Are you an entrepreneur or small trader and dreaming of doing something different or starting your business, but scared for going forward due to lack of money. Then there's good news for you.
In this period of crisis, the State Bank of India (SBI) is giving loans to help small traders. This loan is being given under the Mudra Loan Scheme of the Central Government. Under the Mudra Loan Scheme, loans ranging from Rs. 10 thousand to Rs. 10 lakh can be availed from State Bank of India. By taking this loan, the businessmen can eliminate their financial troubles and increase the business. Recently, SBI has given this information by tweeting.
You can get loan easily from home
There is no need to visit the bank or stand in the long queues to take this loan. This loan can be applied by just sitting at home. For this, only a few documents are required. Information about this can be obtained from SBI's website.
Loan will be approved in 59 minutes
The State Bank of India has said in the tweet that this loan can be taken from home. For this, only little information has required. After giving online information about the required documents, this loan will be approved in just 59 minutes.
Who can get this Loan?
Under this scheme of the central government, loans are given on easy terms to those who do business other than street vendors. Under this scheme, loans up to Rs 10 lakh are given for opening tea-snack or snack shops, trading of fruits and other food items.
How much interest has to be paid?
Loans available under the Mudra Scheme are divided into several categories. Currently, the rate of interest starts at 8.5% for the loan that State Bank of India is offering under this scheme.
What is Mudra Loan Scheme?
MUDRA is formed from Micro Units Development and Refinance Agency. It aims to promote small and cottage industries. The scheme was launched by Prime Minister Narendra Modi to promote self-employment.
Important Documents to Avail Mudra Scheme
Any Indian citizen can apply for taking a Mudra loan. By the way, priority is given to women, SC and ST applicants in this scheme. To take a Mudra loan from SBI, one needs an identity card, residence certificate, bank statement, photograph, etc. Apart from this, information about GST identification number and income tax will also have to be given. Mudra loan can be applied on SBI website.
