MB Fund


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PERSONAL LOAN

The Loan is given on the basis of Financials such as ITR, Salary Slip or Form 16 or on the basis of track record as running or completed emi's for loan as home, personal or vehicle.

Below are the few Features and Benefits of Personal Loan. All the banks give loan on same basis with few exceptions.

1. Personal Loan is available for both Salaried & Self employed including Manufacturer, Trader, Professionals etc. on the basis of income (Salary, ITR, P&L A/c etc) or on the basis or surrogate income proof.
2. No security, collaterals or guarantors required. This is an unsecured loan given only on the basis of one’s financials.
3. Loans ranging from Rs. 50,000 to Rs. 25 lakhs. The actual eligibility is calculated after going thru the actual financials and profile. To know loan eligibility see Eligibility Methods.
4. No Question asked or Free usage - The amount received thru personal loan can be used for any purpose, it may be for purchases, gifts, house renovation, festival celebration or else. The bank do not asked any questions about the end usage of the loan.
5. Easy repayment through flexible EMI options. One can repay the loan according to his/her repaying capacity ranging from 12 - 60 months. Lower tenure will reduce the loan amount also and vice versa.
Eligibility Methods (PL)

1. Income Basis – on the basis of ITR, salary or form 16.
One can expect a Loan equal To EMI one half Of Monthly Income.

Monthly Income (MI) For Businessman
MI= 1/12*(Net Profit As Per ITR + Interest To Partners/ Directors + Interest On Unsecured Loans + Depreciation)

Monthly Income For Salary 100% Of Fix Monthly Component + 50% Of Variable Components Such As Bonus, Commission Etc. Which Is Not Fixed By Its Nature

2. Running Emi’s basis which is called surrogate income proof or track basisRunning Emi’s, If Emi Paid Are >= 9 Or 50% Of The Total Tenure.

3. Credit card basis- Twice of credit card limit, if last three months credit card payments made regularly without any default. The maximum loan amount one can go up to Rs.2.50 lac.

4. Insurance Premium Paid Basis - One can get 5 times of annual premium of any Life Assurance Policy, if last two years premium are paid regularly without any default or delay. The maximum loan amount one can get is Rs.2.50 lac.

Eligibility Criteria (PL)

1. Age

a. Minimum age of Applicant: 21 years while applying for loan.

b. Maximum age of Applicant at loan maturity should be 60 years in case of salaried or retirement age whichever is earlier and 65 years in case of businessman.
2. Income

Minimum Annual Income should be Rs.100,000 p.a. taxable income
3. Stability

a. The minimum stay at current residence should be 2 year for salaried and self-employed individuals.

b. The minimum years in continuous employment / business should be 2 year for salaried individuals and 5 years for self-employed individuals.

c. Either residence or office of the applicant should be owned.

d. The applicant must have a landline telephone connection at home running from the last six months.
Loan Details

1. Loan Amount
You can avail loans ranging from Rs.50,000/- to Rs.25,00,000/- depending on your eligibility, income and repayment capacity.

2. Rate of Interest
It varies from 12% - 36% depend on person’s profile and Bank’s criteria

3. Processing Fee
A processing fee of 0.05% to 3% of the loan amount is payable upfront. This fee will be deducted from the disbursal amount payable to you.

4. Repayment Options
You pay the loan in equated monthly installments. The loan will be paid through post-dated cheques or through Standing Instructions or through ECS to debit your Bank account through ECS with the EMI amount
Below is the list of Documents Required for the following categories -
  • Sole Proprietor Businessman
  • Self employed Businessman (Partnership & Private/Public limited)
  • Salaried Individual

    Sole Proprietor Businessman


    1. Proof of Incorporation/Company Association (any one of the following)
    Proprietorship Letter / Bank Verification Letter

    2. ID Proof (any one of the following)
    Passport / Driving License / PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed
    Rent Agreement if rented / Passport

    5. Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof / Electricity/ water Bill / Property Tax receipt

    6. Office Address Proof (any one of the following)
    Telephone Bill / Electricity Bill / Water Bill / Lease Deed / Rent Agreement if rented / Any Government Certificate Sales Tax or Excise License or Service Tax Registration Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 12 months of all Current A/c showing in the Balance Sheet
    Bank Statement for Last 6 Month of Individual/ savings

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule / Track of All Loans Showing EMI /ECS in Bank Statement. or in Balance Sheet

    9. Continuity Proof 5 years for Business or 2 years in Job (all are mandatory)
    Sales Tax or Excise License
    Service Tax Registration Certificate or PF/ ESI Certificate
    Income Tax Return
    Any Govt Certificate

    10. Others
    Company Profile or Letter Head

    11. Property Documents
    Property Documents of Proposed Property to be Purchased or to be pledged with Last 13 Years Chain

    12. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    Self employed Businessman ((Partnership & Private/Public limited)

    1. Proof of Incorporation/Company Association (any one of the following)
    Partnership Deed / Bank Verification Letter/ Memorandum & Articles of Association / Certificate of Incorporation

    2. ID Proof (any one of the following)
    Passport / Driving License
    PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed / Rent Agreement if rented / Passport

    5. Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof
    Electricity/ water Bill
    Property Tax receipt

    6. Office Address Proof (any one of the following)
    Telephone Bill / Electricity Bill / Water Bill / Lease Deed / Rent Agreement if rented / Any Government Certificate Sales Tax or Excise License or Service Tax Registration Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 12 months of all Current A/c showing in the Balance Sheet
    Bank Statement for Last 6 Month of Individual/ savings

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank Statement. or in Balance Sheet

    9. Continuity Proof 5 years for Business/ or 2 years in Job (all are mandatory)
    Sales Tax or Excise License
    Service Tax Registration Certificate or PF/ ESI Certificate
    Income Tax Return
    Any Government Certificate

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Property Documents
    Property Documents of Proposed Property to be Purchased or to be pledged with Last 13 Years Chain

    Salaried Individual

    1. Proof of Incorporation/Company Association (any one of the following)
    Appointment Letter / Salary Certificate

    2. ID Proof (any one of the following)
    Passport / Driving License / PAN Card / Election ID Card

    3. Signature Proof (any one of the following)
    Passport / Driving License / PAN Card / Bank’s Verification

    4. Residence Address Proof (any one of the following)
    Telephone Bill or Water Bill or Electricity Bill / Lease Deed
    Rent Agreement if rented / Passport

    5.Residence/ Office Ownership Proof (any one of the following)
    Lease Deed/ Registry or Other Ownership Proof / Electricity/ water Bill / Property Tax receipt

    6. Office Address Proof (any one of the following)
    Appointment Letter / Salary Certificate

    7. Income Proof (all are mandatory)
    Last Two Year Income Tax Return, Ward/ Circle and Ten Digit Number of Receipt should be clear
    Profit/Loss Account & Balance Sheet or Auditor’s report wherever applicable.
    Bank Statement of Last 6 Months of Individual/ savings
    Form 16 of Last 2 years

    8. Loan Schedule or Repayment Track (all are mandatory)
    Loan Schedule/ Track of All Loans Showing EMI/ECS in Bank statement

    9. Continuity Proof 5 years for Business/ or 2 years in Job (all are mandatory)
    Appointment Letter
    Form 16 of last 2 Years

    10. Others
    Company Profile or Letter Head

    11. Most important documents (MID)
    Application Form to be filled and signed
    Bank Statement
    Signature Verification. Request from the bank

    12. Property Documents
    Property Documents of Proposed Property to be Purchased or to be pledged with Last 13 Years Chain



     

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