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.

Product Features

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):

Passport
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

Partnership Firm:

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.,)

Vintage proof:

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

What documents are required to apply for this loan?

These are the documents required:

KYC (Identity & Address Documents)
Income Documents
Banking Documents
Financials Documents
Collateral (Property Documents)

What kind of property is acceptable for SMLAP?

Residential & Commercial are acceptable for SMLAP. The property may be self-occupied or rented. Mixed land use property is also acceptable.

Is there an option to prepay SMLAP Property earlier? Are there any charges?

Yes, you can prepay the loan availed with applicable charges. Please refer our schedule of charges for more detail.

Is it possible to transfer my existing loan to RBL Bank?

Yes. You can transfer your existing Loan Against Property from any other financier to RBL Bank (Balance Transfer) and avail of additional refinance.

What is the loan amount as a proportion of the value of property?

We fund upto 65% of the property value.

Can I club my income with others to avail LAP?

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.