Micro Enterprise Loan (MEL)

A micro-enterprise under this loan category is usually a small business engaged into manufacturing, trading or services. Loan amount up to ₹50,00,000. Loan tenure upto 120 months.

Features

MEL is working capital loan to the micro enterprises
MEL loan is provided up to ₹50,00,000
Loan tenure is upto 120 months
The interest rate for the product ranges up to 36%
Loan extended to over 190 categories of micro enterprises ( more are added from time to time)
Usually utilized for stocks, extending more credit or replacing trade credit and for replenishing working capital used for consumption
Hassle free loans – quick turnaround time.
Facility to have limit based loans.

Eligibility

Customer Profile

Small Enterprises which includes retailers, traders, small manufacturers and service providers

Minimum Business Vintage

3 Years

Age

Between 22 to 65 years

Monthly Income

₹20,000/- or above

Industry Experience

5 years

Documentation

Identity Proof Of Applicant (Any One)

Voter ID Card / PAN Card / Passport / Driving License / Aadhar Card

Ownership Proof(Any One)

Electric Bill/tax Bill/water Bill/possession Letter Or Sale Deed With Latest Utility Bill

Identity Proof of Firm (Any One)

Shop Establishment Certificate/pan Card/pan Intimation Letter/wealth Tax Assessment Order / Partnership Deed And Supplementary Agreement For Appointment And Retirement Of Any Partner

Income Proof (Any one)

Sales and purchase bills / ITR / Financial statements with all schedules for the last 3 years

Bank Statement

Last 6 months’ Bank Statement Of All Bank Accounts

Common Question for this loan

To support micro businesses for their working capital needs, for stocking of inventory or purcahse of equipments.

Small business owners with minimum 1 year operations, valid KYC, steady income, and loan repayment history.

Based on business type, loan amount, and customer profile. Rate for Micro Enterprise Loan can range from 14% to 24%.

Up to ₹50 lakhs. Based on cash flow and business requirement.

Secured - 120 Months Others - 36 Months.

24–48 hours.