Mudra Loan Documents SBI for Rs50000 to Rs.10 Lakh

Mudra loan documents SBI which offers Pradhan Mantri MUDRA Yojana (PMMY) non-corporate and non-farming micro and small businesses loans of up to Rs. 10 lakh. To obtain finance, borrowers must provide a specified set of documentation. You can refer to this thorough list.

Allowable and eligible financial institutions, such as public and private sector banks, non-banking financial companies (NBFCs), small finance banks (SFBs), micro finance institutions (MFIs), cooperative banks, and regional rural banks, offer Micro Units Development and Refinance Agency (MUDRA) loans to individuals and MSMEs, as directed by the RBI (RRBs).

mudra loan documents sbi
mudra loan documents required

Continue reading to learn more about MUDRA Loan Documents. You may also see our pages on Mudra Loan related topics below in the box.

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MUDRA Loan Documents Required in SBI

Not only SBI almost all banks require the set of dpcuments for applying Mudra Loan. Before applying for a Mudra Loan, make sure you have all of the necessary documents. Below mentioned are the mudra loan eligibility documents:

• Completed Mudra application form (in PDF format) with passport-sized photos

• Passport, voter’s ID card, driver’s license, PAN card, Adhaar card, utility bills (water/electricity bills), birth certificate, and Class X certificate are all examples of KYC papers for the applicant.

• Proof of income: a bank statement from the previous year.

• If appropriate, last year’s ITR.

• If appropriate, proof of SC/ST/OBC status.

• Any additional paperwork that the bank requires.

As a result, needed documentation must be provided in addition to the regular set of MUDRA loan documents for a specific loan scheme, such as documents required for Shishu, Kishor, or Tarun, depending on the kind of business.

Personal Details Required for e Mudra Loan

Below is a list of Personal documents required for e mudra loan:

personal details required mudra loan
personal details required mudra loan

Documents Required for a Mudra Loan SBI under the PMMY

What documentation do MUDRA loans require?

Below are the list of documents required for different category of loans:

Documents for Mudra Loan Yojana’s Business Installment Loans.

Documents for Business Installment Loans under Mudra Yojana
Form for applying for Mudra Loan
Application for BIL.
Photo identification is required.
Proof of address is required.
Proof of the establishment.
Statement from the bank (last 6 months).
Proof of residence/office ownership.
Evidence of the company's long-term viability.
Evidence of qualification.
References from the trade.
Financials approved by a CA after two years of ITR.

Documents for Mudra Yojana’s Business Loan Group and Rural Business Credit.

Documents for Business Loans Group and Rural Business Credit under Mudra Yojana
Application for Mudra.
Application for BIL/RBC.
Photo identification and proof of age are required.
Proof of address is required.
Proof of residence/office ownership.
Vintage proof for business.
Statement from the bank (last 12 months).
Return of income (last 2 years).

Mudra Yojana Documents for Vehicle Loans

Documents for Vehicle Loans under Mudra Yojana
Mudra application form
Separate Application for a vehicle loan
2 color photos (passport size).
Photo identification is required.
Proof of address is required.
Proof of income.
Statement from the bank (last 6 months).

Additional Documents e mudra Loan

Below is a list of additional documents required for mudra loan:

Additional documents required mudra loan
Additional documents required mudra loan

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Entities that qualify for a Mudra Loan

The entities listed below can apply for a Mudra Loan:

• Individuals and micro, small, and medium-sized businesses (MSMEs).

• Artists, Vendors, Traders, Retailers, and Manufacturers, to name a few.

• Sole proprietorships, partnership firms, and limited liability partnerships (LLPs) that are solely involved in the trade, manufacturing, and service industries.

• Manufacturing units that are small or micro.

• SSI Units (Small-Scale Industries).

The Pradhan Mantri MUDRA initiative was launched by the Indian government. Individuals, Startups, new and existing enterprises, and MSMEs will all benefit from the MUDRA Yojana (PMMY), which aims to develop India’s MSME sector. The following are further details on the Mudra lending scheme’s characteristics, eligibility, and loan types:

Features of Mudra Yojana

• Minimum and maximum ages are 18 and 65 years old, respectively.

• Interest rate: Different banks have different interest rates.

• Rs. 30,000 as the minimum loan amount

• A loan of up to Rs. 10 lakh is possible.

• No requirement for collateral or security.

• There is no cost for processing.

• Up to a 5-year repayment period

• Only those who have never defaulted on a loan will be considered.

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MUDRA loan categories.

MUDRA loans are divided into three categories: Shishu, Kishor, and Tarun, which are based on the business’s growth and development stage as well as the finance requirement. The sanctioned loan amount available under each category is also mentioned:

• Loans up to Rs. 50,000 under the SHISHU category

• Loans between Rs 50,001 and Rs 500,000 are available under the KISHOR category.

• Loans between Rs. 500,001 and Rs. 10,00,000 are eligible for the TARUN category.

Often asked questions on Mudra loan documents from SBI:

Q)Is a Mudra loan required to have an ITR?

Ans: Yes, in order to apply for a Mudra loan, firms must present their most recent two years’ income tax returns.

Q) What papers do I need to apply for a Kishore Mudra Loan?

To apply for a Kishore Mudra Loan, you must submit an application form together with documentation proving your identification, residence, income, business existence, and, if applicable, evidence of SC/ST/Minority.

Q) What papers may be used to prove your age when applying for a Mudra Loan?

Aadhaar Card, Passport, Voter ID Card, and Driving License are examples of identity and age proof papers that may be utilized in Mudra Loans.

Q) For a Mudra loan, what kind of security documents are required?

No collateral or third-party security is required to get a Mudra Loan.

Updates on the Mudra Loans

According to Mudra’s official website, the total number of PMMY loans sanctioned to date is 62237981 as of 31 March 2020 in the financial year 2019-20. The sanctioned amount is Rs. 337465.13 crore, with Rs. 329684.63 crore being released.

This strategy focuses on women, tribal communities, Dalits, and other underserved groups in society launching businesses or entrepreneurship. The MUDRA loan is targeted at these categories and will help small enterprises expand quicker while also assisting low-income individuals in obtaining financial assistance and achieving a higher standard of living, so contributing positively to the country’s overall economic growth.

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