Small Business Loans by Muthoot Fincorp
Fuel your business with Muthoot Fincorp’s small business loans and achieve all your dreams. Our SME loans come with flexible tenures, easy repayment options, and minimum documentation based on RBI guidelines. The criteria to avail our Small Business Loan is simple and flexible. Apply now for SME loans starting as low as Rs. 15,000.
Loans thoughtfully Designed For All Your Business Needs
Because we understand your challenges better than anyone else, we strive to bring products that make us your preferred financial partner. We offer easy and simple products for the thriving self-funded really small scale businesses which are unable to get credit elsewhere. With an aim to serve entrepreneurs at the bottom of the pyramid, we have designed a variety of schemes keeping your business lifecycle and requirements in mind.
The pioneering Equated Daily Installment (EDI) Loan
Our EDI Small Business Loans are uniquely designed to fulfil the needs of small traders viz, kirana stores, medical shops, road-side Tea & Snax stall or Florist and so on.. The loan safeguards from the burden of heavy repayments as it comes with ease of daily instalments with doorstep collection. With our EDI loans, you can stay focused on your business and leave your short term capital worries to us.
Apply now for loans starting as low as Rs. 15,000.
- Minimum Amount Rs 15,000/-
- Maximum Amount Rs 1,00,000/-*
- 122 Days loan tenure with 104 EDIs
- No pre-closure charges
- Daily Repayment Frequency
- Daily Doorstep collection**
*Upto Rs 1,00,000/- for 1st time customer, for repeat customer upto 3 Lakh
**Daily Doorstep collection by us, Online payment and Bank Transfer
Equated Monthly Instalment (EMI) Loans
Our EMI based Small Business Loans are designed to match high aspirations of traders and small proprietary concerns who have routine bank transactions and a working capital cycle ranging from 15 days to 2 months. It’s time to give wings to your business and take it to new heights.
- Minimum Amount Rs 1,00,000/-
- Maximum Amount Rs 3,00,000/-
- 12/ 24/ 36 Months Loan Tenure
- Cheque bounce charges Rs 400/-
- No prepayment charges
- No pre-closure charges
- Min CIBIL score 650 or -1
- Monthly Repayment Frequency
- NACH through your operational bank account
Banking Surrogate Programme
Our Banking Surrogate Programme is designed for business owners who have confidence and know they have the capability to become more successful than ever before. Our loan will help you achieve the bigger dream you always have for your current running business.
- Minimum Amount Rs 3,00,000/-
- Maximum Amount Rs 5,00,000/-
- 6 months to 36 months loan tenure
- No prepayment charges
- No pre-closure charges
- Monthly Repayment Frequency
- NACH through Bank account of applicant
Financial Income Based Programme
Now that you have achieved the goal you always deserved, it’s time to conquer the skies you always imagined. The Financial Income Based Programme is designed for business owners who have demonstrated excellent results in terms of business transactions and income statements. These loans can go up to Rs. 8,00,000.
- Minimum Amount Rs 3,00,000/-
- Maximum Amount Rs 8,00,000/-
- 6 months to 36 months loan tenure
- No prepayment charges
- No pre-closure charges
- Monthly Repayment Frequency
- NACH through Bank account of applicant
Key Features and Benefits of Small Business Loans From Muthoot Fincorp
Our loans for small businesses are designed to enable business owners to fulfil their entrepreneurial ambitions in-line with the Muthoot Blue’s philosophy and core values. We understand your business requirements better than anyone else and hence our loans are designed keeping maximum benefits for you in mind. It’s a shinning testament to our core ethos of Empowering Human Ambition.
Loan with Insurance Coverage
All our loans for small businesses can be protected by Credit Shield, whereby the nominee of the loan will not… read more have to worry about repayments in case of the unfortunate event – the death of the borrower during the tenure of the loan. Our Muthoot Blue MSME Credit Shield offers easy and fast disbursal, interest rate charged on reducing balance, instant insurance coverage, lowest premiums, loan and life cover under single policy, and daily or monthly instalments.
Loans designed for all business needs
Business owners can avail our loans just like any SME Business Loan to buy new stock, purchase equipment… read more , or any other working capital needs or meet spurts in demand due to seasonal trade or to expand the scope of the business. Our Small Business Loan starts from Rs 15000 and goes upto Rs 8,00,000.
Easy repayment options
We offer loans with easy repayment options. You do not have to leave your shop or counter even for… read more a minute as the repayment facility is available at your doorstep under EDI Small Business Loans. There are a variety of repayment modes such as NACH, bank transfers, online payments, payment at the branch and doorstep collection.
Flexible Tenure with nil preclosure charges
Small Business Loans offered by Muthoot Fincorp come with varied and flexible tenure options. The tenure depends… read more on the capital/loan you require for the business. The daily instalment plan under EDI Small Business Loans has the flexibility of repaying in 122 working days in 104 instalments. Whereas for loan with monthly instalments, tenures range from 6 to 36 months depending on the scheme you choose.
Eligibility Criteria Required for Small Business Loans
Our loan for SME in India are designed to meet the ever growing aspirations of business owners, and to become their preferred financial service provider of choice. The criteria to avail our Small Business Loan is simple and flexible. Please call our customer care executive at 1800 102 1616 or visit your nearest Muthoot Fincorp branch for more details.
- The age of the applicant should be between 21 years to 65 years of age
- It is necessary to have a co-applicant
- You should have had the same business premise for at least 2 years
- You should have an operational bank account
- A minimum 600 of CIBIL score is ideal (wherever applicable) to get Small Business Loan from Muthoot Fincorp
Easy Documentation for Muthoot Fincorp Small Business Loans
Small business loans from Muthoot Fincorp need minimal documentation yet the requirement is based on RBI guidelines. Just put together the following documents and help yourself to a convenient loan for a small business from us.
Photograph
- A recent passport size photograph
Proof of Identity
- PAN Card
Valid Address Proof
- Ration card / Utility bills / Passport / Aadhar card / Trade License / GST certificate / Rent or lease agreement.
Income Proof
- Financial Documents would include copies of IT returns for the previous two years and the recent Bank statements for 6 months along with Profit & Loss and the audited balance sheet for the last two years.
*These documents cover all types of loans for small businesses-Proprietorship, Partnership and Private Limited companies.
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How to Apply for Small Business Loans from Muthoot Fincorp?
Now that you have made up your mind to apply for a Small Business Loan, the best way is to visit your nearest Muthoot Fincorp branch or call our customer care representative at 1800 102 1616 now.
You can also fill up your contact details here so that we can give you a call back and walk you through the process and further visit your home, office or shop to pick up the required documents and complete the formalities.
Frequently Asked Questions
The eligibility criteria for a small business loan are simple. The loans are granted against hypothecation of business assets, equipment or stock in trade. So, the quantum of the loan depends on the value of the collateral. Your small business should be in profit for you to qualify for the loan. If you opt for an EDI or Equated Daily Instalment, you can qualify for a loan of Rs 15,000- Rs 1,00,000. In the event of an EMI-based or Equated Monthly Instalment payment, you can avail a small business loan of Rs 1,00,000 to Rs 8,00,000.
The average loan tenure is about 18 months for an SME loan. However based on your requirements, we provide option of 122 days under EDI scheme and from 12, 24 or 36 months for EMI. The exact tenure for your loan for an SME will depend on the loan amount and the installment scheme you decide to opt.
The processing charges for an SME business loan is pegged at 2% of the loan amount you decide to avail. Applicable taxes are extra – please discuss this with your Muthoot FinCorp Customer Care Representative. The current tax regime is 18% GST for small business loans in India.
You can repay your Muthoot FinCorp SME loans in India in the following two ways:
EDI – You can choose to repay your loan in Equated Daily Installments if the loan is for Rs 15,000 to Rs 1,00,000. You do not have to step out of your workplace as we can facilitate doorstep collections.
EMI – The SME finance that ranges from Rs 1,00,000 to Rs 8,00,000 can be paid in Equated Monthly Installments. You can prepay the loan after 60 working days with no foreclosure charges. Our EMI schemes include EMI loan, Banking Surrogate Programme and Financial Income Based Programme.
Yes, you can prepay the entire amount of your small business loan. It can be foreclosed or paid in full after 60 days. You have to keep the small business loan going for at least 60 working days. No foreclosure charges are levied after 60 days.
Please visit your nearest Muthoot FinCorp branch to initiate the process of small business financing. You can visit our website and connect to our representative who will help you with the process. The branch locator on the website can also guide you to a branch near you. Or you can call us at 1800 102 1616 to know more.
Our fast approval and disbursal will help in enhancing working capital, buying stock and handling seasonal surges in business. Contact us at 1800 102 1616 or visit Muthoot FinCorp branch near you to initiate a life-changing loan today.
Muthoot FinCorp Branches
If you have been searching ‘Small business loan near me’, we are here to serve you. Find your nearest branch and pay us a visit!
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Muthoot FinCorp Ltd.
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2.7 KM from mumbai
Chembur -
No 16, 4/42, Runwal Shopping Complex, R C Marg
Chembur
Mumbai – 400071
Near Mumbai Bank -
Open until 05:30 PM
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Muthoot FinCorp Ltd.
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2.6 KM from Delhi
Karol Bagh -
No 12/56, Ground Floor, DB Gupta Road
Karol Bagh
New Delhi – 110005
Near State Bank of India -
Open until 05:30 PM
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Muthoot FinCorp Ltd.
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2.5 KM from chennai
Purasarawalkam High Road -
SN 17B & 18B, Basement, Prince Tower, No 94
Purasarawalkam High Road
Chennai – 600010
Opposite Abhirami Theatre -
Open until 05:30 PM
Muthoot FinCorp Branches If you have been searching ‘Small business loan near me’, we are here to serve you. Find your nearest branch and pay us a visit!
First-hand account of customer experiences
MUTHOOT BLUE SOCH STORIES
I had requirement of funds , that is when the Branch Manager of KM doddi Blue Muthoot told me about small business loan, with minimal documentation, which I availed for my business requirements. Started of the first loan with initial Rs.25 thousand as the trust built up my loan was enhanced to 50k and then 1 lacs to expand my shop and move to a bigger one. I now have a bigger shop and started some agencies as well. ...
Hi, my name is Jeevanand. I have a shop at Chrompet, 44. I have been running this shop for many years. Muthoot Blue branch has been opposite to my shop since many years now. They often come and speak to me and explain their products. I have been taking SME loans from them as they have great customer service and their interest rates are also lesser compared to many other finance providers. I have always seen customers walk into the Muthoot Blue branch and come out happily. ...
Small Business Loan Calculator
Our small business loan calculator is a tool that can help you plan and organise your loan requirement better. You can easily calculate the EDIs/ EMIs and take an informed decision.
Why Choose Muthoot Blue For Small Business Loan?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our auto loans are designed to make it easy to own one’s dream ride!
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of our trustworthy services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
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