Muthoot Finance Business Loan

Updated: 19-12-2022 05:14:13 AM

For any business to grow, appropriate and timely funding is required, especially for start-up enterprises, first-time business owners, SMEs, and MSMEs. To meet the demands of these entities, Muthoot Finance provides business loans through Belstar Pvt Ltd, a Non-banking Finance Company (NBFC), and a subsidiary of Muthoot Finance Limited.

Business loans offered by Muthoot Finance can be used for various purposes like business expansion, meeting festive season spike and working capital requirements, stock purchases, hiring staff, etc.

Muthoot Finance Business Loan Interest Rates – 2022

Big Business Loan from Muthoot Finance

Low-Interest Rates with maximum LTV

• Muthoot Big Business Loan Silver: 12% p.a. onwards
• Muthoot Big Business Loan Platinum: 11% p.a. onwards
• Muthoot Big Business Loan Diamond: 10% p.a. onwards
• Muthoot Big Business Loan Elite: 9% p.a. onwards

Loan Amount: ₹5 Lakhs to ₹500 lakhs as per Schemes
Repayment Tenure: 12 months
Free insurance for pledged gold ornaments

Online Gold Loan Facility Available.

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.

Check & Compare – Business Loan Interest Rate of Top Banks

Eligibility Criteria for Muthoot Finance Personal Loan

Following is the eligibility criteria for applying loan from Muthoot Finance:

• The applicant shouldn’t belong to the banking sector
• Age must be more than 21 years when applying for a loan
• The applicant can belong to any of the working sectors, that is, manufacturing, service or trading
• The applicant must belong to the any of the following categories:
  • Partnership firms
  • Sole proprietorship
  • Self-employed individuals/professionals
  • Private limited companies
  • Closely-held limited companies
• Micro enterprises like grocery shops, vegetable vendors, etc.
• SMEs like electronic shops, tailors, etc.

Calculate your Monthly EMI on – Business Loan EMI Calculator

Documents Required for Loan Application

• Identity proof
  • Voter’s ID card
  • Driving License
  • Valid Passport
  • Aadhar card
• Address proof
  • Telephone bill
  • Electricity bill
  • Registered Lease Deed
  • Bank statement
• Ownership proof of the office with the name of the applicant
• Business continuity proof
  • Bank statements for last 6 months
  • Sales Tax Challans
  • Income Tax Returns for the last 2 years
  • Shops and Est. Certificate
  • Certificate of Incorporation
  • Partnership Deed
• Balance Sheet
• Profit & Loss sheet
• Passport size photograph of all the applicants and co-applicants

Features and Benefits

• The aim of this loan plan is to empower poor women and improve the living condition of marginalized people
• This loan allows micro; small and medium businesses to perform expansion, buy supplies and can be used as working capital, for both farm and non-farm sector
• The business loans are provided at competitive interest rates
• Insurance schemes are also provided for the deprived
• Pension schemes are available for workers from the unorganized sector
• The repayment period can range from 12 months to 30 months depending on the ongoing cycle and the scheme
• Disbursal of loans is done within a few days, as there might be an urgency of loan for the applicant
• For micro enterprises, a minimum of a month of moratorium period is compulsory. For small and medium enterprises, there is no moratorium period
• Prepayment options are available. You can contact the customer care for more information about the ways of prepayment
• No foreclosure charges are imposed by Muthoot finance for business loans
• The application of loan can be done through the online portal or by visiting the nearest branch
• Hassle free documentation, without troubling the applicant to run from place to place to get the documents ready
• No hidden charges or regulatory charges as their system is transparent

Also Read: Loan for Business without Security in India

FAQs

Q. What is the purpose of offering microcredits?

Ans. Microfinance is offered for providing financial assistance to microbusinesses, low-cost house buildings, student finance, generating income for widows, unmarried women, people with disabilities, etc.

Q. Are the insurance benefits available for the Microfinance borrowers?

Ans. Yes, the applicants are covered under the insurance benefits.

Q. Who can avail the loan?

Ans. The people who don’t fall under the formal banking system, who live in urban slum areas or villages can avail the benefits of the loan.

Q. What is the maximum amount of loan that you can get?

Ans. The loan is delivered on the bases of schemes and repaying capacity of the applicant.

Q. Is Muthoot finance business loans only credited to women?

Ans. No, the loan can be availed by anyone, especially  those individuals who are not able to get financial help from the formal banking systems.