loans that provide a boost to micro, small, and medium enterprises business (MSME) via formalised banking channels. The applicant should meet Mudra loan eligibility criteria to get a loan amount that can be high as ₹10 Lakh.
SBI E Mudra Loan Eligibility Criteria:
The Mudra scheme extends a loan to non-corporate, non-farming micro, small, and medium enterprises in rural and urban India. You are eligible for the PMMY scheme if you are:
- A small manufacturer
- An artisan
- A fruit and vegetable dealer
- A shopkeeper
- An individual occupied in Agriculture (poultry, fisheries, livestock units, etc.)
E Mudra Loan Eligibility Criteria in Detail:
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Where Can we Apply for SBI E Mudra Loan ?
All public, private, and regional rural banks are eligible to apply sbi E Mudra Loan online. Given below are the lending institutions that offer E Mudra loans:
- Non-Banking Financial Companies (NBFC).
- Public and Private Sector Banks.
- Micro Finance Institutions (MFI).
- Regional Rural Banks (RRB).
- Small Finance Banks (SFB).
The lending institution also needs to make sure it fits the eligibility criteria to be eligible for E MUDRA Loan. They are as follows:
- The bank must have generated profits during the last two years to be eligible
- For public, private, and regional rural banks, the net performing assets should not exceed more than 15%, 10%, and 6%
- The net worth of the lending institution should be above ₹250 crore for private and public sector banks and above ₹50 crore for rural banks.
Altogether, 28 public sector banks, 31 regional rural banks, 16 private sector banks, 38 micro-finance Institutions, 24 non-banking financial institutions, and 5 cooperative banks are selected for E Mudra loans by Indian government.