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SBI Mudra Loan

 

Eligibility & Documentation


MUDRA Loans are available to entrepreneurs who want to start a business or run an existing organization that is already profitable and wants to expand. The candidate must have a realistic and profitable business plan to qualify for this loan. Businesses that are newly formed usually fall under the SHISHU plan.

 

SBI Mudra Loan Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor /

Partners / Directors

Partnership firms, Private Limited firms, Public Limited firms,

Sole proprietorship firm

 

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

 

 

 

 

Age

The person should be 18 years old at the time of loan application and should be a maximum of 65 years at loan maturity.

Applicant must be a minimum of 18 years of age at the time of application and should be a maximum of 65 years at loan maturity.

 

Proprietor / Key Partner / Main Director must be a minimum of 18 years at the time of loan application and should be a maximum of 65 years at loan maturity.

Job / Business Stability

Minimum 2 years of experience in the job.

In prevailing business for at least 5 years.

 

In prevailing business for at least 5 years.

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

 

Documents Required To Avail SBI Mudra Loan

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Application Form

All fields should be correctly filled out with passport-sized photographs

Identity Documents

Aadhaar Card, Driving License, PAN Card, Voter ID card, Passport.

Aadhaar Card, Driving License, PAN Card, Voter ID card, Passport.

· Firm/Company PAN Card, GST Registration Certificate (If applicable), and Other Applicable Registration

· KYC of Partners / Directors PAN Card and Aadhaar Card

 

Income Proof

Bank account statement of the latest 6 months

 

Residence Proof

Recent telephone/electricity bill, Voter ID card, Aadhaar Card, Passport, Business registration

Belonging Proof

Proof of belonging to SC/ST, OBC, or any minority group.

Bank Account details

· Saving/Current Account number and branch.

· Bank statement for last 12 months.

Other documents

· Any other documents required by SBI.

· Business establishment and business continuity.

 

Other Conditions

 

· CGFMU offers guarantees for Mudra Scheme loans, which are provided by the National Credit Guarantee Trustee Company (NCGTC).

· Mudra Scheme advances are guaranteed for five years, so the maximum period is 60 months.

· You can now find leads on the Udyami Mitra Portal (www.udyamimitra.in). Access to the site requires a Username and Password for branches.

· Branches are required to issue MUDRA RuPay Cards to fall-eligible CC accounts.

 

Collateral Security

 

No collateral is required. However, as primary Security, the hypothecation of stocks and receivables for CC and P&M for TL must be executed.

eligibility

How to improve your SBI Mudra Loan Eligibility?

Follow these tips to improve your SBI Mudra Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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