SBI Shishu Mudra Loan Yojana 2024: Under SBI Shishu Mudra Loan Yojana, a loan of up to ₹50000 is being provided to start your own business or to expand the existing business. If you are thinking of starting your own business or want to expand the existing business, then this is a good opportunity for you. Lakhs of people in the country have started their business by taking advantage of this loan.
If you also want to apply for this loan, then follow the procedure given below. This loan is given only to those people who are going to start their own business. You can repay this loan within one year to five years. You will have to pay 12% interest annually on this loan.
SBI Shishu Mudra Loan Scheme 2024
SBI Shishu Mudra Loan Yojana comes under Pradhan Mantri Mudra Yojana. Pradhan Mantri Mudra Yojana was started by the Prime Minister of the country Narendra Modi. Three types of loans are provided under Pradhan Mantri Mudra Yojana, Shishu, Kishor and Arun. Under which Shishu Mudra Loan Yojana, a loan of up to ₹ 50000 is given. This loan is given to start your own business and to expand the existing business. The special thing about this loan is that this loan is provided without guarantee.
Benefits of SBI Shishu Mudra Loan Scheme
- Under SBI Shishu Mudra Loan Scheme, loan up to ₹50000 can be taken.
- Under SBI Shishu Mudra Loan Scheme, loan can be taken without guarantee.
- Under this scheme, loan can be taken to start a new business or to expand the existing business.
- Under this scheme, the beneficiary has to pay interest at the rate of 12% per annum.
- The loan received under this scheme can be repaid from one year to five years.
Eligibility for SBI Shishu Mudra Loan Scheme
- The person applying under SBI Shishu Mudra Loan Scheme should be a native of India.
- The loan recipient must be 18 years of age or above.
- The maximum age limit under this scheme is 60 years. This means that a person above the age of 60 cannot avail this loan.
- Only citizens wishing to start a new business or expand their existing business can apply for this loan.
- To avail SBI Shishu Mudra Loan, the applicant must have a 3 year old bank account.
Documents for SBI Shishu Mudra Loan Scheme Application
- Aadhar card
- PAN card
- Bank Copy
- Address proof
- income certificate
- cibil score
- project report for starting a business
- mobile number
How to apply online for SBI Shishu Mudra Loan Yojana?
To avail loan under Shishu Mudra Loan Scheme run by State Bank of India, follow the procedure given below:
- First of all you State Bank Of India You will have to go to the bank branch which is nearest to you.
- You have to get more information related to this scheme in the bank branch.
- Now you have to get SBI Shishu Mudra Loan Application Form from the concerned officer.
- Now you have to fill the application form correctly as per your knowledge.
- Now photo copies of all required documents have to be attached with this application form.
- Now finally this form has to be submitted to the same bank employees.
- After this, your application form will be checked by the concerned authorities and if you are found eligible then loan assistance of ₹ 50000 will be transferred to your bank account.
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