FINSMART

TYPES OF LOANS

  • PERSONAL LOANS
  • BUSINESS LOANS
  • HOME LOANS
  • EDUCATION LOANS
  • AUTO LOANS

Eligibility And Documents 

PERSONAL LOANS-


1.Salaried EMPLOYEE Loans

Personal Loans for Salaried class include people working in private or government enterprises – and does Salaried Doctors working in health institutions, CAs working in companies, employees of Public listed and Private limited companies , MNCs, SMEs and Government Sector employees including public sector undertakings.

ELIGIBILITY CRITERIA FOR SALARIED EMPLOYEE LOANS:

  • Minimum AGE of applicant: 21 years
  • Minimum employment TENURE:  Total work experience required is 2+ years and current company minimum 1month
  • Minimum NET MONTHLY INCOME:   At least INR 15,000 per month.

DOCUMENTS REQUIRED

Your KYC Documents:

  1. Proof of Identity:  Your Passport or Voter ID or  Driving License or  AADHAAR Card
  2. Proof of Address: Ration card or Driving License or Voter ID or  Utility Bill ( Water or Electricity Bills within last 3 months)  or  Registered  Rental Agreement  or  your Passport
  3. PAN Card

Your INCOME Documents
1.Bank Statements :  Latest 3 Months bank statements  or  6 months bank 2.passbookSalary Slips:  Salary payroll slips, along with latest Form 16 or ITR or your Company Offer Letter.


2.Self Employed PROFESSIONAL Loans

Self Employed Professionals include self – employed Doctors, Chartered Accountants, Company Secretaries, Architects, and Business Consultants – many service professionals and software consultants too fall in the same category.

ELIGIBILITY CRITERIA FOR SELF EMPLOYED PROFESSIONAL LOANS:

  • Minimum AGE of applicant: 25 years
  • Minimum employment TENURE:  Minimum 3 year in business with proper certification and licences
  • Minimum NET ANNUAL INCOME for the individual:   At least INR 500,000 per year.

DOCUMENTS REQUIRED 

Your KYC Documents:

  1. Proof of Identity:  Your Passport or Voter ID or Driving License or PAN Card or AADHAAR Card
  2. Proof of Address: Ration card or Driving License or Voter ID or  Utility Bill ( Water or Electricity Bills within last 3 months)  or  Registered  Rental Agreement  or  your Passport
  3. Date of Birth Proof : Driving License  or  PAN Card  or  Passport  or  Birth Certificate  or  10th  or  12th mark sheet bearing date of birth or AADHAAR Card

Your INCOME Documents

  1. Bank Statements:  Latest 3 Months bank statements or  6 months bank passbook
  2. Balance Sheets and Profit/Loss Sheets financial statements for the last 2 Years and duly certified by a Chartered Accountant.
  3. Latest Income Tax Returns


3.Self Employed OWNER Loans

Self Employed OWNERS include business owners having proprietorship, business partnership firm, one person company or small private company in the business of Manufacturing, Trading or Services – we cater to all these Micro, Small and Medium Businesses and take special pride in arranging funds for them – they are the real employment and prosperity generators for India.

ELIGIBILITY CRITERIA FOR SELF EMPLOYED OWNERS  LOANS:

  • Minimum AGE of applicant: 25 years
  • Minimum Business TENURE:  Minimum 3 year in business with proper certifications and government license, and preferably experience in the same industry
  • Minimum NET ANNUAL INCOME of Business:   At least INR 1 Cr per year.
  • Profitability: Business must be making profit for at least last 2 years

DOCUMENTS REQUIRED 

Your KYC Documents:

  1. Proof of Identity:  Your Passport or Voter ID or Driving License or PAN Card or AADHAAR Card
  2. Proof of Address: Ration card or Driving License or Voter ID or  Utility Bill ( Water or Electricity Bills within last 3 months)  or  Registered  Rental Agreement  or  your Passport
  3. Date of Birth Proof : Driving License  or  PAN Card  or  Passport  or  Birth Certificate  or  10th  or  12th mark sheet bearing date of birth or AADHAAR Card

Your Business KYC Documents:

  1. Proof of BusinessContinuity:  Your business Trade license or Establishment and Sales Tax certificate or SSI Registration or other government regulations
  2.  Certificate for Business Entity setup: Sole Proprietorship Certificate, Or Certified Copy of Partnership Deed, or Certified true copy of Memorandum and Articles of Association certified by Director and Board resolution (Original)

INCOME Documents

  1. Bank Statements:  Latest 3 Months bank statements or 6 months bank passbook
  2. Balance Sheets and Profit/Loss Sheets financial statements for the last 3 Years and duly certified by a Chartered Accountant.
  3. Latest Income Tax Returns

HOME LOAN-

Eligibility Criteria for Home Loan

 SalariedSelf employed
Age21 years to 70years21 years to 70years
IncomeRs.1,20,000 (p.a.)Rs.2,00,000 (p.a.)
Loan Amount Offered1,00,000 – 50,00,000001,00,000 – 50,00,00,000
Tenure1years-30years1years-30years

Required Documents

List of papers/ documents applicable to all applicants:

  • Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • Permission for construction (where applicable)
  • Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development agreement of the builder, Conveyance Deed (For New Property)
  • Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

  • Bank A/c. Statement (Individual) for last six months
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Last 3 months Salary Slip.
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Co-applicant/ Guarantor:

  • Business Registration Proof.
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
  • IT returns for last 3 years

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BUSINESS LOANS-

REQUIRED DOCUMENTS

Typical Documents for Short Term Business Loan Application

  • Income Tax returns of last 2 Years
  • Last 2 years audit reports and audited Financials including those of associate companies if applicable
    • ( Your debtors and creditors list with transaction details is must)
  • Last 12 months bank statements
  • Certificate of Incorporation – for private limited companies
  • Partnership deed for LLPs, MoA (Memorandum of Association) /  AoA (Articles of Association) for Private Ltd companies
  • Certificate of Registration for sole proprietors or Single Person Company
  • Residence / Office Ownership Proof
  • Aadhar Card for Directors, Promoters, Applicants
  • Address Proof and Identity Proof ( Passport, Voter ID, PAN Card, Driving Licence, Aadhar Card )
  • Utility Bills for Telephone / Electricity / Internet
  • Company and Directors PAN Numbers
  • Cash flow statements and cash flow projections for more than 1 Crore loans
  • Equipment or Machinery Invoices or Performa invoices or Quotations for Equipment financing from vendors

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