Muthoot Finance Business Loan, How to Apply, its eligibility criteria, documents required, Interest rate, fee & charges
Muthoot Finance Ltd. is an Indian financial corporation and the largest gold loan Non-Banking Finance Company (NBFC) in the country. Along with the Gold loans it also provides other types of loans like an Auto loan, Business loans, Home loans, etc. Today We will discuss Muthoot Finance Business Loan.
| Loan Amount | Rs. 15,000 to Rs. 8,000,00 |
| Processing Fees | 2% of the loan amount + applicable taxes |
| Loan Tenure | 6 months to 36 months |
| Type of Loan | Secured |
Muthoot Finance Small Business Loan
Muthoot Finance is a registered NBFC with RBI offering financial products & services. It has a subsidiary called Muthoot fincorp which provides loans for small businesses.
You can use Muthoot Finance business loans for various purposes like business expansion, working capital requirements, hiring staff, purchasing equipment, etc.
Features & Benefits of Muthoot Finance Business Loans
- Muthoot Finance has a well reputation in the market over decades. currently it has become one of the largest NBFC in India. Moreover it has 100+ years of trust and legacy.
- It has currently over 4200 branches across India which explains its well spread network.
- The business loans offered at Muthoot are at competitive interest rates.
- It provides loan with Insurance coverage as well.
- It has loans designed for all kind of business.
- It offers easy repayment option from 6 to 36 months.
- You can foreclose or pay loan amount in full after 60 days without any charges.
- It offers loans from Rs. 15,000 to Rs. 8,000,00
Muthoot Finance Business Loan Eligibility & Requirements
- You must belong to either of them i.e Self- employed individuals / professionals, Sole proprietorship firms, Partnership firms, Private limited companies and closely held limited companies.
- The age of the applicant should be between 21 years to 65 years of age.
- It is necessary to have a co-applicant.
- You must have the business setup in the same business premise for at least 2 years.
- You should have an operational bank account.
- A minimum 600 of CIBIL score is required (wherever applicable).
Muthoot Finance Business Loan Required Documents
- Application form
- A recent passport size photograph.
- Identity Proof ( passport, driving license, Aaadhar card, voter ID). Self-attested copy of KYC Documents.
- Address Proof (Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement).
- Income Proof (Financial Documents would include copies of IT returns for the previous two years and the recent Bank statements for 6 months).
- Business Registration certificate / Certificate of Incorporation.
- Last 2 years Audited/Provisional Financials (Audited financials to include Balance Sheet, Profit and Loss Account.
- Last 2 years Income Tax returns
NOTE: Additional documents may be asked, depending upon your financial stability.
Muthoot Finance Business Loan Schemes
There are various schemes offered by Muthoot Finance depending on your business lifecycle and requirements.
Equated Daily Installment (EDI) Loan
| Muthoot Finance Loan Type | Features/Description |
|---|---|
| Equated Daily Installment (EDI) Loan | This is designed to fulfill the needs of small traders like Kirana stores, medical shops, roadside Tea & Snax stall, vendors, Florist, etc. It is helpful for small traders as it will not create a heavy burden on them instead they can repay on a daily basis with doorstep collection. |
| Loan Amount | Minimum Amount Rs 15,000 & Maximum Amount Rs 1,00,000 |
| Loan Tenure | 122 Days loan tenure with 104 EDIs |
| Pre Closure Charges | Nil |
| Repayment Method | Daily Doorstep collection, Online payment, and Bank Transfer |
Equated Monthly Installment (EMI) Loans
| Muthoot Finance Loan Type | Features/Description |
|---|---|
| Equated Monthly Installment (EMI) Loans | It is designed to match the high aspirations of traders and small proprietary. It is beneficial for those who have regular bank transactions and a working capital cycle of 15 days to 2 months. |
| Loan Amount | Minimum Amount Rs 1,00,000 & Maximum Amount Rs 3,00,000 |
| Loan Tenure | 12/ 24/ 36 Months |
| Charges | Cheque bounce charges Rs 400, No pre-closure charges, No prepayment charges |
| CIBIL Score | CIBIL score 650 or -1 |
| Repayment | Monthly Repayment Frequency, Auto Debit from your operational Bank Account |
Banking Surrogate Program
| Muthoot Finance Loan Type | Features/Description |
|---|---|
| Banking Surrogate Program | It is designed for business owners who have confidence and know they have the capability to become more successful. This loan will help them to invest in their businesses to even grow more. |
| Loan Amount | Minimum Amount Rs 3,00,000 & Maximum Amount Rs 5,00,000 |
| Loan Tenure | 6 months to 36 months |
| Charges | No pre-closure charges, No prepayment charges |
| Repayment | Monthly Repayment Frequency, Auto Debit from your operational Bank Account |
Financial Income Based Programme
| Muthoot Finance Loan Type | Features/Description |
|---|---|
| Financial Income-Based Programme | It is designed for business owners who have illustrated excellent results in terms of business transactions and income statements. |
| Loan Amount | Minimum Amount Rs 3,00,000 & Maximum Amount Rs 8,00,000 |
| Loan Tenure | 6 months to 36 months |
| Charges | No pre-closure charges, No prepayment charges |
| Repayment | Monthly Repayment Frequency, Auto Debit from your operational Bank Account |
How to Apply For Muthoot Finance Business Loan?
There are mainly 3 ways to apply for Muthoot Finance Business Loan.
Apply Online
Visit Muthoot Finance official website and fill in your details. you will get a call from Muthoot to explain the complete loan process and further visit your home, office, or shop to pick up the required documents and complete the formalities.
Branch Visit
You can visit your nearest Muthoot Finance branch, fill out the application form and apply for the business loan.
Customer Care
Call Muthoot Finance customer care 1800 102 1616 and they will assist you with the process of applying for business loan.
Muthoot Finance Business Loan Statement
If you have subscribed for an e-loan statement at the time of applying for a loan, and your loan is approved, you will get the statement every month to your registered email ID.
Download and Install iMuthoot Mobile App, Register, and Login using your MPIN, Fingerprint, etc. Once you log in successfully click on the My Loans option on the Dashboard and view your loan. On the next page, you will see your loan details.
Muthoot Finance Customer Care Details
| Muthoot Fincorp Customer Care Number | 1800 102 1616 |
| Muthoot Fincorp Registered Address | MUTHOOT FINCORP LIMITED Muthoot Centre, TC No 27/ 3022, Punnen Road, Thiruvananthapuram, Kerala, India-695001. 0471 4911560 |
| Muthoot Email Address | customercare@muthoot.com |
| Customer Care South India | 99469 01212 |
| For the Rest of India | 78348 86464, 88006 75111, 011 46697744 |
Conclusion
We have learned about the Muthoot Finance Business loan, how you can apply for it, its eligibility, documents required.
No doubt Muthoot is a trusted brand and getting a business loan from it can be a good option. It offers a business loan based on your business.
Muthoot will help you to start with small, and as your business keeps growing it will offer more loan amounts to make your business even big.
The only thing you have to check is its interest rate. make sure you check with the Muthoot branch or customer representatives about interest rate fees & charges.
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FAQs
Yes, you can prepay the entire amount of your small business loan. It can be foreclosed or paid in full after 60 days without any charges.
1800 102 1616
Muthoot business loan tenure Ranges From 6 to 36 Months.
Muthoot Finance can offer a maximum loan of up to 8 lakh.
