Mystro - Business Loans

Eligibility Criteria

Business Operations

Minimum of 2 years in operations

Turnover

Loans up to Rs. 5 Lakhs – Minimum turnover of Rs. 50,000 per month
Loans between Rs. 5 – 20 Lakhs – Minimum turnover of Rs. 2 Lakhs per month
Loans higher than 20 Lakhs – Minimum turnover of Rs. 3 Lakhs per month

Age

Minimum 21 years at the time of loan application
Maximum 65 years at the end of loan tenure

Residence / Office Stability

Either office or residential property should be owned. Residential property ownership can be that of Principal Promoter Parents in the city of business operations.
In case of rented residential accommodation, applicant should be staying at the premises for at least 12 months, only for cases where business vintage is more than 3 years and meets turnover and profitability criteria.
Office stability should be of at least 12 months as per the office address proof provided.

Net Profit or Taxable Income

Individuals – Minimum taxable income of Rs. 2.5 Lakhs as per ITR for last 2 years
Non-Individuals – Minimum Net Profit of Rs. 3 Lakhs for last 2 years

Other Criteria

For self-employed professionals (Doctors, Architects, Chartered Accountants, etc.), required skills and qualifications must be demonstrated. Proof of qualification is mandatory.
Individuals / Self-employed should have Income Tax Returns filed for last 2 years along with Balance Sheet.
Preferable if a registered Chartered Accountant has prepared the Balance Sheet for the last 2 financial years.

Please note, the eligibility terms mentioned above are not exhaustive and may differ from time to time as per the Credit Evaluating Committee of the loan provider.

Apply Now

KYC Documents Required

Documents required are different if business ownership is in the name of an Individual as compared to a separate legal entity like Company, LLP or Partnership.

Individual Loan Applicant

Primary ID Proof

PAN Card (E-PAN card copy required)

Alternative ID Proof

Aadhaar Card (E-Aadhaar only)

Current Address Proof (any one)

Electricity bill
Broadband/Telephone connection
Gas bill
Water bill
Valid Rent agreement

Permanent Address Proof (any one)

e-Aadhaar
Passport
Driving License
Voter ID

Bank Statements

Bank statements of the business for the past 12 months

Income Tax Returns

Last 2 years ITR of the Individual

Company/LLP/Partnership Loan Applicant

Two sets of documents are required: (1) Primary Promoter KYC Documents (same as for Individual above) and (2) Company KYC Documents.

Company KYC Documents

Company PAN Card
GST Registration Certificate
Incorporation Certificate (For Partnerships/Trusts: Upload partnership deed or trust deed)
Income Tax Returns of last 2 years
Company Financial Statements (Profit & Loss and Balance Sheet for the past 2 financial years)

Business Loans