mudra loan sbi 50000

The Pradhan Mantri Mudra Yojana (PMMY) is a scheme of the Government of India launched on 8th April 2015 that provides collateral-free loans of up to Rs 10 lakh to small businesses and entrepreneurs. The scheme was announced by the Hon’ble Prime Minister of India, Narendra Modi, in his speech on 15 August 2014. The main objective of the PMMY scheme is to provide access to formal banking channels to small business units and micro enterprises.

What is a mudra loan?

A mudra loan is a loan that is provided by the government of India to small businesses. The loan is designed to help small businesses grow and create jobs. The loan can be used for a variety of purposes, including working capital, machinery, and equipment. The loan can be repaid over a period of five years.

The government of India provides two different types of mudra loans. The first type is the Shishu loan, which is up to Rs 50,000. The second type is the Kishor loan, which is between Rs 50,000 and Rs 5 lakh. The interest rate on mudra loans is fixed at 9.5%.

Mudra loans are provided by banks and financial institutions. To get a mudra loan, you will need to fill out an application form and submit it to a bank or financial institution. You will also need to provide some documents, such as your business plan and financial statements.

How to apply for a mudra loan

1. You can apply for a mudra loan through the SBI website.
2. You will need to fill out an application form and submit it along with the required documents.
3. Once your application is approved, you will receive the loan amount in your account within 10 days.
4. You can repay the loan amount through EMIs over a period of 5 years.

What are the benefits of a mudra loan?

There are several benefits of taking out a mudra loan from the State Bank of India. First, mudra loans are available at very competitive interest rates. Second, mudra loans can be used for a variety of purposes, such as business expansion, working capital, or even personal expenses. Third, mudra loans come with flexible repayment terms, so you can choose a repayment schedule that fits your needs. Finally, taking out a mudra loan can help improve your credit score, which can make it easier to get future loans.

How much can you borrow with a mudra loan?

The amount you can borrow with a mudra loan from the SBI depends on the purpose of the loan. If you are taking out a loan for business purposes, you can borrow up to Rs. 10 lakh. If you are taking out a loan for personal purposes, you can borrow up to Rs. 5 lakh.

Mudra loans are available at different interest rates depending on the purpose of the loan. For business purposes, the interest rate is 11.5% per annum. For personal purposes, the interest rate is 14% per annum.

Mudra loans have a repayment period of 5 years. The minimum monthly repayment amount is Rs. 1,000.

Overall, mudra loans from SBI are a good option if you need to borrow money for business or personal purposes. The amount you can borrow and the interest rate you will pay depend on the purpose of the loan.

What are the repayment terms of a mudra loan?

The repayment terms for a mudra loan vary depending on the amount of money borrowed. For loans of up to Rs. 50,000, the repayment period is 5 years. For loans between Rs. 50,000 and Rs. 10 lakh, the repayment period is 7 years. And for loans above Rs. 10 lakh, the repayment period is 10 years.

The interest rate on a mudra loan is fixed at 9.35% per annum. There are no prepayment or foreclosure charges for mudra loans.

Overall, the repayment terms for a mudra loan are quite flexible and affordable. The interest rate is also very reasonable. This makes mudra loans a good option for small businesses that need financial assistance.

Are there any other loans available under the Mudra scheme?

There are other loans available under the Mudra scheme, but they are not as popular as the mudra loan sbi. These other loans include the Micro Units Development and Refinance Agency (MUDRA) refinance loan and the MUDRA card loan.

The MUDRA refinance loan is for small businesses that have already taken out a loan from another lender. The loan can be used for working capital or to purchase equipment.

The MUDRA card loan is for small businesses that do not have a bank account. The loan is used to purchase supplies and equipment. The loan is repaid through daily or weekly deductions from the business’s sales.