Micro Enterprise Loans
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Micro Enterprise Loans
A micro-enterprise under this loan category is usually a small business engaged into manufacturing, trading or services.
Key Highlights
- 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.
BASIC ELIGIBILITY CRITERIA
Customer Profile
- Small Enterprises which includes retailers, traders, small manufacturers and service providers
Age
- Between 22 to 65 years
Business vintage
- 3 Years
Industry Experience
- 5 Years
Monthly Income
- 20,000/- or above
DOCUMENTS REQUIRED
- Photograph – Latest Color Photograph
- Identity Proof of Applicant(Any One) – Voter ID Card / PAN Card / Passport / Driving License / Aadhar Card
- Age Proof(Any One) – Voter ID Card with Date of Birth / PAN Card / Passport / Driving License / Aadhar Card / Govt. issued document with date of birth
- Signature Verification – Bank Signature Verification
- Address Proof (Any One) – Electric Bill / Tax Bill / Water Bill / Gas Bill / Fixed Line Telephone Bill Post Paid Mobile Bill
- 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) – Shop Establishment Certificate / Sales and purchase bills / ITR / Financials with all schedules of last 3 years
- Bank Statement – Last 6 months’ bank statement of all bank accounts
Note: AasraFincorp or Bank’s decision of providing the loan vary from case to case and may ask for additional documents as and when required in addition to the documents listed above.
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2015
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