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  • Prest Loans

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  • Prest Loans is a non-banking financial company that offers loans for businesses and for micro, small and medium enterprises (MSME). These loans are unsecured loans and are offered on a short-term basis and long-term basis. The business loan is available for retailers, traders, and wholesalers. The MSME loan is available for businesses that engage in the manufacture and services industry. Prest also offers loans in the form of invoice financing, agriculture financing, MSME units, and e-commerce vendors.

    Features of business loan

    Short-term Loan

    • You can enjoy a loan tenure of 3 years up to 5 years.
    • The maximum loan amount offered is Rs.10 lakhs.
    • You can enjoy flexible pre-payment charges on this loan.
    • The Sales Deed for property and Registered GPA are accepted.
    • You can get the loan approved and disbursed within 24 working hours upon submission of complete documents.

    Long-term Loan

    • You can enjoy a loan tenure of 3 years up to 10 years.
    • The maximum loan amount offered is Rs.25 lakhs.
    • You can enjoy flexible pre-payment charges on this loan.
    • You can get the loan approved and disbursed within 24 working hours upon submission of complete documents.

    Eligibility criteria for business loan

    • You should have an excellent CIBIL score and credit history
    • You should be operating your business for the past 2 years.
    • You should possess a residential premise or a self-owned business.
    • Your minimum income in the last two financial years must be Rs.2.50 lakh each year.

    Features of Micro, Small, and Medium business loan

    Short-term loan

    • You can enjoy a loan tenure of 3 years up to 5 years.
    • The maximum loan amount offered is Rs.10 lakhs.
    • The Sales Deed for property and Registered GPA are accepted.
    • You can enjoy flexible pre-payment charges on this loan.
    • You can get the loan approved and disbursed within 24 working hours upon submission of complete documents.

    Long-term loan

    • You can enjoy a loan tenure of 3 years up to 10 years.
    • The maximum loan amount offered is Rs.25 lakhs.
    • You can enjoy flexible pre-payment charges on this loan.
    • You can get the loan approved and disbursed within 24 working hours upon submission of complete documents.

    Eligibility criteria for MSME loan

    • You should have an excellent CIBIL score and credit history
    • You should be operating your business for the past 2 years.
    • You should possess a residential premise or a self-owned business.
    • Your minimum income in the last two financial years must be Rs.2.50 lakh each year.

    How does Prest Loan work?

    • You need to submit a completed application form with relevant details.
    • You need to attach the required documents to the application form.
    • You will receive a loan application number (LAN) which you can use to check your application status.
    • If you are eligible and meet all the requirements imposed by Prest, you will get your loan approved and disbursed within 24 hours.
    • You can keep a check on your loan details, such as monthly outstanding amount, outstanding principal, due date and other information through internet banking.
    • You can also download the PrestLoan app on your mobile.
    • You can use the app to keep a check on your loan and other information.
    • The approved loan amount would be subject to your eligibility and the discretion of Prest.
    • The loan tenure would be minimum 3 years when you meet all eligibility requirements but can be extended for a longer duration based on your financial history.

    Documents required to apply for a loan

    Business loan

    The required documents for a business loan are:

    • KYC documents (of the applicant and the business)
    • Income Tax Returns (for the last 2 years)
    • Latest bank statements (for 12 months)
    • Overdraft or loan sanction letters (if applicable)

    SMSE loan

    The required documents for a business loan are:

    • KYC documents (of the applicant and the business)
    • Income Tax Returns (for the last 2 years)
    • Latest bank statements (for 12 months)
    • Overdraft or loan sanction letters (if applicable)
    • VAT or sales tax returns (for 12 months)
    • Business premises or residential property papers (in the name of the applicant or immediate family members)

    How to apply for a loan at Prest?

    Method 1:

    • Download an application form available on the Prest website.
    • Complete the application and submit it along with supporting documents.

    Method 2:

    • Complete an online enquiry form on the Prest website with your contact details and submit it.
    • A representative will contact you to assist you with the application process.

    Method 3:

    • Visit your nearest branch of Prest.
    • Complete and submit an application form along with supporting documents over the counter.

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