Small & Micro Loan Against Property
Small & Micro Loan Against Property
Small & Micro Loan Against Property (SMLAP) is a secured loan which can be utilized by customers to meet their personal or business needs. The collateral of SMLAP can be either Residential or Commercial property. The property can either be self occupied, rented or mixed-used.
- Micro LAP:
- Minimum Loan amount to be INR 10.01 lakhs
- Maximum Loan amount to be INR 25 lakhs
- Small LAP:
- Minimum Loan amount to be INR 25.01 lakhs
- Maximum Loan amount to be INR 50 lakhs
- Maximum Tenor:
- 180 months
- Customer Profile:
- Salaried Individual, Self Employed Individual, Self-Employed Professionals, Self Employed Non-Professionals, Sole Proprietorships, Partnership Firms and Private Limited Companies, LLP
- Collateral Type:
- Residential, Commercial
*subject to location and program capping and credit appraisal
- Application form including co-applicant form(s) completely filled with signature of all applicant(s)
- KYC document as per the policy of the Bank:
- For Individuals - ID proof and address proof
- For Non-individuals - Business entity proof / Business address proof
- PAN Card is mandatory for all applicants of the loan
- Signature proof
- Residence / office ownership proof
- Business continuity proof (self-employed)
- Proof of employment stability (salaried)
- Income documents (as per respective program)
- Bank statement of all accounts required (as per respective program)
- Collateral Documents
- RTR / Bank statements required for live loans if any
- Other documents as specified in the respective program
Officially Valid Document (OVD):
- Driving license
- Proof of possession of Aadhaar number
- Voter's Identity Card issued by the Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name and address
- Latest Partnership Deed certified by all the partners that it is the latest deed as on date
- Latest Dissolution Deed, if any - certified by current partners that it is the latest dissolution deed as on date
- Latest shareholding certificate & list of Partners (from CA)
Private Ltd company:
- Certificate of incorporation
- MOA / AOA
- Latest shareholding certificate & list of directors (from CA)
Business Vintage & identity Proof:
- ITRs / financial statements (filed 3 years prior to application date) or
- Current / OD / CC account statements or
- Any government issued certificate (Trade License / SSI / Service Tax Registration / VAT, etc.,) or
- Besides the above, any other authentic proof (Purchase bills / Sales bills / Old lease agreement / rental agreement / old utility bill in business name, etc.,)
- Any government issued license / NOC in favor of business (>3 year old)
- GST certificate >= 3 years
- ITR with business income (> 3-year-old financials)
- Current / OD / CC account statements with entity name (> 3 years old – 10 days statement)
- Partnership deed, MOA / AOA / COI
These are the documents required:
- KYC (Identity & Address Documents)
- Income Documents
- Banking Documents
- Financials Documents
- Collateral (Property Documents)
Residential & Commercial are acceptable for SMLAP. The property may be self-occupied or rented. Mixed land use property is also acceptable.
Yes, you can prepay the loan availed with applicable charges. Please refer our schedule of charges for more detail.
Yes. You can transfer your existing Loan Against Property from any other financier to RBL Bank (Balance Transfer) and avail of additional refinance.
We fund upto 65% of the property value.
In case of salaried applicants, salary of upto 2 applicants can be clubbed. In case of non-individual applicants, salary of partner/director can be clubbed along with the income of the firm.
No. There is a separate surrogate program for SMLAP where other parameters would be considered instead of the applicant’s income.
- Co-applicant is mandatory for all loans.
- Terms and Conditions apply.
- All Loans are at the sole discretion of RBL Bank.
- RBL Bank will notify you about the loan decision in approximately 14 working days from the date of receipt of the completed application form and all the required documents.
- The customer shall ensure that in case there is any update / change in residence / contact information / employment submitted to the Bank at the time of availing Loan facility and thereafter, as necessary: he / she shall submit to the Bank the update of such documents within 30 days for the purpose of updating the records at the Bank's end.
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