Small Business Loan

Coming up with a business idea is the easy part. Getting the enterprise off the ground is the hard part. With Muthoot FinCorp’s Small Business Loans, you can kickstart your new venture and achieve the goals you’ve set for yourself. 

Muthoot FinCorp’s SME loans help new businesses take off through easy repayment options, flexible payment tenures and minimum required documentation in adherence to the RBI guidelines. 

Designed for Diverse Business Needs:

With years of experience and expertise, Muthoot FinCorp understands the challenges that new businesses face. Combining our knowledge bases and experience, we aim to give you products that solve your financial problems. The loan schemes and products we provide are designed for entrepreneurs starting at the lowest rung of the ladder. Each of them keeps in mind your unique business needs and process life cycles. 

EDI (Equated Daily instalment) Loan:

Muthoot FinCorp’s Small Business Loans have been made for small traders such as roadside vendors, tea stalls, florists, departmental or grocery stores and chemist stores, among others. This product provides the function of daily instalments along with doorstep collection, safeguarding business owners from heavy monthly payments. You can start with loans as small as Rs. 15,000 so that you are free to focus on your business instead of worrying about capital requirements. 

EMI (Equated Monthly instalment) Loan:

EMI loans for small businesses in India are more common. Muthoot FinCorp’s EMI-based loans are targeted towards business owners with recurring bank transactions and a cycle for working capital that ranges from 15 to 60 days. 

Banking Surrogate Programme:

This product has been created for business owners who are confident about their capability to succeed in their new ventures. A Banking Surrogate Programme helps existing small businesses to grow and scale up their operations. You can avail a minimum amount of Rs. 3,00,000 and a maximum of Rs. 5,00,000 that you can repay over a tenure of 6 to 36 months. 

Financial Income-Based Programme:

Once you have set up your business, you are ready to grow. The Financial Income-Based Programme has been created for business owners who have displayed their entrepreneurial capabilities successfully through income and business transactions. The upper limit for these loans is Rs. 8,00,000.

Benefits and Features of Muthoot FinCorp SME Business Loans:

Every product that Muthoot FinCorp offers has been designed to help businesses reach their full potential and business owners reach the goals they have established. There are several benefits of taking a loan for your business from Muthoot FinCorp:

Loan with insurance coverage:

Every type of loan offered by Muthoot FinCorp can be protected under a Credit Shield. The Muthoot Blue MSME Credit Shield ensures that the nominee for the loan payments won’t have to worry about repayments in the event of the borrower’s death before the loan tenure is completed. It provides fast and easy loan disbursal, reduced balance interest rate charge, lowest premiums in the market, instant insurance coverage, life and loan coverage in one policy and monthly/daily instalment options. 

Loans for every business requirement:

A business owner can avail of any SME business loan from Muthoot FinCorp for restocking, buying equipment or any other requirement that comes under working capital. You can also borrow for products or transactions that are limited to specific seasons or durations of the year. 

Easy loan repayment options:

Muthoot FinCorp provides easy repayment options for every loan. As a business owner, you don’t even need to leave your store or counter to pay the loan. Repayment facilities are provided using a doorstep collection model, specifically for the EDI SME loan category. You can make loan payments through various other methods too like bank transfers, NACH, branch payments, online transfers etc.

Flexible loan tenure with no charges for preclosure:

Under the EDI loan plan, your daily loan instalment plan is flexible enough so that you can repay 104 instalments in 122 days. For EMI-based loans, the loan tenure starts at six months and goes up to 36 months or three years depending on the loan you choose. 

That’s everything you need to know about the types of small business loans in India, offered by Muthoot FinCorp that you might require. Visit a Muthoot FinCorp branch near you to get started on your loan application.