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Loan Against Property

Muthoot Fincorp Ltd (MFL) provides all business related customized financial solutions for expansion of existing business, inventory purchase, enhancing the cash flows in business, working capital needs or any other financial requirements. Our various product offerings are made keeping in mind the customer requirements, MFL’s overall loan process and program assist customer to avail highest eligibility for their loans.

Product Variants Product Category Description
General LAP Secured Loan Loan up to Rs. 50 lakhs to customers looking for large expenses such as home renovations, business expansions, or investments, working capital and purchase of high machinery, debt consolidation etc with financial documentation to support the eligibility
Micro LAP Secured Loan Customers who look for Funds for their business working capital, business expansions and to boost cash flows in the business where day to day activities are also covered, small enterprises with minimum financial documentation are assessed for higher eligibility basis profile, segment and type of business etc with maximum Loan up to Rs. 25 Lakhs
Secured Business Loan(SBL) LAP Secured Loan Loan up to Rs. 10 lakhs to non-corporate, individuals, small / micro enterprises / traders profile to assist them for their business upliftment. Product is offered without Income proof and with the Latest Property Sale Deed / Ownership Document.

Product Highlights :

1 MFL Offers Loan Against Property with Loan Amount Ranging from Rs. 3 lakh to 100 Lakhs
2 Loan Against Residential and Commercial Properties with Loan to Value upto 70%
3 Maximum Loan Eligibility Basis Property Value
4 Simple Documentation and Speedy Loan Processing
5 Flexible Repayment Options
6 Competitive Rate of Interest
7 Easy Onboarding of Customer
  General LAP Micro LAP Secured Business Loan(SBL)
Minimum Loan Amount Rs. 25 Lakhs Rs. 3 Lakhs Rs. 3 Lakhs
Maximum Loan Amount Rs. 50 Lakhs Rs. 25 Lakhs Rs. 10 Lakhs
Processing Fee Up to 3% + GST
Minimum Tenure 60 months 36 months 60 months
Minimum Tenure 180 months 180 months 84 months
Customer Profile Salaried / Self Employed and Self-Employed Professionals.
Customer Profile Not Applicable to NRI
Age of the Applicant 23 – 70 years at the time of Loan Origination
Constitution Individual Self Employed / Trader
Proprietorship
Partnership
Pvt & Ltd Company
Pre-closure Charge First Year – 8% of Principal Prepaid + GST.
From 2nd to 5th Year – 7.00% of Principal Pre-paid + GST.
From 5th year onward – 5.00% of Principal Pre-paid + GST.
Part payment is allowed up to maximum of 25% of the outstanding amount in a calendar year any time with the charges of 5% on part payment (amount) + GST, beyond 25% will attract the applicable prepayment charges
ROI 14% – 20% per annum 16% – 20% per annum 20% – 29% per annum
Repayment Mechanism PDC / NACH
       
*Case to case basis the bureau score / other policy norms / documentations can be reviewed with Approval from Authority
*Note :      
  The above given charges are applicable for loans availed loans under Fixed and Floating rates.
As per RBI circular number RBI/DNBR/2016-17/45 Master Direction DNBR.PD.008/03.10.119/2016-17 dated Sept. 01, 2016, as amended up to date, The above charges are applicable if the use of the loan amount is availed for the business purposes, Where loan is taken on Floating Rate of Interest.
All the above charges will be subject to compliance of the RBI guidelines on the subject matter

Documents Required

  • FOR SALARIED CUSTOMER

    3 MONTHS PAY SLIP

    6 MONTHS BANK STATEMENT

  • FOR CASH SALARY

    SALARY CERTIFICATE DULY SIGNED BY THE AUTHORISED SIGNATORY OF EMPLOYER.

  • FOR SELF EMPLOYED

    BANK STATEMENT

    GST RETURN

    ITR

    KACHA RECORD

    SALES BILLS

    PURCHASE BILL

    LEDGERS

  • 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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