June 14, 2020
How to get the good thing about of Pradhan Mantri 20 lakh crore atamnirbhar package(PMMY)?
How to apply for 100% Guaranteed approval of collateral-free loan up to 10 lakh under 3 lakh crore package(PMMY)?
What’s the procedure of online PMMY loan application in SBI?
Every micro small and medium enterprise (MSME) entrepreneur can get the benefit of Pradhan Mantri announced a 20 lakh crore package. This included Rs 3 lakh crore collateral-free loans and Rs 50,000 crore equity infusion for MSMEs through Fund of Funds Every existing, as well as a new entrepreneur, can get a 100% guaranteed business loan at your own nearby bank branch. I will be able to offer you sensible tips with the online procedure of application of the MUDRA(PMMY) loan.
Here I want to clear that MUDRA(PMMY) is a part of MSME finance of the banking sector in which up to 10 lakh loan is provided without collateral/guarantee.
After corona lockdown, an enormous chance comes into existence that’s “online apply”. Yes, do you wish to go to door to door of banking channel or being a smart Indian you can apply online of your MUDRA(PMMY) loan for your business?
3 lakh crore package of loan to SME will be distributed also as a scheme of MUDRA(PMMY) without any collateral. So this package will make you “Atamnirbhar” rather than passionate about someone’s mercy. With the proper utilization of this easy loan opportunity, you will be self-dependent and might offer your contribution to your family, society, village, state, and country.
There are three categories of loans under MUDRA(PMMY) depending upon the size of the loan amount describe as under:
# Shishu: Loan amount up to Rs. 50,000 is classified under this category.
# Kishore: Loan amount more than Rs. 50,000 and up to Rs. 5.00 Lakhs.
# Tarun: Loan amount more than Rs. 5.00 Lakhs and up to Rs. 10.00 Lakhs is classified under this category.
What is the Rate of interest of MUDRA(PMMY) Loan in?
There is no fixed Interest rate in the MUDRA(PMMY) loan and it changed from time to time. At present, the applicable rate of interest on MUDRA(PMMY) loans is approximately in the range of MCLR + 0.40% to MCLR + 1.65%. The current 1-year MCLR of SBI is 7.25 % effective from 10 May 2020. So effective ROI may be approx..7.65% to 8.90% on MUDRA(PMMY) loan.
What’s the Maximum Time Period for the Repayment of the MUDRA(PMMY) loan?
The maximum period is a 5 year repayment period including 6 month moratorium period.
Today we are going to that what’s the procedure and how we can apply online that without going anywhere you can get your loan at home. I assure you that if you will fulfill the eligibility criteria of taking the MUDRA(PMMY) loan no one can refuse your application.
One more good thing about of apply online for the MUDRA(PMMY) loan is you can track your application and can get answers of refusal of your loan application. Every bank searching the best candidate/borrower who really deserves a loan for establishing self-business.
What are you ought to not have whereas applying for a MUDRA(PMMY) loan?
Some persons come and ask for a MUDRA(PMMY) loan. When they are asked what is the purpose they even not able to explain their goal or what type of business they want to do. So first of all clear your goal in your mind and clear cut planning about what type of work you want to start. Your CIBIL report should be perfect.
Necessary Documents you have to ready while apply online
For Shishu up to Rs.50000/- loan
The following documents with a clear cut mindset of business are sufficient. After purchasing goods you can submit a bill at your bank branch.
- Bank passbook-in which you have a savings account, current account, or PMJDY accounts for at least 6 months old.
2.scanned copy of anyone id proof such as voter card/pan card, aadhaar card/manrega card/driving license with a maximum 2 MB size.
3.scanned copy of anyone address proof such as ration card/aadhaar card/electricity bill/water bill/domicile certificate/any state-level certificate
4.passport size photo
5.printout of online application
For Kishore, up to 5 lakh and Tarun up to 10 lakh you may have some additional requirements are as under –
6.business registration no./udhyog aadhaar no(learn how to apply for udhyog aadhaar)/gst no or any other business identity documents, sales tax documents, municipal tax documents, etc..
7.Project report with projected and estimated balance sheet with P&L.
8.pan card of firm/company
All documents should be in .PNG/.JPEG formats.
Every PSU banks, Cooperative banks, Private banks, and NBFC are authorized to provide MSME loan. Some of these examples are-
-State bank of India
-Union Bank of India
-Central bank of India
-Oriental bank of commerce
-Bajaj finserv etc.
State Bank of India
Here I am giving a screenshot example of one bank i.e. State Bank of India with the link attached. You can search online for your bank or send us your bank name so that we can prepare a screenshot of your bank online apply for the MUDRA(PMMY) loan.
SBI online MUDRA(PMMY) apply link is https://sbi.co.in/web/business/sme/lead-generation
How to fill the online form?
There are some mandatory fields with red * marks. Try to fill all fields with correct information.
1.Name of key person-enter your name
2.Name of Unit-your business/shop name
3.constitution-Individual, if you have a firm/company then select as per your firm/company.
4.Mobile No.-enter your valid mobile number as you will receive OTP on this mobile.
- Email Address-if you have then you can write have but not mandatory.
- Address line 1-fill up your address
- Address line 2-fill up your address
8.State-Select your home state
9.District-select your home district
10.Branch Name-Select your nearby branch
11.Sector-Select Service/Manufacturing/Trading as per your business
12.Purpose-select “Setup small Business under MUDRA(PMMY)”
13.Product Name-Select “Pradhan Mantri MUDRA(PMMY) Yogna”
14.Applied Amount-up to Rs.10.00 Lakh
After filling captcha press submit and wait for some time after that you will get OTP. As you fill OTP you will receive Your Registration Number. please note down this number for future references.
You can also track your online application on this same website.
We also created a video with the same 100% working MUDRA loan Approval method. Feel free to share the link with friends or on social media. And help those people who need it more.