Raw Material Financing Loans

NEVER LET SHORTAGE OF FUNDS BECOME AN OBSTACLE IN YOUR BUSINESS

As its name implies, our raw material financing loan is designed to help small businessmen keep their raw material inventory in check. Opt for My Mudra’s Raw Material Financing Loan and keep your business in good shape. 

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Raw Material Financing Loans

 

Eligibility & Documentation


Successful business operations require a lot of capital. All businesses must pay a range of expenses on time in order to maintain business operations. Being able to quickly access funds can be crucial, especially when pursuing business prospects.

 

We at My Mudra Fincorp are aware of these requirements and provide this kind of business loan as an effective option for all business owners seeking to maintain their competitiveness. There are numerous cost-effective benefits for borrowers who take out a business loan.

 

Eligibility For My Mudra’s Raw Material Financing Loan

 

The following are the Business Loan eligibility criteria that need to be fulfilled for an individual to get the loan.

 

Criteria

Requirement

Age

Individuals must be between 22 and 62 years of age.

Work Experience

People must have a business vintage of at least 3 years.

Annual Business Turnover

The applicant’s business must have a minimum annual turnover of ₹20 lakh.

 

 

Documents Required To Avail My Mudra’s Raw Material Financing Loan

 

The following are the documents required for this business loan which need to be submitted by every individual looking for getting a loan from My Mudra Fincorp. As already mentioned above, these documents are very easy to arrange.

 

 

Documents

Requirement

KYC

· Company PAN Card, Director/Proprietor/ Partner PAN Card, Aadhaar Card, Passport.

· Proprietor/Partner/Director PAN Card, Aadhaar Card, Electricity Bill/Rent Agreement/Passport.

Business Address Proof

· Utility bills/ Rent Agreement.

Financial Documents

Bank account record for the past 6 months.

 

*The aforementioned list of documents for a business loan is suggestive. Extra documents may be needed at the time of loan processing.

 

eligibility

How to improve your Raw Material Financing Loans Eligibility?

Follow these tips to improve your Raw Material Financing Loans Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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