Manappuram Finance Ltd Business/SME Loan

Manappuram Business Loan

Manappuram Finance Ltd is the first NBFC in Kerala to receive a Certificate of Registration issued by the RBI; it was also one of the initial to go for an IPO in 1995. Apart from them, Manappuram Finance was the first Kerala-based NBFC to receive investment FIIs (Foreign Institutional Investors) in 2007, when the celebrated P.E. fund, Sequoia Capital, contributed Rs.700 million alongside Hudson Equity Holdings.

Starting a business requires a suitable funding solution so that the business flourishes appropriately. Sometimes you may not have the necessary funds for your business, and that is when you look for some loan opportunities. SME loans have proved to be very helpful in such scenarios. They are the best options to raise funds when someone is looking for some financial support to start or expand their business. Various NBFCs offer various loan schemes to such growing enterpriser to support their business and help them develop. The repayment facilities are also elementary, with a convenient rate of interest.

One such NBFC is Manapurram Finance Ltd, which offers hassle-free business loans to eligible candidates as per the business requirement and the applicant’s financial profile. The loans also get quickly disbursed with minimum documentation.

Manappuram Finance Ltd is a Kerala-based company that has emerged as one of India’s leading Non-Banking Financial Companies (NBFC). The late V.C. Padmanabhan founded the company in 1949. Back then, the company was involved in money and pawnbroking. Later after he died in 1986, Shri V.P. Nandakumar took over the rein, which is currently the M.D. & CEO of the company. 

Manappuram Finance Ltd is the first NBFC in Kerala to receive a Certificate of Registration issued by the RBI; it was also one of the initial to go for an IPO in 1995. Apart from them, Manappuram Finance was the first Kerala-based NBFC to receive investment FIIs (Foreign Institutional Investors) in 2007, when the celebrated P.E. fund, Sequoia Capital, contributed Rs.700 million alongside Hudson Equity Holdings.

The company offers SME finance for business owners and enterprises at a modest interest rate. Besides that, Manappuram Finance also offers different financial products like vehicle loans, travel loans, gold loans, home loans and many more. 

If you are also looking for a secured funding solution for your business, then you opt for Manappuram Finance Ltd. The loans offered by the company range from 5 lakhs to 2 crores at a desirable interest rate. The lenders can repay the loan amount in various EMI facilities within the applicant’s selected tenure.

We have mentioned below multiple details regarding the Manappuram Finance business loans like applicable Rate of Interest, Eligibility criteria, how to apply for it and documents required while using; we have also mentioned a Few Frequently Asked Questions for your convenience. 

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Rate of Interest and other details

  • The minimum loan amount sanctioned – Rs. 5 lakhs
  • The maximum loan amount sanctioned – up to Rs. 2 crores
  • The applicable rate of Interest- As per the business requirements
  • Tenure for repayment – 24 – 60 months
  • Time taken to disburse the loan- within ten days
  • Applicable processing fee – 2% of the sanctioned loan amount

Read More: L&T Finance Holdings Ltd Business/SME Loan

Eligibility criteria

It is pretty accessible to take a business loan from Manappuram Finance. The only thing is you need to fulfil the company’s eligibility criteria. The qualified applicants are any of the accompanying people or entities.

  • Self-Employed 
  • Non-Professionals
  • Individual Proprietary
  • Partnership Firms
  • Private Limited Companies

Manappuram Finance takes collateral in the form of the following properties to offer business loans.

  • Commercial properties that the individual occupies
  • Residential properties of the applicant
  • Any property which extends more than 3 cents in Corporation Areas/ 5 cents in Municipal areas/ and 10 cents in Rural areas
  • Empty Land and areas with approachable roads
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Documents accepted for the approval of a business loan

There are certain documents that an applicant needs to submit when applying for a business loan. These documents are a combination of financial records and KYC documents. Make a checklist of the following documents while applying for a business loan in Manappuram Finance.

KYC documents include:

  • An identity proof – Pan Card, Aadhar card etc. 
  • Proof of applicant’s residency – Passport, Aadhar card, Latest Utility bills, Registered rent agreement and so on. 

For Individual or Sole Proprietorships, an applicant requires to submit the following documents:

  • Statements of bank accounts from the borrower’s main account for the last six months and three months of other accounts are mentioned in the balance sheet.
  • Audited ITR, which is up to date
  • Financials for the past two years, which includes profit & loss account, balance sheet and systematic computation of income 

For Self-Employed Professionals or Non- Professionals, the below documents are required to get a loan approved.

  • For professionals like doctors, C.A., architects, etc., it is necessary to submit their qualification certificate and degree certificate.
  • Others are almost the same, like up-to-date audited ITR and financials of the past two years.
  • Bank statements for the recent months as asked. 

In case the loan applicant is a Partnership Firm or Limited Company, then the following documents are required:

  • Deed of partnership and letter of authority partnership for the firms
  • COI (Certificate of Association)
  • Latest pattern of shareholding for private/ public ltd companies.
  • Articles and Memorandum of Association
  • ITR and financial data for the recent two years
  • Bank statements as required (primarily for the last six months of the applicant’s main account and three months of other accounts cited in the balance sheet)
  • Shareholding patterns for Private Ltd. / Public Ltd. companies

Process of applying for a business loan

If you think that it will take a lot of work to apply for a loan in Manappuram, then let us mention to you that the application process is simple and can be processed by filling the form given above online: 

Read More: Sundaram Finance Ltd. Businesss/SME Loan

Features and Benefits

Although many financial institutions offer competitive business loans, Manappuram stands among the top-rated. Their business loan features have proven profitable and attractive for businesses and enterprises. We have discussed a few of its features and benefits to showcase to you why it is a good option:

Digitalized Process
As the loan process of Manappuram is wholly digitalized, it enables its applicants to get a fast and hassle-free loan which means you are free from hundreds of paperwork. Your loan is approved at the click of a button.

Loan Quantum
An applicant can avail of a business loan of a minimum of Rs. 5 lakhs up to Rs 2 crores from Manappuram Finance which depends on the requirement of the business and the credit profile and repayment capacity of the applicant. 

Tenure of Repayment
An applicant can avail of flexible repayment options for their business loan from Manappuram Finance. There are facilities to repay the loan within 24 to 60 months.

Rate of Interest
When an applicant applies for a loan, their most concern is the rate of interest they are required to pay at the time of repayment. The interest rate also depends on the business profile, amount of loan sanctioned or applied for, loan tenure, and reimbursement capacity of the applicant/ business holder. Thankfully, Manappuram Finance’s Rate of Interest is customizable and within your means. 

Speedy Disbursal
There’s no need to wait long hours to get your loan approved from Manappuram finance. Their processes are quick and instant. Once an applicant submits their application, the representative from Manappuram evaluates the submitted documents to verify their eligibility, viability and authenticity. The loan gets disbursed to the applicant within ten days if everything seems fine. 

Collateral
For a business loan, Manappuram Finance requires the customers to provide collateral which we have already mentioned above. The collateral is a safe and secured way to get your loan sanctioned. If an applicant is worried about keeping collateral against a loan, then below are a few to keep in mind to avail of cost-efficient collateral-based business loans.

Clear and vendible title of the security
Financial institutions ensure an understood and vendible title to the security presented as a guarantee. Assume the borrower is offering private property; the Manappuram representative will check for all the property documents for genuineness. Only after that, they will take authority over the original title documents.

LTV- Loan-to-value Ratio
The loan-to-cost proportion is the extent of insurance against which the bank or monetary foundation will want to give credit. This proportion ranges between 70-85%. The loan amount gets sanctioned based on necessity, financial soundness, and income, whereas the upper limit depends on the market worth of the guarantee/ collateral. Therefore, a borrower must choose a suitable asset that aligns with the loan amount.

Right business security
The measures for business credit authorization additionally incorporate the business incomes. Consequently, entrepreneurs ought to ensure the projections are practical. Without a productive business, a significant guarantee probably won’t get the credit endorsed.

Cautiously pick the tenure of the loan
Business loans offered by NBFCs are availed for the long term. Hence, the borrower needs to look at the repayment options carefully. They should search for reimbursement choices enabling clauses of partial or full prepayment of loans so that when there are extra incomes, these can be utilized to prepay the advance to pay off the obligation and loan fees.

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Conclusion 

With NBFCs like Manappuram Finance, SMEs can now avail of a business loan quickly and with minimum procedures. The company is one of the best–trusted and reliable when choosing a business loan. But it is always advisable to check the interest rate and other charges before making any final call.

If you wish to know more about Manappuram Business loan or any of their other products, you may call their customer care number 1800-420-22-33 (Monday to Saturday, between 8:00 AM to 8:00 PM).

To know more details on SME loans from Manappuram Finance Ltd Business.

You can email [email protected] or call at  +918886666821.

FAQ’s

How much tenure is for the Manappuram Business loan?

Can I contact any customer care for the Manappuram Business loan?

What is the wait time to get the Business loan from Manappuram Finance?

Does Manappuram Finance take collateral for business loans?

Can I apply online for a business loan in Manappuram Finance?

What is the maximum loan amount sanctioned in Manappuram Finance?

How many Manappuram Finance branches are there in India?

What is the rate of interest for a business loan in Manappuram Finance?

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