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MUDRA Bank stands for Micro Units Development and Refinance Agency Bank. It offers loans to non-banking and micro- finance institutions at a lower rate. Narendra Modi, Prime Minister of India launched this on April 8, 2015 under Pradhan Mantri MUDRA Yojana scheme. It is a subsidiary of SIDBI (Small Industries Development Bank of India) with capital 100% and has its headquarter in Mumbai. It was announced initially in the 2015 Indian Union Budget in the month of February. It also helps entrepreneurs (non-banking sector) in establishing their start ups. The bank takes care of customers by ensuring that the customer should not be indebted and will responsibly lend money. This company or agency is responsible for refinancing and developing the sector of micro-enterprises by upholding the finance company or institutions. MUDRA links to MFIs, Banks and many other institutions for providing support of microfinance to the sector of micro- enterprises at regional or state level in the country. Shopkeepers, Artisans, vegetable and fruit vendors and small manufacturers are the people eligible for MUDRA loan.
Classification of Customer/Clients on the basis of Loan
The clients are classified into 3 categories on the basis of allowed loans for them and it includes;
- Shishu: Upto Rs. 50,000 loan + 40% additional or extra fund.
- Kishor: Upto Rs. 5 lac loan + 35% additional or extra fund.
- Tarun: Upto Rs. 10 lac loan + 25% additional or extra fund.
State Bank of India MUDRA Loan Online Apply
State Bank of India MUDRA Loans are given for purposes like raw materials purchasing, to buy machinery and plant, and many more business purposes along with services, enterprises, trading and MSMEs. SBI MUDRA loan is given upto Rs. 10 lac as working capital loan or term loan.
Steps for State Bank of India MUDRA Loan Online Apply:
The steps are as follows;
- From the drop-down menu, select the application form of Pradhan Mantri MUDRA Yojana.
- Visit the official website of SBI and then tap on ‘proceed’.
- Fill the e-application form with accurate details like aadhar card number and digital signature.
- Then the OTP assertion is done for processing of the loan.
- The message is received by an applicant after filling all the details required in the application form as the formalities of the bank.
- The applicant has to now revisit the portal of e-MUDRA which has to be done within 30 days after the loan sanction message.
Features of e-SBI Loan;
The features of e-SBI Loan are as follows;
- It provides Rs. 1 lac is the maximum amount of loan.
- 5 years will be the maximum period for repayment.
- Rs. 50,000 is available as an instant loan to the customer.
- The client has to visit the nearest branch of SBI bank for the formalities of loan above Rs. 50,000.
MUDRA Loan Bank List
Some of the MUDRA Loan Bank List are as follows;
- State Bank of India
- Punjab National Bank
- State Bank of Bikaner and Jaipur
- Bank of India
- State Bank of Travancore
- Bank of Maharashtra
- Corporation Bank
- Bank of Baroda
- Canara Bank
- IDBI Bank
- Dena Bank
- Oriental Bank of Commerce
- Syndicate Bank
- Indian Bank
- Union Bank of India
- UCO Bank
- Vijaya Bank
- Allahabad Bank
- Axis Bank Ltd.
- Yes Bank Ltd.
- Kotak Mahindra Bank Ltd.
- HDFC Bank Ltd.
- DCB. Bank Ltd.
- IDFC Bank Ltd.
- ICICI Bank Ltd.
- Jammu and Kashmir Bank Ltd.
- Federal Bank Ltd.
- Andhra Bank and many more
Conclusion
MUDRA Bank refers to Micro Units Development and Refinance Agency Bank which give loans for the start ups or business approaches or to traders with low interest rate. This MUDRA loan is the initiative of our prime minister under the Pradhan Mantri MUDRA Yojana scheme with the aim to provide loan at less amount to non-banking or non-financial institutions.
