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Secured Business Loans for SME

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Secured Business Loans by Mahindra Finance

If you're looking to propel your new business or further enhance the output of your existing one, our secured business loan is the right choice. Acquire convenient business funding for general corporate purposes, against unencumbered security.

  • Features & Benefits
  • Eligibility & Documentation
  • FAQs

Features:

  • Loan amount : Min loan amount of 10 Lacs
  • Tenure : upto 36 Months
  • Interest Rate : 13 - 15% Fixed
  • Processing Fee : 1%
  • Pre-Payment Charges : NIL

Benefits:

  • Alternate assessment methods for credit eligibility
  • Quick and hassle free loan with speedy approvals.
  • Residential, commercial, Industrial and Land properties accepted as collateral.

Eligibility:

  • You should either be a self-employed professional/ non-professional.
  • Your age should not be less than 21 years and not more than 65 years non-professional, at the time of loan maturity.
  • Loan amount eligibility is decided based on customer cash flow, security and internal credit model

Documents required:

  • Certified Financial Statement for the last 2 years.
  • Your Proof of Residence -  Passport / / Voters ID card / Driving License / Adhaar Card
  • Your Proof of Identity - Passport / Pan card / Voters ID card / Driving License / Adhaar Card
  • Your Proof of Business : Shops & Establishment certificate / Trade license certificate / SSI registration certificate / Sales certificate /  Partnership deed for firms / Memorandum of Association for companies
  • Your latest Bank Statement from where you operate your business from the past 6 months.
  • Copies of all Property Documents of the concerned property that you chose to pledge for the loan.

Schedule of Charges:

Fee Description  Value (In Rs)
 Disbursement  - Third Party Charges
Legal Charges per property Min 3500/- or Actual whichever is higher
Valuation Charge per property Min 2000/- or Actual whichever is higher
Stamp Charges At Actual
 
Service Related Charges
Partial Payment  (Pre-Payment) NIL
Pre-closure NIL
Cash Handling Charge (EMI Paid in Cash) 100/-
SOA Fee 500/-
PDD Delay Charge 1000/- for first month and 100/- per day thereafter
Repayment Swap Charge 1000/-
Request for copies of Collateral 750/-
EMI cycle date change 500/-
Duplicate NOC 500/-
Asset Substitution / Release charges 5000/-
Other Statutory Dues At Actual
 
Collections Related Charges
Cheque Bounce 500/-
Late Payment Charge 3% per Month
Travelling Expenses for Recovery Min 500/- or Actual whichever is higher
Litigation Charge Min 5000/- or Actual whichever is higher

FAQs:

Secured Business Loans

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How do I approach Mahindra Finance for a secured / Unsecured business loan?

Application can be done through our Easy, Secure, Fast mobile app or Webpage. To apply now, click here. Or
You may also email your queries at sme.solutions@mahindra.com.

How much secured business loan can I avail of? How is the quantum decided?

We try to give maximum amount based on your requirement and eligibility arrived by your business cash flow and valuation of the property. However based on eligibility you will be given offer to accept the revised loan amount

What can be accepted as security?

An unencumbered Residential, commercial, Industrial and Land properties accepted as collateral

How long will it take to get a loan?

You will get your eligibility amount sanctioned online itself. As you are aware, the secured business loan will be processed based on collateral therefore we will take 3-4 working days to verify Value of collateral and ownership of collateral post Receiving of copy of property documents. Post the verification of collateral it will take 48 hours to disburse the loan.

However the unsecured business will be disbursed within 48 hours of document verification.

Who can apply for the loans?

Individuals, Proprietorship, Partnership, Public and Private Limited Companies who require loan for business expansion.

Can I use the loan for any other purpose?

Loans can be used only for the purpose mentioned in the application. We generally provide Loans for Working capital, Business Expansion, Debt Substitution and Equipment purchase.

How do I repay my business loan?

We use NACH as preferred mode of repayment. However we offer flexibility and accept PDC's also.

Can I have small installments for initial period of secured business loan?

You have the flexibility of opting for Equated Installment, Bullet Repayment, Ballooning Repayment or structured repayment (depending on the requirements of your business).

If I have extra amount, Can I prepay the business loan?

Yes, you can prepay the business loan. We do not have any Foreclosure charges.

What is the process post submission of online application?

Our representative will contact you for collection of documents to verify the data submitted online. Once the data is verified we will process the disbursement of application. Mahindra finance reserves the right to reduce or decline the loan post verification of documents.

Will my eligibility change post verification of documents?

If the data submitted by you in online application is verified by the documents submitted then eligibility of loan amount may not change. However, Mahindra finance reserves the right to reduce or decline the loan post verification of documents.

Will the data provided by me shared with anyone?

Your privacy is of utmost importance to us and only information necessary for loan sanction and required as per regulatory/statutory guidelines will be shared with the statutory bodies.

Is it safe to share information like bank account log-in?

Mahindra Finance and its agent follow stringent data protection guidelines and during the entire process of loan appraisal and sanction nor the account IDs or passwords are stored on the Mahindra Finance or its agent system neither is there any manual intervention in the process. The IDs and Passwords are used for automatic data extraction from the bank systems. If however for any reason you don't wish to enter your ID or password, you can also download your bank statement from your bank's website and upload the same on our mobile application/website

Can I alter my loan request and how?

Yes, you can alter your loan request while making an application. In case you face any issues with the same, please feel free to contact us and we'd be happy to help

I am stuck during the application process, what should I do?

If the FAQs did not help you with your query, please reach out to us at Toll Free no 18008439240 [Monday to Friday - 9:00 AM to 7:00 PM and Saturday - 9:00 AM to 2:00 PM] or email us at share.mmfsl@mahindra.com and we would be happy to assist you.

© 2014 Mahindra Finance

CIN - L65921MH1991PLC059642

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