PM SVANidhi Loan SBI e-Mudra – How to Apply online?

PM SVANidhi Loan scheme is launched under Atma Nirbhar Bharat. This loan scheme is launched in June 2020. The prime purpose of this loan is to provide affordable working capital to a small vendor which are adversely affected due to COVID-19 Lockdown.

This scheme is in addition to the e-Mudra scheme. Under e-Mudra any MSME (Micro, Small & Medium Enterprise) can apply for a loan for meeting business requirements, such as business expansion, buying a new machine or business-related purpose. If you have SBI Saving or a current account you can apply for e-Mudra scheme loan online up to Rs.50000.

PM SVANidhi is another scheme. Under this scheme, street vendors will be able to get a loan amount up to Rs.10000.  You can also apply for PM SVANidhi Loan and e-Mudra Loan online. Here is a step by step method to apply for these loans online.

SBI e-Mudra – How to Apply online?

To apply for the SBI e-Mudra Loan follow the steps given below.

1) Visit the SBI e-Mudra portal. Click on the Proceed button. You have the option to read instructions in Hindi and English. Read the instruction and click on the “Ok” button.

2) You will be taken to a new page where you need to enter your details such as Name, Mobile Number, SBI Saving Bank Account Number, SBI Current Account Number, Loan amount. Once you are done click on the proceed button.

3) Fill up the online application form for the Mudra Loan and Upload the required documents.

4) In the next step you need to accept terms and conditions and give consent for using your Aadhaar for e-sign.

5) You will get OTP on your registered Aadhaar mobile number. On inputting the correct OTP your application will be submitted.

Online application up to amount Rs.50000 is allowed. For the loan amount more than Rs.50000 you need to physically visit bank. You need to complete formality of completing application offline. The disbursement will take place from e-Mudra portal.

e-Mudra Loan Eligibility

You can apply for e-Mudra loan at SBI if the following conditions are satisfied.

(1) SBI e-Mudra loan can be given to Indian Citizen who is registered as micro-entrepreneur.

(2) SBI Saving Bank account or Current bank account is required in order to apply for the loan.

(3) The maximum loan amount for e-Mudra Loan is Rs.50000 for online application. You can additionally get a loan in multiple of Rs.50000 up to 10 Lakh.

(4) Your age should be minimum of 18 years and the maximum age limit in this scheme is 65 years.

e-Mudra Documents Required

The following Information/Documents are required for e-Mudra Loan.

SBI PM SVANidhi Loan –  How to Apply?

To apply for the SBI PM SVANidhi Loan follow the steps given below.

1) Visit the SBI e-Mudra portal. Click on the Proceed button. You have the option to read instructions in Hindi and English. Read the instruction and click on the “Ok” button.

2) Now enter Mobile Number click on the Verify button. You will get SMS on your mobile number for verification. Enter SBI Saving or Current account number and required loan amount.

3) Enter PM SVANidhi Portal Application No and click on Proceed button.

4) Fill up the application form for PM SVANidhi Loan and upload the required documents in PDF or JPEG format.

5) Accept terms and conditions in the next step and give consent of using your Aadhaar for for e-sign.

6) An OTP is triggered to your Aadhaar linked mobile number.Submit the OTP and your application would be submitted.

This loan can be applied at PM SVANIdhi Portal.

PM SVANidhi Loan Eligibility

You can apply for PM SVANidhi loan at SBI if the following conditions are satisfied.

(1) If you are street vendors/hawkers vending in the urban area before lockdown.

(2) You require membership details with the vendor associations or any other documents that proves that you are a vendor.

(3) SBI Saving account number and Aadhaar linked mobile number is required.

PM SVANidhi Documents Required

Following documents are required in order to apply for PM SVANidhi Loan.

Take Away

e-Mudra and PM SVANidhi schemes are very good schemes that helps small and medium size vendor and street vendors to get finance for their business at lower cost.

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