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SBI offers Mudra Loans with low processing fees and low-interest rates. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience.
Applicable Fees
Interest rate
SBI Mudra Loan interest rate comes with Competitive Pricing Linked to MCLR.
Processing charges
There is a small processing fee for loan processing, verification, and other administrative services. Our fee is NIL for SHISHU and KISHORE to MSE units, 0.5% for TARUN of the loan amount, along with the applicable taxes.
Margin Percentage
The margin percentage is NIL for loans up to Rs.50,000 but there is a 10% margin on loans starting from Rs.50,001 to Rs.10 Lakh.
There are two kinds of SBI Mudra Loan interest rates: fixed and floating.
Here, the rate of interest charged on the SBI Mudra Loan amount will remain constant throughout the loan repayment period. You know your SBI Mudra Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, SBI Mudra Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating SBI Mudra Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the SBI Mudra Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
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I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
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I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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