A micro-enterprise under this loan category is usually a small business engaged into manufacturing, trading or services.
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 35%.
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
Small Enterprises which includes retailers, traders, small manufacturers and service providers
Between 22 to 65 years
20,000/- or above
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
*MAS reserves the right to ask for additional documents