Vyapar Mitra Business Loan
Business loan to lower- and middle-income segment and business enterprises having daily Cash Flows. Small business units with very limited access to organized funding and is dependent mainly on high interest loan from private money lenders. The product is offered for the inclusive growth the profile to maintain cash flow in business, business expansion or to pay suppliers upfront for stocks to avail cash discounts, meeting sudden spike in demand during festive season etc.
This product is for creditworthy and customers who may not be having the means to avail loan by pledging gold / property / other sources etc. and to existing customers of Muthoot Fincorp Ltd (MFL), to bridge their monetary gaps.
The product main feature is daily OR weekly repayment system where the business is run mostly on cash and generating income on a dialy / weekly basis.
Primary security is by way of hypothecation of the business stocks / book debts.
Min loan amount of Rs. 50 K and Maximum up to 10 lacs
| Product Variants | Product Category | Description |
|---|---|---|
| Vyapar Mitra | Secured Loan | Vyapar Mitra loan is a short-term secured loan . This is a short-term working capital loan to small size entrepreneurs / business for meeting demands for stock purchase and improving businesses with a benefit of repaying the loan in Equated Daily Instalments (EDI).This loan is offered against the primary security of hypothecation of stock in trade. |
| Nirman Mitra | Secured Loan | Nirmaan Mitra is a Equated Daily Instalments (EDI) / short-term secured loan to the entrepreneurs / business deals in construction related business, hardware, plumbing etc. This product shall be primarily for meeting demands for stock purchase and improving the specific businesses related to construction.This loan is offered against the primary security of hypothecation of stock in trade. |
| Pharma Mitra | Secured Loan | Pharma Mitra is a Equated Daily Instalments (EDI) / short-term secured loan to the entrepreneurs / business deals in pharmaceutical business of retails and wholesale. This product shall be primarily for meeting demands for stock purchase and improving the specific businesses related to pharmaceuticals. This loan is offered against the primary security of hypothecation of stock in trade. |
Product Highlights :
| 1 | Convenience of Borrower to repay in Equated Daily Instalment |
| 2 | Simple and Easy documentation for specific businesses like Pharma, Construction related |
| 3 | Speedy Loan Processing and Minimum turn around time for Loan Sanction and Disbursal |
| 4 | Competitive Rate of Interest |
| 5 | No repayment on Holidays and Weekly off day |
| 6 | Quick Top Ups and additional funding post decent vintage of Existing Loan |
| 7 | No Foreclosure Charges |
| Vyapar Mitra Business Loan | NIRMAN Mitra Business Loan | PHARMA Mitra Business Loan | ||||
|---|---|---|---|---|---|---|
| Minimum Loan Amount | 50,000 | |||||
| Maximum Loan Amount | Rs. 10 Lakhs | |||||
| Processing Fees | Up to 3% + GST | |||||
| Tenure | Daily Installment (EDI) – Days | 104 | 156 | 234 | 313 | |
| Customer Profile | Self Employed | |||||
| Not Applicable to NRI | ||||||
| Age of the Applicant | 21 – 65 years at the time of loan origination | |||||
| Pre-closure Charge | NIL | |||||
| ROI | 28% Per Annum | |||||
| Repayment Mechanism | Repayment can be done via Digital and Manual cash collection | |||||
| Penal Charges | 1.5% per month on overdue/defaulted EDI / amount with applicable GST | |||||
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
Documents Required
- FOR SELF EMPLOYED
BANK STATEMENT
GST RETURN
ITR
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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