MUDRA Loan Yojana in SBI Bank –A Quick Overview

MUDRA Loan Yojana in SBI Bank –A Quick Overview

Small business owners require micro finances to keep their business going and growing. In order to facilitate small business owners, Modi government took an effective initiative. Making micro finances available to the small businessmen can not only help them but the country as well. The government launched a scheme of Pradhan Mantari MUDRA Yojana, PMMY, to provide loans to people who need to grow their business. The slogan of the program is ‘fund the unfunded’. The PM Modi wanted to bring the unbanked population to banks, so that the people can be more self dependent.

MUDRA Yojana in SBI explained

Mudra Yojana is a loan scheme. It provides microfinance from 50 thousand rupees to 10 lakh rupees. You can get this loan from any branch of State Bank of India, SBI. SBI being the largest commercial bank of the country facilitates small to medium business owners. The government believes, financing these small and medium businesses will help overall growth of the country. Because these small businesses will eventually become big, they will make the economy of the country better.

According to the government officials, this scheme is going to target more than 58 million small business owners throughout the country. It should be noted that more than 120 million people are involved in the sector and belong to less resourced and under privileged circle. Repayment of loan is made easy to facilitate the budding entrepreneurs. This scheme is to increase the employment rate in the country. It will significantly make the lifestyle of the people better. Not only nationwide, budding entrepreneurs will have cross border business opportunities.

The state bank of India has not mentioned about any last date. So, you can still apply for the loan. But keeping in touch with the bank will help you knowing the sanctioning date of the loan.

Although the Supreme Court has not made Aadhar card mandatory to apply in any government scheme, but SBI asks for Aadhar card for registration in MUDRA loan.

You can apply in any micro financing institution, regional rural bank, urban cooperative banks, state cooperative banks and private banks to get MUDRA loan.

Interest rate of the loan is not fixed. It largely depends on the type of business you own. SBI has not declared the interest rate. But if you are interested in finding out the interest rate, you can contact the bank or visit the official website. If you have any complaint against anybody or anything involving the scheme, you can contact bank management about it. Only the bank management or customer care of the respective bank can facilitate you.

More about MUDRA loan

You can get a MUDRA loan card if you get this loan. The best part about this card is it works not only as a credit card but a debit card as well. This means you can use it on ATM machines and swipe on PoS as well. Women are being specially assisted. If you are a woman and want to get MUDRA loans, things are very easy for you.

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