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Table of Contents :
Manappuram Finance is a Kerala based Non-Banking Financial Company (NBFC) that offers various financial products, including gold loan, vehicle loan, tour and travel loan, micro home finance and many more. The NBFC specialises in providing SME Finance for business owners and enterprises at attractive and competitive interest rates. Manappuram finance provides loans against the collateral security of properties. This business loan is offered to eligible entities and individuals running established businesses.
| Manappuram Finance – Interest Rate & Eligibility | |
| Interest Rate | Depends on business requirements |
| Min. Loan Amount | Rs. 5 lakh |
| Max. Loan Amount | Up to Rs. 2 crore |
| Repayment Tenure | From 24 months to 60 months |
| Loan disbursal time | Within 10 days |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.
Also Know: Which bank has lowest interest rate on business loan?
SME Finance from Manappuram finance can be availed by self-employed, non-professionals, individuals, sole proprietorship, and partnerships and limited companies.
SME Branch locations: Kerala, Tamil Nadu, Karnataka, Maharashtra, Odisha and Rajasthan.
Acceptable Types of Properties as Collateral
- Vacant plot or land with approachable roads
- Self-occupied commercial or residential properties
- Land which spreads more than 3 cents in corporation areas, 5 cents in municipal areas and 10 cents in rural areas, wherein 1 acre = 100 cents
Asirvad Microfinance
Asirvad Microfinance is a subsidiary of Manappuram Finance Ltd. that offers microfinance products at competitive interest rates to its customers. Its range of products include Income Generation Program (IGP) loan, Product loan and Small and Medium Enterprise (SME) loan.
Asirvad Microfinance Loans – 2020
| Loan Type/Category | Income Generation Program | Product Loan | Mid-term Loan |
| Interest Rate | 21.60% onwards | 21.60% onwards | 21.60% onwards |
| Loan Amount | Min. Rs. 25,000 & Max. Rs. 45,000 | Min. Rs. 2,498 & Max. Rs. 4,000 | Min. Rs. 7,500 & Max. Rs. 15,000 |
| Repayment Tenure | Up to 24 months | Up to 24 months | Up to 24 months |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank, NBFC and RBI. GST and service tax shall be levied extra on the mentioned charges.
Commercial Vehicle Finance / Construction Equipment Finance
Eligibility
One Person Company, Proprietorship Firms, Limited Companies, Private Limited Companies, Partnership Firms, Educational Institutions, etc.
Features
- Competitive interest rates
- Low processing fees
- Loan amount: Rs. 2 lakh onwards
- Repayment tenure up to 60 months
- Finance: 85% of the assets value
Documents Required
- Passport-sized photographs
- Identity and address proofs
- Current residence address proof
- Experience letter/proof
- Vehicle’s details
- Latest bank statements
- Existing or previous loan details (if any)
Also Know: What documents are required for business loan?
Farm Equipment Finance
Eligibility
- Minimum age of the application should be 21 year
- Depends on applicant’s profile
- Farmers and customers involved in agriculture, semi agriculture and commercial businesses
- Residing in the same address for the last 3 years
- Minimum 1 acre of land holding for farmers
Features
- Attractive interest rates
- Low processing fees
- Loan amount starting from Rs. 1 lakh
- Repayment tenure from 12 to 60 months
- Finance up to 85% of the assets value
Documents Required
- Passport-sized photographs
- Identity proof
- Address proof
- Proof of land ownership
- Experience letter/proof
- Vehicle’s details
- Latest bank statement
- Existing or previous loan details (if any)
Also Read: Loan for Business Without Security in India
Customer Service
Toll Free Number: 1800-420-22-33 / 1800-270-1146
FAQs
Q. What is the maximum loan amount that I can take from Manappuram SME loan scheme?
Ans. The maximum loan that you can avail is up to Rs. 2 crore
Q. I am 22 years old and want to take loan for buying farm equipment, is it possible?
Ans. Yes, the minimum age required is 21 years if you want to avail farm equipment finance.
Q. For commercial vehicle purchase, what is the minimum loan amount offered by Manappuram Finance?
Ans. The minimum loan amount for purchase of commercial vehicle is Rs. 2 lakh and onwards.
What is the interest rate offered for Microfinance scheme under Asirvad Microfinance loans?
Ans. The minimum interest rate offered is 21.60% onwards for Microfinance scheme.
Q. What is the repayment period under the Microfinance loan?
Ans. The maximum repayment period is up to 24 months under Microfinance scheme.
Q. I have a vacant plot in Kerala, can I take SME loan from Manappuram Finance?
Ans. Yes, if your plot is approachable or connected with road then you can take SME loan. However, the final approval will be granted by Manappuram after visiting the location.