SBI Bank and the Central Government are providing loans to the unemployed to start their own business. If you are unemployed and want to start your own small business, then there is good news for you because SBI Bank is providing loan facility up to ₹ 50,000. There are many citizens in the country who have the mind for business but are not able to do business due to lack of money, then such citizens can start their business by taking SBI Shishu Mudra loan. We know that SBI is a government bank which takes care of its customers. At present, SBI Bank is running a scheme which is known as Shishu Mudra Loan Yojana. Under this scheme, all small and big businessmen are being provided loan facility up to 50 thousand to renovate and develop their business. If you are also looking for a loan to start your business, then this scheme is only for you.
Any interested candidate can apply for the loan by visiting the official website of SBI or the nearest bank branch. If you are unable to apply, then in this article we will give you complete information about the application process along with other information like eligibility for the scheme, loan repayment period and required documents. Please read this article till the end to know the complete process of application under SBI Shishu Mudra Loan Scheme.
SBI Shishu Mudra Loan Scheme
State Bank of India is the most famous bank in India, various types of loan schemes are run by this bank but SBI Shishu Mudra Loan Scheme is only for those people who want to start their business or want to expand the business. Mainly the citizens starting small scale industries are being provided the benefit of this scheme.
The main objective of this scheme is to distribute loans to such citizens of the country who want to start their own business. There are lakhs of unemployed youth across the country who are eager to start their own business but are unable to do so due to lack of money.
How much interest is charged
Currently, any citizen of India can apply under SBI Shishu Mudra Loan Scheme. This is a famous scheme which has been started only to promote the business sector. If we talk about the interest rate on the loan received under this scheme, then it can be up to 12%. Most importantly, it depends on your credit score. If your credit score is very good, then you will have to pay very less interest, whereas if the civil score is bad, you may have to pay up to 15% interest.
SBI Shishu Mudra Loan Scheme Eligibility
Some eligibility has been set by SBI Bank to get loan under Shishu Mudra Loan Scheme. If you are able to fulfill these eligibility then you can easily get the loan. So look at the following conditions carefully:-
- Applicant must be an Indian citizen and SBI account holder.
- Under the scheme, the minimum age of the applicant should be 18 years and maximum age should be 60 years.
- The applicant must have land for business in his/her name.
- There must be a project report to start a new business.
- Must have State Bank of India account for minimum 3 years.
- The credit score of the applicant must be more than 750.
- The name of the application should not be spoilt in any bank.
SBI Shishu Mudra Loan Scheme Documents
- Aadhar card
- PAN card
- Address proof
- Income Certificate
- Civil Score Report
- Udyam Registration
- Mobile Number
- Bank account statement
- Two passport size photographs
SBI Shishu Mudra Loan Yojana Apply Online
If you want to take SBI Shishu Mudra Loan to start a new business or to expand your business, then you can apply by following the steps given below –
- First of all, go to your nearest State Bank of India branch.
- Now get all the information about Shishu Mudra Loan from the bank.
- The bank manager will give you all the information.
- After this you will be asked about your business.
- Tell them all the information in detail.
- Now you will be given a form to apply for the loan.
- Now fill all the information in this application form carefully.
- After this attach the required documents with the form.
- Finally submit the application form to the branch manager.
- Now your application form will be verified.
- If you are eligible for this loan, the loan amount will be transferred to your account immediately.
- In this way you can apply for SBI Shishu Mudra Loan Scheme.
Source & Reference: https://sarkariupdates360.com/sbi-shishu-mudra-loan-yojana/