Loan Against Property
|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
|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
|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 :
|MFL Offers Loan Against Property with Loan Amount Ranging from Rs. 3 lakh to 100 Lakhs
|Loan Against Residential and Commercial Properties with Loan to Value upto 70%
|Maximum Loan Eligibility Basis Property Value
|Simple Documentation and Speedy Loan Processing
|Flexible Repayment Options
|Competitive Rate of Interest
|Easy Onboarding of Customer
|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
|Up to 3% + GST
|Salaried / Self Employed and Self-Employed Professionals.
|Not Applicable to NRI
|Age of the Applicant
|23 – 70 years at the time of Loan Origination
|Individual Self Employed / Trader
|Pvt & Ltd Company
|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
|14% – 20% per annum
|16% – 20% per annum
|20% – 29% per annum
|PDC / NACH
|*Case to case basis the bureau score / other policy norms / documentations can be reviewed with Approval from Authority
|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
Request Click Here to check General Terms & Conditions, Most Important Terms & Conditions and Escalation Matrix
- 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
- 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.