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Small Business Loans

Growth Capital for your Business Ventures. Mystro offers 100% digital journey based loans for meeting your business expansion needs. From Working capital to Business expansion, apply on Mystro to avail digital loans today.

  • 100% digital Journey
  • Competitive interest rates
  • Fast Approval & hassle-free
  • No Hidden Charges

Why Small Business Loans ?

As a business owner, you might find yourself in a position where you require a loan to manage your business needs like meeting working capital requirements, or purchasing stocks and inventory among many other reasons. Mystro offers a completely modern and digital approach to a fast access to financing in a completely hassle-free manner.

Typically, Customers opt for business loan invest in their business for buying new machinery, expand the business or to meet the working capital gaps in their business. We offer loans ranging for wide array of requirements with minimum offering of Rs. 10k to maximum of upto Rs. 5 crores. We offer financing solution from our own NBFC as well Partner Banks & NBFCs.

Loan Eligibility Criteria

Following are the eligibility criteria for Small business loan application:

Business Operations Minimum of 2 years
Turnover

Loans upto 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, should be staying at the premises for 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
  • In case of individuals, minimum taxable income of Rs. 2.5 lakhs as per ITR for last 2 years
  • In case of non-individuals, minimum Net profit should be Rs 3 lakhs for last 2 years
Other Criteria
  • For a Self Employed professional like Doctors/Architects/CA & others, the professional should possess the required skills and qualifications to avail the loan. A list of qualifications can be found online. Doctors, engineers, chartered accountants and management consultants are required to produce a proof of qualification as well.
  • For Individuals/Self Employed – Person should have Income Tax Returns filed for last 2 years along with Balance Sheet of the Individual. Preferable if a registered chartered accountant has prepared the Balance sheet for the Individual atleast for last 2 financial years.

Please note, the eligibility terms referred above are not an exhaustive list of criteria and may differ from time to time as per the Credit evaluating committee of the loan providing company.

Business Loan features

Mystro offers customized business loans for small and medium businesses in India. Our loans are completely digital which requires no Bank visits for making an application or to know your eligibility. Mystro is one of the pioneers in digital loan processes and offers a very simple flow from the application to approval stage.

  1. Small Business Loans for different needs

    We offer business loans of ₹ 50,000 up to ₹ 5 Crore to eligible SMEs. Our wider loan window increases the chances of business loan approval and provides you the funds needed for growth and expansion of your venture.

  2. Fast Turnaround Time and Disbursals

    Mystro offers business loans faster than the 59 Minute Business Loan scheme. With our online business loan processing, you can get a business loan within 3 days as against weeks to months for Banks and other NBFCs.

  3. No collateral required

    Mystro offers business loans that does not require your valuable assets as a collateral/guarantee. We offer unsecured business loans based on the strength of your business cashflow and past business performance.

  4. Fair interest rates

    We offer loans directly from our NBFC or from our close partnered Banks/NBFCs. We cut the intermediation fees and unnecessary layers which typically are opaque and hence leading to higher cost. Mystro offers a transparent and competitive interest rates for loans offered.

  5. Extended Loan Tenure

    Our loan tenure of minimum 1 month and maximum 60 months, vastly extends the credit relief for your business. Customers can avail loans which are repayable in EMIs that allow them to plan for the cash outflows.

  6. No Hidden Costs

    Mystro business loans promise zero hidden costs and charges. We only levy a one-time processing fee.

KYC Documents required

Documents required are different if Business ownership is on Individual name as compared to business being run in a separate legal entity like Company, LLP, Partnership etc. Below we have listed, the documents that are required first for the Individual and subsequent to that for the Company.

For Applicant as an Individual

  1. Primary ID Proof

    PAN Card is a must. Customers will be required to upload E-PAN card copies while applying

  2. Alternative ID Proof

    Aadhaar Card is a must. Customers will be required to Upload only E-aadhaar card on while applying.

  3. Current Address Proof

    Latest Proof document which is in the individuals name, which can be one among

    • Electricity bill
    • Broadband/Telephone connection
    • Gas bill
    • Water bill
    • Valid Rent agreement
  4. Permanent Address Proof

    One among the following documents are required to establish that Individual is an Indian Resident with a permanent address

    • e-Aadhaar
    • Passport
    • Driving License
    • Voter Id
  5. Bank Statements

    Bank statements of the Company for the past 12 months

  6. Income Tax Returns of the Individual

    Last 2 years ITR

  7. Other KYC Documents
    • Trade licenses (if applicable)
    • Shop Ownership or rental documents (if applicable)
    • Sole proprietorship deed (if applicable)

For Applicant as a Company or any other legal entity

In case of Legal entity of the Business ownership is a Company, LLP, Partnership or any other than an Individual, 2 sets of documents are required to be provided:

  • Primary Promoter KYC Documents – the documents of the principal promoter will be required, same as listed above for individual
  • Company KYC Documents - Company’s KYC documents are required to be uploaded, following Business Related documents are required for the Company.

Following Company KYC Documents are required:

  1. Company PAN

    Upload Company PAN card

  2. Company GST Certificate

    Provide GST registration certificate of the company.

  3. Company Incorporation Certificate

    (For Partnerships or Trusts, upload partnership or Trust deeds)

  4. Income Tax Returns

    Last 2 years ITR

  5. Company Financial Statement (for last 2 financial years)

    It should cover the Profit and loss statements and Balance sheet for the past 2 financial years

  6. Other KYC documents
    • Trade licenses (if applicable)
    • Shop Ownership or rental documents (if applicable) years.
    • Sole proprietorship deed (if applicable)

Application Form

There are 6 sections in the loan application form. It will take approx. 3-4 minutes to complete the form. Application fill-up is a one-time process. If you have already Applied once, then for your Next application data will be auto-fetched from previous records and the subsequent applications can be submitted in seconds. Take note of the below mentioned KYC documents required to be uploaded.

Loan Application sections:

  1. Promoter KYC

    2. Provide PAN and Aadhaar details of main Owner of the Business (Promoter). Upload Promoter’s KYC documents like:

    1. PAN
    2. Aadhaar
    3. Current address proof
  2. Business KYC

    3. Provide Business Name, Company PAN (if applicable) of your Business. Upload Company’s KYC document as under (if Business run under Individual, below documents are not required)

    1. Company PAN
    2. GST certificate
    3. Incorporation certificate
    4. ITR (last 2 years)

    We recommend you to arrange the documents required for Business’s run as a company (or other legal entities). In case if any particular document is not applicable at the current stage, you may opt to skip.

  3. Business Details

    4. Provide additional details about your Business

  4. Promoter Details

    5. Provide additional details about the main Owner (Promoter) of the business.

  5. Loan Requirement

    6. Provide the loan requirement details

  6. Upload Bank Statements

    7. Upload latest Bank statement PDF of Individual (if business entity is Individual) or Company (or firm) for last 6 months

Recommendation

It’s recommended that e-PAN and e-Aadhaar are uploaded for Individuals (Promoters). If you have already downloaded the same, you can upload and provide the PDF password. In case you do not have the copies, you can easily download from the links provided in the respective page.

How to apply

To apply for a Loan, Download Mystro Android or IOS app or Apply on the Website. Login using your mobile number. If you are existing user of Mystro app, you will be able to re-apply and past information provided will be auto-fetched. Following are the steps for Application to funding:

  • Go to Small Business Loan and Fill up the application form
  • Upload the KYC documents required
  • Submit your Online application form (takes 3-4 minutes to complete the data fill-up and document upload)
  • Track Application status on app and receive Notification on Approval or Decline
  • Accept Terms of Sanction if loan is Approved
  • Get Funded in your Bank account

*Terms and conditions apply

Loan approval is a subject of discretion of Loan provider company and decided as per internal credit approval norms.