Muthoot Fincorp Business Loan
Last Updated : Nov. 2, 2016, 7:40 a.m.
Has your business slowed down due to the shortage of cash flow? Now accelerate your business by borrowing a loan from Muthoot Fincorp. The institute provides a loan to the SMEs and MSEs for the purchase of stock, meeting cash requirements and for the expansion of business. The repayment has to be made in the form of EDI i.e, the borrower will be paying the installment daily. The loan is available against the hypothecation of stock in trade or business assets. The customer can prepay the loan and no fee is charged on prepayment.
Muthoot Fincorp Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | Customised |
| Loan Amount | Starting from Rs. 5,000 |
| Pre- closure Charges | NIL |
| Type of Loan | Secured |
| Repayment Option | EDI (Equated Daily Installment) |
How To Apply
To apply for the Muthoot Fincorp business loan you just need to call on the customer care number. The representative will inform you about the further process.
Muthoot Fincorp Loan Details
- Repayment to be made in form of EDI
- Doorstep collection of EDI by company’s agents
- Easy procedure and fast disbursal
- No pre- closure charges
Eligibility Criteria:
The candidates belonging to following categories are eligible to apply for the loan –
- Self- employed individuals / professionals
- Sole proprietorship firms
- Partnership firms
- Private limited companies and closely held limited companies
Muthoot Fincorp Business Loan Application Form
An application form is to be filled to avail the business loan from Muthoot Fincorp. The form should be duly filled and be careful while entering the details in the following sections:
- Personal details
- Loan details
- Financial details
Document Required :
- PAN Card – For Individual / Partnership Firm / Company
- Identity Proof – Anyone (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family members
- Business Continuity Proof – Anyone document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
- Letter certifying end use of the business loan funds on Business Letterhead
- Passport Size Photographs of all applicants and co-applicants
Financial Documents Required
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorship | -Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) -Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
| For Self-Employed Professionals | -Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) -Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet -Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.) |
| For Partnership Firms / Private Limited Companies | -Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) -Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet -Partnership Deed and partnership authority letter for partnership firms -Memorandum and Articles of Association and Board Resolution from the company -Certificate of Incorporation (COI) for companies -Latest shareholding patterns for Private Ltd. / Public Ltd. companies |
Muthoot Fincorp Business Loan Customer Care
Customer care unit is formed to solve the queries of the customers in the best possible way. Moreover, you can learn about various products and schemes from the customer care representatives. Just dial 1800 102 1616 to know about the product or to apply for the same.