Business Loan and Personal Loan
Loan offer to existing customer with decent vintage and satisfactory repayment with Muthoot Fincorp Ltd (MFL). To offer more variety of products with competetive edge in order to retain existing customers and to meet their business and personal requirements It is offered to both salaried and self-employed segment.
| Product Variants | Description |
|---|---|
| Bandhan Plus Secured Loan | Self employed under Lower- and Middle-income category and existing relationship with MFL, looking for funds to operate the business, inventory purchase etc. Primary security is by way of hypothecation of the business stocks / book debts. |
| Bandhan Plus Unsecured Loan | Profile with bank credit salary and existing relationship with MFL, Fund required to meet sudden emergency within family, personal needs, family functions etc |
Product Highlights :
| 1 | Quick Loan Processing Basis Existing Relationship with MFL |
| 2 | Minimum Paperless Documentation for Loan |
| 3 | Incremental Loan with Low Rate of Interest |
| 4 | Loan for Salaried and Self Employed Both |
| Bandhan Plus Secured Loan | Bandhan Plus Unsecured Loan | |
|---|---|---|
| Minimum Loan Amount | Rs. 50,000 | |
| Maximum Loan Amount | Rs. 10 Lakhs | |
| Processing Fee | up to 3% + GST | |
| Minumum Tenure | 6 Months | |
| Maximum Tenure | 24 Months | |
| Customer Profile | Self Employed | |
| Salaried | ||
| Age of the Applicant | For Self Employed: 21 – 65 years at the time of loan origination | |
| For Salaried: 21 -58 years at the time of loan origination | ||
| Minimum cibil score | Min 650 for Loan Amount <= 5 Lac | |
| Min 700 for Loan Amount > 5 Lac *Case to case basis the score can be reviewed with Approval from Authority |
||
| Pre-closure Charge | 3% + GST on overall principal outstanding | |
| ROI | 18% – 24% per annum | |
| Repayment Mechanism | NACH | |
| Penal Charges | 1.5% per month on overdue/defaulted EMI amount with applicable GST | |
| Loan Amount | IRR Based on Gradation of Risk |
|---|---|
| LA 50k to 1 lac | 24%pa |
| LA 1 lac to <2 lac | 22%pa |
| LA 2 lac to <5 lac | 20%pa |
| LA =>5 lac | 18%pa |
Request Click Here to check Schedule of Charges for Bandhan Plus Business Loan
Request Click Here to check General Terms & Conditions, Most Important Terms & Conditions and Escalation Matrix
Request here to check Concept of Date of Overdue, SMA & NPA
Request Click Here to check General Terms & Conditions, Most Important Terms & Conditions and Escalation Matrix
Request here to check Concept of Date of Overdue, SMA & NPA
Document Required
- FOR SALARIED CUSTOMER
3 MONTHS PAY SLIP
3 MONTHS BANK STATEMENT
- FOR CASH SALARY
SALARY CERTIFICATE DULY SIGNED BY THE AUTHORISED SIGNATORY OF EMPLOYER.
- FOR SELF EMPLOYED
BANK STATEMENT
GST RETURN
KACHA RECORD
SALES BILLS
PURCHASE BILL
LEDGERS
UDYOG AADHAR
- KYC CHECK LIST (Need to provide one proof from the given options under each category)
ID PROOF: DL ELECTION ID CARD PAN CARD PASSPORT AADHAR ADDRESS PROOF: DL ELECTION ID CARD PASSPORT AADHAR UTILITY BILL AGE PROOF: DL PAN CARD PASSPORT AADHAR BIRTH CERTIFICATE SCHOOL / COLLEGE PASSING CERTIFICATE BUSINESS ADDRESS PROOF: UTILITY BILL LI POLICY COPY OF REGISTERED LEASE SHOP & ESTABLISHMENT CERTIFICATE PARTNERSHIP DEED UDYOG AADHAR BANK STATEMENT (NOT MORE THAN 3 MONTHS OLD) COI/MOA/AOA/FORM 32 BUSINESS EXISTENCE & STABILITY: PAN CARD UTILITY BILL SHOP & ESTABLISHMENT CERTIFICATE GST CERTIFICATE PARTNERSHIP DEED UDYOG AADHAR STATEMENT (NOT MORE THAN 3 MONTHS OLD) MOA/ AOA/FORM 32 SIGNATURE PROOF: PAN PASSPORT LETTER FOR EXISTING BANKER ON BANK LETTER HEAD MFL would be having the discretion to demand any subsequent documents if required. On best effort basis, where applicable.
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