If you own a business which has an annual turnover ranging between Rs.25 lakh and Rs.2 crore and is engaged in manufacturing, trading, and services. You can avail a micro enterprising loan which can help you raise capital and expand your business at attractive interest rates and flexible repayment tenure.
MAS Financial is a Non-Banking Financial Corporation (NBFC) which offers various types of loan products to its customers including micro enterprising loan.
Important things you must know
Given below are some of the important facts related to micro enterprising loan offered by MAS Financial before you decide to avail the loan from the lender:
- You can avail this loan to raise capital for your business
- You can avail a loan of up to Rs.3 lakh
- Loan tenure offered is up to 3 years
- The interest rate for this loan is up to 35%
- Loan offered to over 190 categories of micro enterprises
- Facility to have limit-based loans
- Loans offered are hassle-free and collateral free
- Loans can be availed for replacing trade credit, extending more credit, for utilisation of stocks, and for replenishing working capital used for consumption
Given below is the eligibility criteria you will have to fulfil in order to avail a micro enterprising loan from MAS Financial:
- Your business should be a small enterprise. You can belong to the retailers, traders, small manufacturer, and service providers categories in order to avail this loan
- The minimum age of eligibility is 22 years
- You must be a resident of an area of at least 5 years
- The disposable income after deducting all the EMIs should be at least Rs.15,000
Given below is the list of documents you will have to submit in order to avail a micro enterprising loan from MAS Financial:
- Proof of identity such as Aadhaar, PAN Card, Passport, etc.
- Proof of age such as your date of birth certificate, voter ID card, Aadhaar, etc.
- Signature verification document such as passport, driving license, etc.
- Latest color photograph
- Proof of ownership of your business such as utility bills, possession letter, etc.
- Proof of firm such as Shop Establishment Certificate, PAN Card, etc.
- Proof of income such as your income tax returns, Shop Establishment Certificate, Sales and purchase bills
- Bank statements for the last 6 months
How to apply for a micro enterprising loan from MAS Financial Services?
- Visit the official website of MAS Financial Services
- Under ‘Products’ click on ‘micro enterprising loan’
- You will be directed to a new page where you will have to click on ‘Apply Now’
- A new page will open, where you will have to enter your details such as your name, email ID, mobile number, state, and city of residence. You can add a comment in the comment box and click on ‘Submit’.
- You will receive a One-Time Password (OTP) on your registered mobile number. Enter the OTP and upload all the necessary documents. The lender will verify the documents, and if they are found to be correct, the loan amount will be disbursed to your bank account
You can also avail a loan by downloading the mobile app of MAS Financial Services. You will have to create an account and upload all the necessary documents. Make sure that details entered by you is correct. Once the documents have been verified by the lender and found to be true, the company will disburse the loan amount to your bank account.