Overview
With attractive interest rate & flexible repayment options, Loan Mitra Limited offers Unsecured Business Loans to MSMEs who wish to scale up and grow their businesses. We understand your needs for urgent finance and hence provide you the Digital Lending platform where you can fill the application form within a minute & get funds approved in just 2 working days.
Features And Benefits
Features
Loan amount up to Rs. 50 Lakh
We offer loans up to Rs. 50 Lakh for MSMEs with minimal paperwork and documentation. The loan amount can be leveraged for multifarious business purposes
Zero Prepayment Charges*
There are no pre-payment charges levied in case of full repayment of the Unsecured Business Loan which gives you greater peace of mind.
No Collateral Needed
To ensure greater convenience, there is no collateral/security that is needed for sanctioning business loans here at Loan Mitra.
Benefits
Higher loan eligibility
For MSMEs and entrepreneurs, higher loan eligibility is provided in order to help their businesses with optimum finance solution.
Minimal documentation & swift processing
There is no printing and there are no delays whatsoever. All documents can be uploaded digitally and the complete lending process is hassle-free
Approved within 2 working days
Loan Mitra provides Unsecured Business Loan approval within just 2 working days in order to ensure that business owners receive critical funding immediately.
Eligibility And Documents
Eligibility
For applying for a Small Business Loan, the eligibility criteria that you need to keep in mind:
- Age of key person should be in between 21 and 55 years
- Annual business turnover exceeding Rs. 15 lakhs
Documents Required
For getting Unsecured Business Loan, the following documents are needed:
KYC Documents:
- A copy of PAN Card.
- Proof of Address: (Passport Copy / Aadhaar Card / Electricity Bill / Registered Rent Agreement)
- Statutory documents: In the case of Proprietary Firm: Shop Act, GST Registration Certificate, Udyog Aadhaar Memorandum, VAT Registration, other Registrations Applicable.
- Statutory documents: In the case of Private / Public Limited Company/One Person Company: MOA & AOA, Certificate of Incorporation, Certificate of commencement of business in case of a public limited company, GST Registration Certificate, Shop Act, Udyog Aadhaar Memorandum, VAT Registration and other Registrations Applicable.
- Statutory documents: In the case of Partnership Firm: Registered Partnership Deed, In Case of LLP: LLP Agreement, Shop Act, Udyog Aadhaar Memorandum, GST Registration Certificate, VAT Registration and other Registrations Applicable.
Income Documents:
- Last 2 years Financials (IT Returns, Computation Sheet & Balance-sheet) and Proof of turnover vide latest sales/service tax returns and Invoice / Purchase Order Copy (for loan against receivables)
- Last 1-year bank statement of an operative bank account.
- Details of all existing loans: Sanction Letter and Loan Account Statement for last 1 year.
Profile
- Brief Profile of the Promoters and Company / Firm
How To Apply
A loan for MSMEs, SMEs, and professionals is only a simple click away. Here are the four steps you need to follow-
- Click here to apply online
- Scan and upload documents online
- Verification & assessment
- Loan approval in 2 working days
Contact Us
In case you have any query or need any kind of assistance, please call us on (+91) 9881902174 or email us at info@loan-mitra.com. We would be delighted to answer any questions that you may have.By logging onto loan-mitra.com, you can save both time and money, while simultaneously getting the latest information on the financial products you seek.
Faqs
Yes, you can apply online by clicking the link mentioned for this purpose. The online submission of the application and documents leads to faster processing and quicker disbursement. All the loan application-disbursement processes are conducted online and you do not have to visit any offline branches for this purpose.
You can repay through ECS or through post dated cheques, depending on your convenience.
The repayment tenure goes up to a maximum of 3 years in the case of Unsecured Business Loans.
You have to be aged between 21-55 years and your business should be stable for more than 2 years and you should also have a turnover exceeding Rs. 15 lakhs in order to be eligible for this loan.
No. Loan Mitra offers zero prepayment charges* on repayment of Unsecured Business Loans.