SBI Shishu Mudra Loan Yojana: SBI offers easy-to-understand loans for businesses up to Rs. 50,000; to apply, click this link

SBI Shishu Mudra Loan Yojana: This program is for those who want to take out a modest loan to grow their current company or to establish a small business. For this reason, the SBI Shishu Mudra Loan Yojana is your best bet. With this, you can simply start your own company by borrowing up to Rs 50,000.

Shishu Mudra Loan Yojana by SBI

Keep reading the article through to the end if you wish to apply for the SBI Shishu Mudra Loan Yojana. Additionally, we have included the documentation needed for both the application procedure and this scheme.

The 2024 SBI Shishu Mudra Loan Yojana

The Indian government launched the SBI Mudra Loan Yojana to provide funding for small and medium-sized businesses. Three primary loan categories are offered by this scheme: Shishu, Kishor, and Tarun. Among them, you will be granted a loan up to Rs 50,000 under the Shishu Mudra Loan Scheme, with low interest rates. The greatest part is that you may apply for this loan without having to provide any form of guarantee.

The primary goal of SBI Shishu Mudra Loan Yojana is to provide money to anybody in the nation who want to launch a small company in order to create their own jobs. The loan amount obtained under this arrangement must be repaid within a year to sixty months, or five years. The loan recipient will be assessed interest on this loan at a rate of 12% annually.

Advantages of the SBI Shishu Mudra Loan Program

Any citizen of the nation may use this to launch a new company or grow an existing one.

Regarding the Rs. 50,000 loan obtained under the SBI Shishu Mudra Loan Scheme, no guarantee is needed.

This loan has an interest rate of 1% per month or 12% annually.

The loan sum and interest may be repaid by the recipient over a five-year period.

The SBI Shishu Mudra Loan Yojana gives them the ability to support themselves.

Qualifications for the SBI Shishu Mudra Loan Program

The individual has to be an Indian citizen.

The loan recipient should be between the ages of 18 and 60.

The candidate need to be an entrepreneur or have his own company.

A project report on starting a new company should be included in the event that there isn't one already.

The applicant must have a State Bank of India bank account that is at least three years old.

In any previous loan, the applicant shouldn't have been labeled a defaulter.

Required Documents for the Shishu Mudra Loan Program

The Adhaar Card

PAN Card

Certificate in Business Related Subjects

Report on Credit Cards

Certificate of Income

Certificate of Residence

Passbook for a bank account

Mobile Phone Number

How can I apply for a loan from SBI Shishu Mudra?

The applicant should first visit the State Bank of India branch closest to him to learn more about the SBI Shishu Mudra Loan Yojana.

An staff will explain the paperwork and application procedure for the Shishu Mudra Loan here. Additionally, an application will be supplied to you.

Now carefully fill out this application and provide all required papers with it.

Send the completed application form and the necessary paperwork to the bank.

After that, the bank will review your application.

You will get the benefits of the SBI Shishu Mudra Loan Scheme if you match the qualifying requirements.

How can I submit an online application?

Verify that you are registered on the Jan Samarth Portal before submitting an online application.

Go to SBI's official website first if you have already registered.

On the main page, choose the Business option now.

The SME option will show up on the next page. From its drop-down menu, choose PMMY under Government Schemes.

You will now be sent to the SBI link via the Jan Samarth Portal as you descend.

Here, you must choose Business Activity Loan from the Schemes drop-down option.

Next, choose the Pradhan Mantri MUDRA Yojana option and go on.

You may now click the "Login to Apply" option after selecting "Check Eligibility" at the bottom.

After then, by signing into the scheme, you may finish the application procedure.