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Overview

Micro Loan against property allows you to use the value locked up in a property to meet any expenses you may have. While the loan amount depends on the total value of your property, you are free to use the funds as you see fit. Your property acts as collateral for the loan, but you can continue to use it as before.

From Orange Retail Finance provide Micro Loan Against Properties loan to Self-Employed (MSME’s). Our streamlined process with minimal documentation ensures a hassle-free experience for every customer.

You can reach out to our support team for answers to any queries you may have or information you need via phone, email, or chat. Apply for a Micro Loan against Property today, and mOriginal Seen and Verifiedake the most of a host of advantages as our valued client.

Features and Benefits

Funding available from Rs 1 lacs to Rs 10 Lacs

Affordable and attractive interest rates.18% to 21%

Convenient loan repayment option of up to 84 months

Both residential and commercial property accepted as collateral

No Part pre-payment charges (Maximum Part Prepayment allowed is 30% in a year of Principal Outstanding)

Quick & Efficient processing for fulfilling your business working capital needs

 

Documentation

Pre-sanction Documents

1) Application Form 

2) KYC

3) Photographs        

4) Proof of ownership documents   

5) Business Proof / YIB      

6) Income documents         

7) Bank Statement  

8) Documentation pertaining to the property offered as collateral

9) IMD fee cheque

Post-Sanction Documents

1) Loan Agreement   Loan Agreement duly signed by applicant / co-applicants.

2) Repayment Instrument:   ACH / NACH

3) Original Property document (Regd. Sale deed / Title deeds/ Patta / Allotment letter (Housing or Govt. Authorised Body), EC, Building plant, Property Tax receipt, Patta, Chitta, etc.

4) MOD with Latest EC

Eligibility

 

Sno

Parameters

Norms

1

Applicant and Co-applicant Age

Minimum – 25

Max - 65

2.

Co-applicant

Mandatory (Blood Relationship only allowed)

3.

Business Segment

Self Employed Individual and partnership firms

4.

Target Segment (Residential Indians only)

Self employed professionals (SEPs) and Non-Professionals (SENPs)

Individuals/Proprietorship and partnership firms will fall under this category

Small Pvt limited companies allowed under exception

5.

Loan Amount

Minimum – INR 1 lac & Maximum Rs. 10 Lacs

6.

Loan Tenor

Minimum 12 Months & Maximum 84 Months

7.

Document Requirement

1.KYC

For Individual / Partnership Firm / Company

Identity Proof – Any one (e.g. Voter ID / Driving License / Passport)

Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)

Business Continuity Proof – Any one document dated 2 years old (Bank Statement / GST Challans / IT Returns / Shops & Est. Certificate / Partnership Deed)

Passport Size Photographs

2. Proof of ownership documents, Business Proof, 

3. Income documents,

4. Bank Statement

5. Documentation pertaining to the property offered as collateral (including Encumbrance certificate for last 13 yrs, Title deed copies, Prior title deed copies wherever applicable, Latest Property tax receipt).

 

 

FAQ

. What is Micro LAP?

Micro Loan Against Property is a type of secured loan for which the lender keeps your property as collateral. Whether you want funds for your business needs, you can secure this loan against your property and pay it over a period as long as 7 years

2. What is the minimum and maximum loan limit offered in Micro LAP?

Minimum loan amount is Rs. 1,00,000 and maximum amount is Rs. 10,00,000, based on the Eligibility.

3. What is the minimum and maximum Loan Tenor offered in Micro LAP?

Minimum Loan Tenor is 12 Months and maximum Tenor is 84 Months.

4. How is Maximum Loan Eligibility calculated?

Orange Retail Finance offer simple and transparent procedures to find your eligibility for Micro LAP.  Your repayment potential can be assessed based on factors such a Monthly income, Fixed monthly obligations, Bureau score, Business Profile, etc. The loan amount will also depend on the valuation of the property you are pledging and the availability of required documentation for the same.

5. For what purpose can I avail of a Micro LAP?

You can avail of a Loan against Property for business purposes including expanding business premises. The end use of the mortgage loan product should not be for any speculative or prohibitive activities.

6. What security do I need to provide to avail of the loan?

The security for the loan will be the first mortgage of the property to be financed - generally by way of deposit of Title Deeds and/ or such other collateral security. The title to the property has to be clear, marketable, and free from encumbrance. In other words, there should not be any existing mortgage, loan, or litigation, which is likely to affect the title to the property adversely.

 

Disclaimer:

The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of Orange Retail Finance.

 

This is an indicative list only. Additional documents may be asked for on a case-to-case basis.