Financial Aid For Basic
Essentials In Life

Consumer Durable Loan

A Consumer Durable Loan is an option that helps customers finance their purchase of consumer durables. This class of products includes household appliances or electronics such as TVs, refrigerators, air conditioners, washing machines, microwaves, home theatres, laptops, wellness equipment, lifestyle products, etc.

By obtaining a Consumer Durable Loan, a customer can buy these products and repay the cost of the purchase over a convenient period, ranging from 6 months to 24 months

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    EMI Calculator

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    Target Segment
    Icon
    Aspiring Middle Class
    • Those who are not poor but have yet to achieve economic security
    Icon
    New to Credit Segment
    • The business of a company from the view of credit assignment and control.
    lulu

    How To Apply

    1
    Submit Aadhar Card / PAN Card

    We will check your Cibil Score

    2
    Submit Income Proof

    We will check your eligibility based on Income / Cibil Score

    3
    Receive Money

    Receive your money in 1-2 business days after verification

    lulu
    Eligibility

    Factors That Affect Durable Loan Eligibility

    Income Proof Scheme - Salaried employees / Pensioners

    Applicant age icon
    Applicant age

    Age: 21- 65 years on loan maturity.

    Monthly income icon
    Monthly income

    Minimum Gross Monthly Income Rs. 15000/-

    Occupation icon
    Occupation

    Vintage of at least 2 years with the current employer.

    Cibil score & loan amount icon
    Cibil score & loan amount

    Government employees with proper ID Card. Cibil score -1 or above 700. Maximum Loan amount Rs. 2.00 L

    Income Proof Scheme - Self Employed Individuals

    Applicant age icon
    Applicant age

    Age: 25-65 years on Loan Maturity.

    Monthly income icon
    Monthly income

    Minimum documented income / Assessed income Rs. 1.50 L

    Occupation icon
    Occupation

    Minimum 6 months in current business

    Surrogate Scheme

    Surrogate Scheme icon
    Surrogate Scheme

    12 months vintage with minimum credit limit of Rs. 50000/-.Latest 3 months credit card statement with no over-dues to be submitted. Minimum Cibil Score of 700. Maximum Loan amount 150% of the Credit Card limit.

    Monthly income icon
    Monthly income

    Minimum documented income/Assessed income Rs. 1.50 L

    Customers with documents icon
    Customers with documents

    Own house proof, such as electricity/water bills or any other ownership proof. Cibil score -1 or above 700. Maximum Loan amount Rs. 1 L

    Note: Common eligibility norm for income and surrogate schemes: Residing in the current address for more than 6 months.

    Repayment

    The act of paying back money previously borrowed from a lender

    Monthly Instalment. No repayment holiday.

    Autopay icon
    Autopay

    Can make use of internet banking to set up autopay for your EMI payments.

    Standing Instructions icon
    Standing Instructions

    Can set up standing instructions using NACH mandate.

    Draft / Cheque icon
    Draft / Cheque

    EMI payments can also be made via drafts or post-dated cheque.

    Online Transfer icon
    Online Transfer

    EMI payments can also be made online using NEFT, RTGS, IMPS payments.

    Loan Amount
    Minimum

    Rs. 5000/-

    Maximum

    Rs. 5 L/-

    Loan Tenor
    Minimum

    6 months

    Maximum

    60 Months

    Maximum Tenor not to exceed 24 months for loans upto Rs. 50000/-

    Margin

    10% of the invoice value.

    Security

    Hypothecation of the assets acquired out of the finance

    Co-Applicant / Guarantor

    Co-applicant Mandatory for loans above Rs.75000/- . Spouse / Family Member / Co-worker can be a coapplicant / Guarantor

    Rate of Interest

    To be decided on a periodical basis

    Interest type: Fixed

    Processing Fee

    Rs. 3% + GST

    Other Charges

    1. Late Payment fee: 2.00% per month (24% per annum) for the defaulted amount for the defaulted period.
    2. Pre-closure charges: 4% of principal outstanding
    3. Penalty for cheque bounce / NACH Return : Rs. 500+ GST
    4. Change of Bank Account: Rs. 400 + GST

    Disbursement

    Direct to the supplier / dealer by debit to the loan account.

    Pre-sanction inspection

    Direct to the supplier / dealer by debit to the loan account.

    Insurance

    Insurance coverage (ADLD-Accidental Damage and Liquid Damage) mandatory for all household appliances, Electronic Goods, Wellness equipment etc.

    Pre-sanction documents

    1. Loan application
    2. KYC documents (AADHAAR mandatory)
    3. Identity Proof: Aadhaar Card / PAN Card / Driving License / Voter’s ID / Passport
    4. Address Proof: Aadhaar Card / Passpor t/ Bank Account Statement / Lease / Property purchase Agreement / Utility Bill (not more than 3 months old) / Driving License
    5. Estimate / Performa Invoice

    Income documents:

    1. Salaried – Latest form 16, 3 months pay slip/ Bank account statement for 6 months into which salary credited, Salary certificate
    2. Pensioners- Pension book, Bank account statement evidencing the pension credited
    3. Self Employed/Non-Salaried- Last 2 years ITR (with minimum 6 months gap between 2 filings), 6 months account statement with a monthly credit of Rs. 10K
    4. Business Proof (for self-employed applicants): GST Registration and Filing Documents/ Partnership Deed/Certificate of Practice/ MOA & AOA/ Shop Act License
    5. Documents for surrogate-As per column 3 (Eligibility)

    Loan Documentation

    1. Loan cum Hypothecation agreement
    2. 2 Security cheques- and NACH Mandate
    3. Original invoice / Bill (Post disbursement)
    4. Land Tax Receipt / Copy of title deeds

    Delegation for sanction

    To be decided on a periodical basis

    General guidelines

    1. Customer can either apply for a consumer durable loan online through the LFS website or visiting our branch office / LFS Counter in dealer locations by submitting a duly filled loan application form along with the necessary documents.
    2. Cibil Report / Equifax Report / CRIF Highmark reports to be generated in all cases. (Cibil + Any one of the other.)
    3. Repayment capacity to be calculated using the FOIR Method by taking into the monthly obligations. Maximum FOIR 60% to be insisted.

    Deviation

    Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

    Testimonials

    What Our Customers Says

    inverted quote

    Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.

    George Facister Image
    George Facister

    Customer

    inverted quote

    LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.

    Lekhakumari Image
    Lekhakumari

    Customer

    inverted quote

    The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.

    Nithin P.P Image
    Nithin P.P

    Customer

    inverted quote

    I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.

    Rajesh P Image
    Rajesh P

    Customer

    Frequently Asked Questions

    Do I need a good credit score to avail a business loan?
    • Yes. In order to qualify, you must maintain a good CIBIL score. Usually, the Bureau score required for a loan application is at least 650.
    What are the specialities of LuLu Business and MSME Loans?
    • Faster and smooth disbursal
      Our Business Loan is designed to suit your busy lifestyle and schedule. We offer quick loans, ensuring you have a hassle-free experience whenever you need funds for your business.
    • Competitive interest rates
      When you opt for LuLu Business Loans, you enjoy a competitive interest rate. Among the many business loan features, this provision makes our offering a cost-effective solution that you can rely on to maximise revenue.
    • Simplified documentation process.
      To minimise delays altogether and speed up loan processing, we only require you to submit basic business loan documents.
    • Extended loan tenure
      Loan EMIs should never strain the borrowers cashflows. With our business loan, you don’t have to worry about this as you can opt for a flexible tenure ranging up to 36 months. This helps you tailor repayment optimally based on your business’ cash flow.
    • Quick approvals
      Delays, especially because of a lack of funding, can affect profits or cause losses in business. To ensure you never face this problem, we offer quick approvals on our business loan.
    • No hidden costs.
      There are no concealed or hidden charges or costs applicable on our Business Loans. We maintain complete transparency in all loan dealings and highly value our relationship with all borrowers.
    View more FAQ:apos:s

    Financial Assistance
    For A Better Life

    Personal Loan

    Personal Loans are intended to help meet any urgent personal financial needs of individuals, (Applicants other than individuals do not fall under this product category) such as renovating the home, marriage-related expenses, children’s education, purchasing household items, gadgets, or home appliances, meeting unexpected medical expenses or any other emergencies, acquiring properties, etc.

    Loans will be granted to individuals only after LuLu Finserv is satisfied about the credit worthiness, integrity, local standing and repayment capacity of each borrower.

    Enquire Now
    personal-loan
    Salient Features of Personal Loan
    • Personal loan – EMI
    • Pre-approved Personal Loans-Offered to existing Gold Loan customers
    • PL-Balance Transfer
    • PL-Top up loans

    EMI Calculator

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    %
    1 Month 180 Months
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    EMI Details

    Monthly EMI

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    Total Amount Payable

    Get to know more about

      Target Segment
      Icon
      Salaried Employees / Professional
      • Private sector employees
      • Public sector employees
      • Govt. Employees
      Icon
      Persons having regular source of income
      • Rental Income.
      Icon
      Self Employed personal
      • Entrepreneurs
      • CA / CS / ICWAI / CMA / CFP / CH.E / Dr / Adv / etc.
      Icon
      Employees of LFS & Group Companies
      • We actively collaborate and leverage on each other’s capabilities.
      lulu

      How To Apply

      1
      Submit Aadhar Card / PAN Card

      We will check your Cibil Score

      2
      Submit Income Proof

      We will check your eligibility based on Income / Cibil Score

      3
      Receive Money

      Receive your money in 1-2 business
      days after verification

      lulu
      Eligibility

      Factors That Affect Personal Loan Eligibility

      Nationality icon
      Nationality

      Should be a Citizen of India.

      Applicant age icon
      Applicant age

      Minimum Age 21. Maximum Age at the time of application is 50 years for Private sector employees / Professionals and 55 for Govt. and Public sector under-takings.

      Co applicant icon
      Co applicant

      Co applicant is not mandatory for loans up to Rs. 1 L but the credit manager can, for mitigating the credit risk, add co applicant if it fits the application.

      Employee type icon
      Employee type

      This policy applies to all full-time employees who are on the regular / permanent rolls of the Company and have completed two years of unblemished service, regardless of rank and position.

      Salary deductions icon
      Salary deductions

      The total deductions from the monthly salary, including the instalment of the loan availed, shall not exceed 60% (FOIR)of the net take home salary.

      Salary period icon
      Salary period

      Advance taken from the company, as part of salary advance, which is not exceeding a period of six months, can be excluded from calculating the FOIR.

      Loan history icon
      Loan history

      The track should be clean and No DPD above 30+ shall be considered for granting loan under this product.

      Min salary icon
      Min salary

      Minimum Net Monthly salary should be of Rs.15000/-.

      Min salary for pensioners icon
      Min salary for pensioners

      Minimum monthly pension should be Rs. 20000 in the case of pensioners.

      Self-employed icon
      Self-employed

      Self-employed individuals should have a minimum vintage of 2-year.

      Repayment

      The act of paying back money previously borrowed from a lender

      The repayment of Personal Loan-EMI should be equal EMI of the fixed tenure at the time of agreement. No repayment holidays.

      Autopay icon
      Autopay

      Can make use of internet banking to set up autopay for your EMI payments.

      Standing Instructions icon
      Standing Instructions

      Can set up standing instructions using NACH mandate.

      Draft / Cheque icon
      Draft / Cheque

      EMI payments can also be made via drafts or post-dated cheque.

      Online Transfer icon
      Online Transfer

      EMI payments can also be made online using NEFT, RTGS, IMPS payments.

      Loan Amount
      Minimum

      Rs. 5000/-

      Maximum

      to be decided periodically

      Loan Tenor
      Minimum

      12 months

      Maximum

      60 Months

      Margin

      NIL

      Security

      Unsecured

      Co-Applicant / Guarantor

      Co-applicant Mandatory for loans above Rs. 1 L. Spouse / Family Member / Co-worker can be a coapplicant / Guarantor

      Rate of Interest

      To be decided by the Committee
      Interest type: Fixed

      Processing Fee

      3% + GST (Minimum Rs. 300/-)

      Other Charges

      1. Late Payment fee: 2% month (24% per annum) for the defaulted amount for the defaulted period.
      2. Pre-closure charges: 4% of principal outstanding
      3. Penalty for cheque / NACH bounce: Rs. 500+ GST
      4. Change of Bank Account: Rs. 400 + GST

      Disbursement

      Disbursement to the Customer bank account given at the time of application. No disbursement is allowed to third party bank account. It is not mandatory to disburse the amount to the salary credited account. Can disburse to any bank account in the name of applicant.

      Pre-sanction inspection

      Field visit required if applicant not staying in the address mentioned in Aadhar or staying in a rented house.

      Insurance

      CLI shall be insisted

      Pre-sanction documents

      1. Loan application
      2. KYC documents (AADHAAR mandatory)
      3. Copy of ID card issued by Employer.
      4. Professional membership Proof (ID Card or Membership Certificate.
      5. Identity Proof: Aadhaar Card / PAN Card / Driving License / Voter’s ID / Passport
      6. Address Proof: Aadhaar Card/ Passport / Bank Account Statement / Lease / Property purchase Agreement / Utility Bill (not more than 3 months old) / Driving License

      Income documents:

      1. Salaried – Latest form 16, 3 months' pay slip / Bank account statement for 6 months into which salary credited, Salary certificate
      2. Self Employed / Non-Salaried- Last 2 years ITR (with minimum 6 months gap between 2 filings), 6 months account statement with a monthly credit of Rs. 15K. Business Proof (for self-employed applicants): GST Registration and Filing Documents / Partnership Deed / Certificate of Practice / MOA & AOA / Shop Act License.
      3. In the case of pensioners: Pension book, Pensioner’s ID Card, and Bank account statement showing monthly pension credit

      Loan Documentation

      Loan agreement, DPN
      2 Security cheques- and NACH

      Delegation for sanction

      To be decided periodically

      General guidelines

      1. Customer can either apply for a personal loan online through the LFS website or visiting our branch office by submitting a duly-filled loan application form along with the necessary documents.
      2. Cibil Report / Equifax Report / CRIF Highmark reports to be generated in all cases. (Cibil+ Any one of the others)
      3. Repayment capacity to be calculated using the FOIR Method by taking into the monthly obligations. Maximum FOIR 60% to be insisted.

      Deviation

      Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

      Special conditions applicable to LFS/Group Company Staff

      1. Loan amount shall be restricted up to five times of the monthly Net salary of the employee, subject to compliance of FOIR norms
      2. This policy applies to all full-time employees who are on the regular / permanent rolls of the Company / Group company who have completed two years unblemished service regardless of rank and position.
      3. The total deductions from the monthly salary including the instalment of the staff loan availed shall not exceed 60% of the net take home salary.
      4. At the time of applying for advance, there shall not be any loan / advance pending in the name of the applicant. Where there is outstanding balance against advance already granted, as a very special case and purely on merits, fresh loan will be granted but the amount remaining after adjusting the outstanding balance against existing loan / advance will only be paid.
      5. There should be good credit score of above 650 (CIBIL)
      6. There shall be minimum 3 years of service left in the Company for retirement.
      7. Repayment in 60 monthly instalments through salary deduction. (Deferring of instalments is not permitted unless approved by competent authority in special circumstances such as Loss of Pay due to long leave on account of accident / sickness and any genuine legitimate reasons).
      8. The applicant shall furnish an Irrevocable Letter of Authority in favour of the Company to deduct monthly instalments of the loan from the salary and also adjust any other payments / dues payable towards monthly instalments / repayment of the loan.
      9. The employee shall in the event of his / her leaving the service of the Company either by resignation / retirement / termination during the currency of the loan period full repay / settle the outstanding balance if any before being relieved.
      10. The applicant shall also authorize the Company to adjust other benefits including permissible terminal benefits, bonus, other payments due and payable to him / her against balance outstanding if any and also furnish an undertaking to repay / settle fully such balance advance amount immediately on leaving.
      11. If the employee leaves the service of the Company without settling the dues, compounding interest calculated @ 22% will be levied on the balance amount due to the Company instead of the normal interest.
      12. The employee will be relieved from service only after settling the loan account fully and satisfactorily.
      13. The applicant’s Spouse / Parent shall join as co-applicant if the loan amount is above Rs. 1 L

      Pre-approved personal loans

      This is a special category of personal loans, also known as instant personal loans offered to existing Gold Loan customers with minimal to no documentation and quick disbursal of the loan amount, subject to noting of lien on the gold pledged.

      Balance Transfer

      Personal loan balance transfer is the process by which the principal outstanding of an existing loan with another lender is transferred to us. This is permitted within the above parameters

      Personal Loan Top up

      Top up of personal loan is permitted subject to compliance of the overall norms of the scheme.

      Testimonials

      What Our Customers Says

      inverted quote

      Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.

      George Facister Image
      George Facister

      Customer

      inverted quote

      LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.

      Lekhakumari Image
      Lekhakumari

      Customer

      inverted quote

      The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.

      Nithin P.P Image
      Nithin P.P

      Customer

      inverted quote

      I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.

      Rajesh P Image
      Rajesh P

      Customer

      Frequently Asked Questions

      What are the Top Features of Lulu Finserv Personal Loan?
      • Collateral-free
      • Multi-purpose usage
      • Competitive  interest rate & charges
      • Speedy approval
      • Instant disbursal
      • Zero hidden charges
      • Flexible repayment plans
      • Easy-to-use personal loan EMI calculator
      How to decide on the right personal loan amount?

      To choose the ideal personal loan amount, consider your needs for finance. While you can take a loan of a slightly higher amount to address any unexpected costs, don’t overborrow or under borrow. Both of these moves fail to help you achieve your objectives. Instead, you can consider this expert advice: ensure your personal loan EMIs don’t amount to more than 10-20% of your monthly income. If you have other existing debt, ensure your total EMIs don’t cross more than 60% of your income. The best way to plan a personal loan is by assessing your financial needs and calculating the amount you require. Then use the personal loan EMI calculator to check various EMI amounts you get based on different tenors. Once you compute the monthly instalments, compare them with your monthly income and expenses.

      Why should I choose a Lulu Finserv Personal Loan?

      The features & benefits of a personal loan offered by Lulu Finserv are amongst the best in the market. We prioritise your convenience and ensure that you have a comfortable borrowing experience.

      View more FAQ:apos:s

      Affordable Finance
      Enabled Quickly!

      MSME Loan

      MSME loans are instalment loans given for manufacturing activities and service enterprises in the MSME segment, as per the MSME definition in the MSMED Act.

      Lulu Finserv would assess the credit worthiness of the applicant, approve, and disburse the Unsecured loan or mark a hypothecation lien on the stocks, receivables, assets as security. Collateral of property will be insisted based on the product norms.

      This product document describes the credit parameters and operating aspects for MSME Loans (Secured and Unsecured), ensuring Know Your Customer (KYC) Standards and the process of valuation, field investigation etc.

      Enquire Now
      msme-loan
      Scheme
      • Personal loan – EMI
      • Pre-approved Personal Loans-Offered to existing Gold Loan customers
      • PL-Balance Transfer
      • PL-Top up loans
      Get to know more about

        EMI Calculator

        0 Lac 10 Lac
        1% 30%
        %
        1 Month 180 Months
        Months
        EMI Details

        Monthly EMI

        Principal Amount

        Interest Amount

        Total Amount Payable

        Target Segment

        The target customers will be business enterprises belonging to the priority sector engaged in manufacturing, trading and services, under the following segments.

        Those who intend to renovate, expand existing business, and add stock. Those who are generating income with the help of newly purchased assets, etc.

        • Partnership firms
        • Private & public limited companies
        • Entities considered safe & credit worthy.
        • Trusts and Societies
        lulu

        How To Apply

        1
        Submit Aadhar Card / PAN Card

        We will check your Cibil Score

        2
        Submit Income Proof

        We will check your eligibility based on Income / Cibil Score

        3
        Receive Money

        Receive your money in 1-2 business
        days after verification

        lulu
        Eligibility

        Factors That Affect MSME Loan Eligibility

        Nationality icon
        Nationality

        Individuals / self-employed professionals [Firms / Companies or any other legal entity] engaged in manufacturing / service trading are eligible to be financed under the scheme.

        Scheme icon
        Scheme

        New or existing units can be considered under the scheme.

        Net worth icon
        Net worth

        Net worth of the borrower/s shall be positive.

        Take over loan icon
        Take over loan

        Take over loans are permitted under the scheme. While considering take over loans/ utmost care shall be taken to assess the viability / past performance of the business unit.

        Borrowers icon
        Borrowers

        Borrowers enjoying credit facilities with other banks / FIs can also be covered under the scheme. However, it shall be ensured that the same asset is not already financed.

        GST returns icon
        GST returns

        Businesses filing GST returns shall be most preferred.

        Applicant age icon
        Applicant age

        Individuals- Minimum Age 24. Maximum Age at the end of loan tenor shall not exceed 70 Years.

        Others icon
        Others

        Minimum 2-year Business vintage.

        Turnover and profit icon
        Turnover and profit

        Turnover and profit should have a positive trend for the past two years.

        Specific exclusions icon
        Specific exclusions

        Self-employed-Minimum 2-year vintage.

        Repayment

        The repayment shall be in equated periodical instalments (weekly/Monthly/Quarterly)

        Repayment Capacity
        FOIR shall not exceed 60%.
        Or DSCR shall be minimum 1.25%

        Autopay icon
        Autopay

        Can make use of internet banking to set up autopay for your EMI payments.

        Standing Instructions icon
        Standing Instructions

        Can set up standing instructions using NACH mandate.

        Draft / Cheque icon
        Draft / Cheque

        EMI payments can also be made via drafts or post-dated cheque.

        Online Transfer icon
        Online Transfer

        EMI payments can also be made online using NEFT, RTGS, IMPS payments.

        Loan Amount
        Minimum

        Rs. 20000/-

        Maximum

        to be decided periodically

        Loan Tenor
        Minimum

        6 months

        Maximum

        60 Months

        Margin

        It is the ratio of maximum amount of loan to the value / cost of product / Asset to be purchased (Applicable in case of Equipment / Asset Purchase) at a maximum of 90% depending upon asset category and up to 75% depending on mortgaged property.

        Security

        1. Business Loan-Secured- (For the purpose of asset purchase / stock additions / business renovation)- Hypothecation in favour of LFS to be endorsed.
        2. In case of loans with collateral: EM should be created in favour of LFS (LTV derived based on the valuation by the authorised external valuation expert on land and buildings provided by the applicant.)
        3. Business Loan-Unsecured-No Hypothecation

        Co-Applicant / Guarantor

        1. Co-applicant mandatory for all types of business loans in the name of individuals and sole proprietorship concerns. Spouse / Family Member can be a co-applicant / guarantor.
        2. Personal guarantee of all partners in partnership firms and major Directors in the case of companies.
        3. Owner of property shall invariably join as co-applicant.
        4. Deviation authority – Head-Credit &Risk

        Rate of Interest

        To be decided by the Committee
        Interest type: Fixed

        Processing Fee

        4% + GST (Minimum Rs. 400/-)

        Other Charges

        1. Late Payment fee: 2% month (24% per annum) for the defaulted amount for the defaulted period.
        2. Pre-closure charges: 5% of principal outstanding
        3. Prepayment charge- 5% of amount prepaid.
        4. Penalty for cheque / NACH bounce: Rs. 500+ GST
        5. Change of Bank Account: Rs. 500 + GST

        Disbursement

        Disbursement to the Customer bank account given at the time of application or direct payment to the supplier.

        Insurance

        1. Credit shield insurance to be taken in the name of the Applicant.
        2. Assets created out of the finance to be insured with Bank clause

        Credit Bureau

        1. Credit bureau checking is a must for all parties to the contract even if additional party is included.
        2. Minimum Cibil score should be 650 and above. Anything below this-deviation authority is Credit & Risk Head.
        3. Never 60+ DPD in loans and 90+ DPD in credit cards
        4. Not more than one 30+ DPD in last 12 months
        5. No written off & Suit filed cases
        6. Commercial Cibil to be checked for all entities.
        7. CRIF Highmark Score to be checked in appropriate cases.

        Tele Verification

        1. TVR is a must for all cases and should be satisfactory and positive
        2. TVR to be done by Branch Head / Designated Employee.
        3. IF Negative case will not be considered

        Field Investigation

        1. Field verification should be done by designated verifying officers
        2. Selfie photo of residence is a must along with another residence photo.
        3. Selfie photo Shop / Business Establishment along with another 8 photos showing all sides of the Shop / Business establishment. Nearest shops, Landmarks (Banks / Temple / Govt Offices / Schools)- Not applicable for Individuals who purchase Equipment / Machines.
        4. Residence Field verification is mandatory for all cases of applications.
        5. Field Investigation must be done for all cases.

        Process:

        1. The Field Investigation report is to be prepared by designated verifying officers / Branch Heads
        2. FI Report should contain details of applicant, co applicant and guarantor if any and report should be properly scrutinised by verifying officers with regard to residence, income source and their stability and also living standard of the customer
        3. A field investigation report should contain all details about the applicant, co-applicant, source of income also that of the guarantor if any
        4. If at any point of time guarantor is not a blood relation and staying separately from applicant residence, in such cases residence verification should be done of guarantor’s house as well.
        5. A selfie photo of residence or office with additional photo should be taken along with other photos of Shop / Business establishment.

        Residence stability

        1. Minimum 6 Month in case of owned House-Deviation – Credit & Risk Head
        2. Minimum 12 months stability in case of rented house – Deviation Credit & Risk Head
        3. If current residence is owned-No minimum stability norm
        4. LTR is mandatory for all cases (self-owned, parental, spouse owned, Co applicant / Guarantor owned.) Any deviation require approval from Credit & Risk Head

        GST Conduct & Account conduct

        1. 6 months Bank statement to be verified
        2. Not more than 3 cheque returns during 6 months
        3. Minimum revenue as per GST should be Rs. 25 L in 12 months

        Documentation Norms

        Application Form

        1. Loan Application form / CKYC Application form duly filled in with all details, photograph and signature separately for Applicant, Co-applicant & Guarantor(s) (To be verified and signed by the Branch Manager / Branch In-charge).
        2. Mother’s name of Applicant, Co-Applicant and Guarantor(s) must be mentioned in respective Loan Applications without fail.
        3. Separate Mobile number in the name of Applicant, CoApplicant and Guarantor/s should be mentioned in the Application Form.

        The following are the list of documents that should be collected prior to login

        1. KYC documents
        2. Application form
        3. FI verification report including Valuation report by verifying officers
        4. Financials, ITR, GST Payslips, Bank statement etc, Latest LTR
        5. 6 months latest banking transactions
        6. Property documents copy (in case of mortgage loan)

        Agreement

        Duly filled and signed Agreement Kit.

        Property Document (For Mortgagebacked loans)

        1. Title deed
        2. Prior deed
        3. Latest land tax receipt
        4. Encumbrance certificate
        5. Possession certificate
        6. Location sketch.

        Mortgage of property

        The loan approved against the collateral security of any Mortgage asset provided by the borrower, the same must be clearly mentioned in the CAM by the approval authority. The following data should capture in the CAM

        1. Area (In ARE) of the property
        2. Location of the property
        3. Valuation done by the authorised person.
        4. Legal verification of all mandatory documents.

        The Creation of Mortgage follows the steps mentioned below from the login of documents for appraisal to Disbursement of loan amount.

        1. Financial approval (The approving authority’s approval on the basis of assessing the documents provided for checking the applicant’s repayment capacity)
        2. Verification of Documents (if the applicant gets the financial approval, The documents should be submitted to the Legal Advisor for taking the Legal report)
        3. Valuation Report.
        4. Mortgage creation (The mortgage should be created before disbursement and the documents should be collected prior to disbursement)

        EMI Cheques / NACH

        1. Completed and signed EMI Cheques (3-5 Nos)
        2. NACH mandate – (2 Nos) including one Security NACH mandate.
        3. EMI cheques can be excluded if the mandate registered by using Debit card / Net banking.

        For the operational convenience Repayment / Collection dates are specified and pre-fixed.

        1. The Applicant / Borrower has the liberty to choose any one of the convenient date as Repayment / Collection due date.
        2. The repayment due date once opted cannot be altered as it would upset the entire accounting system.
        3. Branch / Field Staff sourcing business should first obtain the choice of the borrower and then fix the Periodical instalment due date.
        4. The Borrower, Co-borrower & Guarantor(s) should be clearly told about the first Periodical instalment due date fixed for arranging funds accordingly.
        5. For the number of days in excess of 30 days, broken period interest shall be recovered along with the first instalment.

        Photograph & KYC Documents

        1. Photograph on the Application / KYC Form required.
        2. Copy of valid ID proof with photograph and Address proof self-attested by the Applicant, Co-applicant & Guarantor(s) and verified with original by the Branch Manager with remarks “Verified with Original”.

        Income Proof Documents

        Valid income proof prescribed for individuals (salaried/business) / partnership firm / proprietary concerns / Companies / Trusts etc

        Proprietary Firms / Partnership Firms / LLP / Private Limited Ltd / Public Limited Company.

        1. Last 6 months GSTR
        2. Last 3 Assessment Year Income Tax Return
        3. Last 3 Financial year Annual Report
        4. Financial statements projection for the nearest Financial Year based on the performance of past year.
        5. Last 6 months bank statement.

        Residence Proof (Self Attested Photocopy)

        Any one of the following:

        1. Passport
        2. Aadhar Card
        3. Ration Card
        4. Telephone Bill
        5. Electricity Bill
        6. LPG Connection proof
        7. Municipal Water Bill
        8. Post-Paid Cell phone Bill
        9. Driving Licence
        10. Credit Card Bill
        11. Lease Deed (for salaried segment only)
        12. Printed Insurance Premium Receipt
        13. Bank Passbook with full address
        14. Ownership proof in form of Sale Deed / Power of Attorney

        Statutory Licence

        1. GST Registration certificate
        2. Udyog Aadhar
        3. Registration certificate from statutory bodies
        4. Registration certificate / Membership ID issued by govt approved bodies and organisations.
        5. License from Local Body
        6. All the required license from regulatory bodies

        Identity Proof (Self attested photocopy)

        Any one of the following:

        1. Passport
        2. Aadhar Card
        3. PAN Card
        4. Voter’s ID Card
        5. Driving Licence
        6. Bank Passbook with photo attested by Banker
        7. Employment ID Card (applicable to those working in Multinational Companies/Public Sector Units / Public Limited Companies / Government Companies).

        Signature Verification

        Any one of the following:

        For Self-employed Individuals / Partnership Firms / Private Limited Companies

        1. Passport
        2. Banker’s verification
        3. PAN Card
        4. Income-Tax Return (for salaried & self- employed
          individuals)
        5. ID Card from Government and Public Limited Companies

        For Limited Companies

        1. Banker’s verification
        2. Copy of Board authorisation giving names and signatures of persons authorised to sign,
        3. Signature attestations as part of Board Resolution

        ID Proof and Address Proof for Limited Companies

        Any one of the following:

        1. Memorandum and Articles of Association
        2. Certificate of Incorporation
        3. Annual Report mentioning the full address of the Company, including financial statements signed by the officer of the Company.

        Down Payment Receipt

        1. Down Payment confirmation from Manufacturer / Dealer (pre-disbursement) should be in place.
        2. Down Payment confirmation either by Mail or by the stamped receipt copy or by through the proforma invoice. Down payment receipt is only for those cases of New asset purchase.

        Field Investigation (FI) Report

        Detailed FI Report in the prescribed format should be available.

        Partnership Deed / Memorandum & Articles of Association

        1. Mandatory in case of Firms
        2. Mandatory in case of Companies

        Authority Letter signed by all the Partners / Board Resolution

        For Partnership Firms and Companies.

        Delegation for sanction

        To be decided periodically

        Deviation

        Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

        Instructions to Branches

        1. Forward scanned copies of the required documents to Corporate Office for processing.
        2. Sanction / rejection of loan as communicated by Credit Department, should be intimated to the applicants immediately on getting such information from Corporate Office

        Security

        • Business Loan-Secured- (For the Purpose of Asset Purchase/ Stock additions/Business Renovation)- Hypothecation in favour of LFS to be endorsed.
        • In Case of loans with collateral: EM should be created in favour of LFS (LTV derived based on the valuation done by the authorised external valuation expert on land and buildings provided by the applicant.)
        • Business Loan-Unsecured-No Hypothecation

        Co-Applicant / Guarantor

        • Co-applicant Mandatory for all types of Business loans in the name of individuals and sole proprietorship concerns. Spouse/Family Member can be a co-applicant/Guarantor.
        • Personal guarantee of all partners in partnership firms and major Directors in the case of companies.
        • Owner of property shall invariably join as co-applicant.
        • Deviation authority – Head-Credit &Risk

        Rate of Interest

        To be decided by the Committee
        Interest type: Fixed

        Processing Fee

        4% + GST (Minimum Rs. 400/-)

        Load More

        Other Charges

        • Late Payment fee: 2% month (24% per annum) for the defaulted amount for the defaulted period.
        • Pre-closure charges: 5% of principal outstanding
        • Prepayment charge- 5% of amount prepaid.
        • Penalty for cheque/NACH bounce: Rs. 500+ GST
        • Change of Bank Account: Rs. 500 + GST

        Disbursement

        Disbursement to the Customer bank account given at the time of application or direct payment to the supplier.

        Insurance

        • Credit shield insurance to be taken in the name of the Applicant.
        • Assets created out of the finance to be insured with Bank clause

        Credit Bureau

        • Credit bureau checking is a must for all parties to the contract even if additional party is included.
        • Minimum Cibil score should be 650 and above. Anything below this-deviation authority is Credit & Risk Head.
        • Never 60+ DPD in loans and 90+ DPD in credit cards
        • Not more than one 30+ DPD in last 12 months
        • No written off & Suit filed cases
        • Commercial Cibil to be checked for all entities.
        • CRIF Highmark Score to be checked in appropriate cases.

        Tele Verification

        • TVR is a must for all cases and should be satisfactory and positive
        • TVR to be done by Branch Head/Designated Employee.
        • IF Negative case will not be considered

        Field Investigation

        • Field verification should be done by designated verifying officers
        • Selfie photo of residence is a must along with another residence photo.
        • Selfie photo Shop/Business Establishment along with another 8 photos showing all sides of the Shop/Business establishment. Nearest shops, Landmarks (Banks/Temple/Govt Offices/Schools)- Not applicable for Individuals who purchase Equipment/Machines.
        • Residence Field verification is mandatory for all cases of applications.
        • Field Investigation must be done for all cases.

        Process:

        • The Field Investigation report is to be prepared by designated verifying officers/Branch Heads
        • FI Report should contain details of applicant, co applicant and guarantor if any and report should be properly scrutinised by verifying officers with regard to residence, income source and their stability and also living standard of the customer
        • A field investigation report should contain all details about the applicant, co-applicant, source of income also that of the guarantor if any
        • If at any point of time guarantor is not a blood relation and staying separately from applicant residence, in such cases residence verification should be done of guarantor’s house as well.
        • A selfie photo of residence or office with additional photo should be taken along with other photos of Shop/Business establishment.

        Residence stability

        • Minimum 6 Month in case of owned House-Deviation – Credit & Risk Head
        • Minimum 12 months stability in case of rented house - Deviation Credit & Risk Head
        • If current residence is owned-No minimum stability norm
        • LTR is mandatory for all cases (self-owned, parental, spouse owned, Co applicant/Guarantor owned.) Any deviation require approval from Credit & Risk Head

        GST Conduct & Account conduct

        • 6 months Bank statement to be verified
        • Not more than 3 cheque returns during 6 months
        • Minimum revenue as per GST should be Rs. 25 L in 12 months

        Documentation Norms

        Application Form

        • Loan Application form/CKYC Application form duly filled in with all details, photograph and signature separately for Applicant, Co-applicant & Guarantor(s) (To be verified and signed by the Branch Manager/Branch In-charge).
        • Mother’s name of Applicant, Co-Applicant and Guarantor(s) must be mentioned in respective Loan Applications without fail.
        • Separate Mobile number in the name of Applicant, CoApplicant and Guarantor/s should be mentioned in the Application Form.

        The following are the list of documents that should be collected prior to login

        • KYC documents
        • Application form
        • FI verification report including Valuation report by
          verifying officers
        • Financials, ITR, GST Payslips, Bank statement etc, Latest LTR
        • 6 months latest banking transactions
        • Property documents copy (in case of mortgage loan)

        Agreement

        Duly filled and signed Agreement Kit.

        Property Document (For Mortgagebacked loans)

        • Title deed
        • Prior deed
        • Latest land tax receipt
        • Encumbrance certificate
        • Possession certificate
        • Location sketch.

        Mortgage of property

        The loan approved against the collateral security of any Mortgage asset provided by the borrower, the same must be clearly mentioned in the CAM by the approval authority. The following data should capture in the CAM

        • Area (In ARE) of the property
        • Location of the property
        • Valuation done by the authorised person.
        • Legal verification of all mandatory documents.

        The Creation of Mortgage follows the steps mentioned below from the login of documents for appraisal to Disbursement of loan amount.

        • Financial approval (The approving authority’s approval on the basis of assessing the documents provided for checking the applicant’s repayment capacity)
        • Verification of Documents (if the applicant gets the financial approval, The documents should be submitted to the Legal Advisor for taking the Legal report)
        • Valuation Report.
        • Mortgage creation (The mortgage should be created before disbursement and the documents should be collected prior to disbursement)

        EMI Cheques / NACH

        • Completed and signed EMI Cheques (3-5 Nos)
        • NACH mandate – (2 Nos) including one Security NACH mandate.
        • EMI cheques can be excluded if the mandate registered by using Debit card/Net banking.

        For the operational convenience Repayment/Collection dates are specified and pre-fixed.

        • The Applicant/Borrower has the liberty to choose any one of the convenient date as Repayment/Collection due date.
        • The repayment due date once opted cannot be altered as it would upset the entire accounting system.
        • Branch/Field Staff sourcing business should first obtain the choice of the borrower and then fix the Periodical instalment due date.
        • The Borrower, Co-borrower & Guarantor(s) should be clearly told about the first Periodical instalment due date fixed for arranging funds accordingly.
        • For the number of days in excess of 30 days, broken period interest shall be recovered along with the first instalment.

        Photograph & KYC Documents

        • Photograph on the Application/KYC Form required.
        • Copy of valid ID proof with photograph and Address proof self-attested by the Applicant, Co-applicant & Guarantor(s) and verified with original by the Branch Manager with remarks “Verified with Original”.

        Income Proof Documents

        Valid income proof prescribed for individuals (salaried/business) / partnership firm/proprietary
        concerns/Companies/Trusts etc

        Proprietary Firms/Partnership Firms/LLP/Private Limited Ltd/Public Limited Company.

        • Last 6 months GSTR
        • Last 3 Assessment Year Income Tax Return
        • Last 3 Financial year Annual Report
        • Financial statements projection for the nearest Financial Year based on the performance of past year.
        • Last 6 months bank statement.

        Residence Proof (Self Attested Photocopy)

        Any one of the following:

        • Passport
        • Aadhar Card
        • Ration Card
        • Telephone Bill
        • Electricity Bill
        • LPG Connection proof
        • Municipal Water Bill
        • Post-Paid Cell phone Bill
        • Driving Licence
        • Credit Card Bill
        • Lease Deed (for salaried segment only)
        • Printed Insurance Premium Receipt
        • Bank Passbook with full address
        • Ownership proof in form of Sale Deed / Power of Attorney

        Statutory Licence

        • GST Registration certificate
        • Udyog Aadhar
        • Registration certificate from statutory bodies
        • Registration certificate/ Membership ID issued by govt approved bodies and organisations.
        • License from Local Body
        • All the required license from regulatory bodies

        Identity Proof (Self attested photocopy)

        Any one of the following:

        • Passport
        • Aadhar Card
        • PAN Card
        • Voter’s ID Card
        • Driving Licence
        • Bank Passbook with photo attested by Banker
        • Employment ID Card (applicable to those working in Multinational Companies/Public Sector Units/Public Limited Companies / Government Companies).

        Signature Verification

        Any one of the following:

        For Self-employed Individuals/Partnership Firms/Private Limited Companies

        • Passport
        • Banker’s verification
        • PAN Card
        • Income-Tax Return (for salaried & self- employed
          individuals)
        • ID Card from Government and Public Limited Companies

        For Limited Companies

        • Banker’s verification
        • Copy of Board authorisation giving names and signatures of persons authorised to sign,
        • Signature attestations as part of Board Resolution

        ID Proof and Address Proof for Limited Companies

        Any one of the following:

        • Memorandum and Articles of Association
        • Certificate of Incorporation
        • Annual Report mentioning the full address of the Company, including financial statements signed by the officer of the Company.

        Down Payment Receipt

        • Down Payment confirmation from Manufacturer/Dealer (pre-disbursement) should be in place.
        • Down Payment confirmation either by Mail or by the
          stamped receipt copy or by through the proforma invoice. Down payment receipt is only for those cases of New asset purchase.

        Field Investigation (FI) Report

        Detailed FI Report in the prescribed format should be
        available.

        Partnership Deed / Memorandum & Articles of Association

        • Mandatory in case of Firms
        • Mandatory in case of Companies

        Authority Letter signed by all the Partners / Board Resolution

        For Partnership Firms and Companies.

        Delegation for sanction

        To be decided periodically

        Deviation

        Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

        Instructions to Branches

        • Forward scanned copies of the required documents to Corporate Office for processing.
        • Sanction / rejection of loan as communicated by Credit Department, should be intimated to the applicants immediately on getting such information from Corporate Office
        Testimonials

        What Our Customers Says

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        Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.

        George Facister Image
        George Facister

        Customer

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        LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.

        Lekhakumari Image
        Lekhakumari

        Customer

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        The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.

        Nithin P.P Image
        Nithin P.P

        Customer

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        I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.

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        Rajesh P

        Customer

        Frequently Asked Questions

        What are the specialities of LuLu Business and MSME Loans?
        • Faster and smooth disbursal
          Our Business Loan is designed to suit your busy lifestyle and schedule. We offer quick loans, ensuring you have a hassle-free experience whenever you need funds for your business.
        • Competitive interest rates
          When you opt for LuLu Business Loans, you enjoy a competitive interest rate. Among the many business loan features, this provision makes our offering a cost-effective solution that you can rely on to maximise revenue.
        • Simplified documentation process.
          To minimise delays altogether and speed up loan processing, we only require you to submit basic business loan documents.
        • Extended loan tenure
          Loan EMIs should never strain the borrowers cashflows. With our business loan, you don’t have to worry about this as you can opt for a flexible tenure ranging up to 36 months. This helps you tailor repayment optimally based on your business’ cash flow.
        • Quick approvals
          Delays, especially because of a lack of funding, can affect profits or cause losses in business. To ensure you never face this problem, we offer quick approvals on our business loan.
        • No hidden costs.
          There are no concealed or hidden charges or costs applicable on our Business Loans. We maintain complete transparency in all loan dealings and highly value our relationship with all borrowers.
        Please explain the definition of MSME as per the Act.
        • A micro enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹1 crore and turnover does not exceed ₹5 crore;
        • A small enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹10 crore and turnover does not exceed ₹50 crore; and
        • A medium enterprise is an enterprise where the investment in plant and machinery or equipment does not exceed ₹50 crore and turnover does not exceed ₹250 crore.
        • All enterprises are required to register online on Udyam Registration Portal and obtain ‘Udyam Registration Certificate’
        What is the difference between Business loans and MSME Loans?
        • Business Loans are instalment loans for the purchase/ Renovation/Stock Addition/Asset Purchase for the purpose of upgradation of business to the next level. A Business loan can be availed by Individuals, Sole Proprietors, Partnership Firms, Private and Public Limited Companies, Limited Liability Partnerships, Trusts and Societies and who satisfy the credit parameters prescribed by LuLu Finserv.
        • MSME loans are instalment loans given for manufacturing activities and service Enterprises in the MSME segment as per the MSME definition in the MSMED Act.

        Affordable Finance
        Enabled Quickly!

        Business Loan

        Business Loans are instalment loans for the purchase / renovation / stock addition / asset purchase, for the purpose of upgradation of business to the next level. A business loan can be availed by individuals, sole proprietors, partnership firms, private and public limited companies, limited liability partnerships, trusts and societies and who satisfy the credit parameters prescribed by LuLu Finserv.

        LuLu Finserv would assess the credit worthiness of the applicant, approve, and disburse the unsecured loan or mark a hypothecation lien on the stocks, receivables, and/or assets, as security. Collateral of property will be insisted upon, based on the product norms.

        This product document describes the credit parameters and operating aspects for Business Loans and MSME Loans (Secured and Unsecured), ensuring Know Your Customer (KYC) Standards and the process of valuation, field investigation etc.

        Enquire Now
        business-loan
        Scheme
        • Personal loan – EMI
        • Pre-approved Personal Loans-Offered to existing Gold Loan customers
        • PL-Balance Transfer
        • PL-Top up loans
        Get to know more about

          EMI Calculator

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          %
          1 Month 180 Months
          Months
          EMI Details

          Monthly EMI

          Principal Amount

          Interest Amount

          Total Amount Payable

          lulu
          Target Segment

          The target customers will be business enterprises belonging to the priority sector engaged in manufacturing, trading and services under the following segments.

          Those who intend to renovate, expand existing business, and add stock. Those who are generating income with the help of newly purchased assets, etc.

          • Partnership firms
          • Private & public limited companies
          • Trusts and Societies
          • Entities considered safe & credit worthy.
          lulu

          How To Apply

          1
          Submit Aadhar Card / PAN Card

          We will check your Cibil Score

          2
          Submit Income Proof

          We will check your eligibility based on Income / Cibil Score

          3
          Receive Money

          Receive your money in 1-2 business
          days after verification

          lulu
          Eligibility

          Factors That Affect Business Loan Eligibility

          Nationality icon
          Nationality

          Individuals / self-employed professionals [Firms / Companies or any other legal entity] engaged in manufacturing / service trading are eligible to be financed under the scheme.

          Scheme icon
          Scheme

          New or existing units can be considered under the scheme.

          Net worth icon
          Net worth

          Net worth of the borrower/s shall be positive.

          Take over loan icon
          Take over loan

          Take over loans are permitted under the scheme. While considering take over loans/ utmost care shall be taken to assess the viability / past performance of the business unit.

          Borrowers icon
          Borrowers

          Borrowers enjoying credit facilities with other banks / FIs can also be covered under the scheme. However, it shall be ensured that the same asset is not already financed.

          GST returns icon
          GST returns

          Businesses filing GST returns shall be most preferred.

          Applicant age icon
          Applicant age

          Individuals- Minimum Age 24. Maximum Age at the end of loan tenor shall not exceed 70 Years.

          Others icon
          Others

          Minimum 2-year Business vintage.

          Turnover and profit icon
          Turnover and profit

          Turnover and profit should have a positive trend for the past two years.

          Specific exclusions icon
          Specific exclusions

          Real Estate, Jewellery, Capital Market, Activities of speculative nature, Bar & Restaurant, Rented residence cum office profiles.

          Repayment

          The repayment shall be in equated periodical instalments (weekly/Monthly/Quarterly)

          Repayment Capacity
          FOIR shall not exceed 60%.
          Or DSCR shall be minimum 1.25%

          Autopay icon
          Autopay

          Can make use of internet banking to set up autopay for your EMI payments.

          Standing Instructions icon
          Standing Instructions

          Can set up standing instructions using NACH mandate.

          Draft / Cheque icon
          Draft / Cheque

          EMI payments can also be made via drafts or post-dated cheque.

          Online Transfer icon
          Online Transfer

          EMI payments can also be made online using NEFT, RTGS, IMPS payments.

          Loan Amount
          Minimum

          Rs. 20000/-

          Maximum

          to be decided periodically

          Loan Tenor
          Minimum

          6 months

          Maximum

          60 Months

          Margin

          It is the ratio of maximum amount of loan to the value / cost of product / Asset to be purchased (Applicable in case of Equipment / Asset Purchase) at a maximum of 90% depending upon asset category and up to 75% depending on mortgaged property.

          Security

          1. Business Loan-Secured- (For the purpose of asset purchase / stock additions / business renovation)- Hypothecation in favour of LFS to be endorsed.
          2. In case of loans with collateral: EM should be created in favour of LFS (LTV derived based on the valuation by the authorised external valuation expert on land and buildings provided by the applicant.)
          3. Business Loan-Unsecured-No Hypothecation

          Co-Applicant / Guarantor

          1. Co-applicant mandatory for all types of business loans in the name of individuals and sole proprietorship concerns. Spouse / Family Member can be a co-applicant / guarantor.
          2. Personal guarantee of all partners in partnership firms and major Directors in the case of companies.
          3. Owner of property shall invariably join as co-applicant.
          4. Deviation authority – Head-Credit &Risk

          Rate of Interest

          To be decided by the Committee
          Interest type: Fixed

          Processing Fee

          4% + GST (Minimum Rs. 400/-)

          Other Charges

          1. Late Payment fee: 2% month (24% per annum) for the defaulted amount for the defaulted period.
          2. Pre-closure charges: 5% of principal outstanding
          3. Prepayment charge- 5% of amount prepaid.
          4. Penalty for cheque / NACH bounce: Rs. 500+ GST
          5. Change of Bank Account: Rs. 500 + GST

          Disbursement

          Disbursement to the Customer bank account given at the time of application or direct payment to the supplier.

          Insurance

          1. Credit shield insurance to be taken in the name of the Applicant.
          2. Assets created out of the finance to be insured with Bank clause

          Credit Bureau

          1. Credit bureau checking is a must for all parties to the contract even if additional party is included.
          2. Minimum Cibil score should be 650 and above. Anything below this-deviation authority is Credit & Risk Head.
          3. Never 60+ DPD in loans and 90+ DPD in credit cards
          4. Not more than one 30+ DPD in last 12 months
          5. No written off & Suit filed cases
          6. Commercial Cibil to be checked for all entities.
          7. CRIF Highmark Score to be checked in appropriate cases.

          Tele Verification

          1. TVR is a must for all cases and should be satisfactory and positive
          2. TVR to be done by Branch Head / Designated Employee.
          3. IF Negative case will not be considered

          Field Investigation

          1. Field verification should be done by designated verifying officers
          2. Selfie photo of residence is a must along with another residence photo.
          3. Selfie photo Shop / Business Establishment along with another 8 photos showing all sides of the Shop / Business establishment. Nearest shops, Landmarks (Banks / Temple / Govt Offices / Schools)- Not applicable for Individuals who purchase Equipment / Machines.
          4. Residence Field verification is mandatory for all cases of applications.
          5. Field Investigation must be done for all cases.

          Process:

          1. The Field Investigation report is to be prepared by designated verifying officers / Branch Heads
          2. FI Report should contain details of applicant, co applicant and guarantor if any and report should be properly scrutinised by verifying officers with regard to residence, income source and their stability and also living standard of the customer
          3. A field investigation report should contain all details about the applicant, co-applicant, source of income also that of the guarantor if any
          4. If at any point of time guarantor is not a blood relation and staying separately from applicant residence, in such cases residence verification should be done of guarantor’s house as well.
          5. A selfie photo of residence or office with additional photo should be taken along with other photos of Shop / Business establishment.

          Residence stability

          1. Minimum 6 Month in case of owned House-Deviation – Credit & Risk Head
          2. Minimum 12 months stability in case of rented house – Deviation Credit & Risk Head
          3. If current residence is owned-No minimum stability norm
          4. LTR is mandatory for all cases (self-owned, parental, spouse owned, Co applicant / Guarantor owned.) Any deviation require approval from Credit & Risk Head

          GST Conduct & Account conduct

          1. 6 months Bank statement to be verified
          2. Not more than 3 cheque returns during 6 months
          3. Minimum revenue as per GST should be Rs. 25 L in 12 months

          Documentation Norms

          Application Form

          1. Loan Application form / CKYC Application form duly filled in with all details, photograph and signature separately for Applicant, Co-applicant & Guarantor(s) (To be verified and signed by the Branch Manager / Branch In-charge).
          2. Mother’s name of Applicant, Co-Applicant and Guarantor(s) must be mentioned in respective Loan Applications without fail.
          3. Separate Mobile number in the name of Applicant, CoApplicant and Guarantor/s should be mentioned in the Application Form.

          The following are the list of documents that should be collected prior to login

          1. KYC documents
          2. Application form
          3. FI verification report including Valuation report by verifying officers
          4. Financials, ITR, GST Payslips, Bank statement etc, Latest LTR
          5. 6 months latest banking transactions
          6. Property documents copy (in case of mortgage loan)

          Agreement

          Duly filled and signed Agreement Kit.

          Property Document (For Mortgagebacked loans)

          1. Title deed
          2. Prior deed
          3. Latest land tax receipt
          4. Encumbrance certificate
          5. Possession certificate
          6. Location sketch.

          Mortgage of property

          The loan approved against the collateral security of any Mortgage asset provided by the borrower, the same must be clearly mentioned in the CAM by the approval authority. The following data should capture in the CAM

          1. Area (In ARE) of the property
          2. Location of the property
          3. Valuation done by the authorised person.
          4. Legal verification of all mandatory documents.

          The Creation of Mortgage follows the steps mentioned below from the login of documents for appraisal to Disbursement of loan amount.

          1. Financial approval (The approving authority’s approval on the basis of assessing the documents provided for checking the applicant’s repayment capacity)
          2. Verification of Documents (if the applicant gets the financial approval, The documents should be submitted to the Legal Advisor for taking the Legal report)
          3. Valuation Report.
          4. Mortgage creation (The mortgage should be created before disbursement and the documents should be collected prior to disbursement)

          Delegation for sanction

          To be decided periodically

          Deviation

          Age deviation, Cibil Score Deviation, and waiver of insurance shall be within the delegation of Head-Credit & Risk.

          Instructions to Branches

          1. Forward scanned copies of the required documents to Corporate Office for processing.
          2. Sanction / rejection of loan as communicated by Credit Department, should be intimated to the applicants immediately on getting such information from Corporate Office

          Testimonials

          What Our Customers Says

          inverted quote

          Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.

          George Facister Image
          George Facister

          Customer

          inverted quote

          LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.

          Lekhakumari Image
          Lekhakumari

          Customer

          inverted quote

          The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.

          Nithin P.P Image
          Nithin P.P

          Customer

          inverted quote

          I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.

          Rajesh P Image
          Rajesh P

          Customer

          Frequently Asked Questions

          Do I need a good credit score to avail a business loan?
          • Yes. In order to qualify, you must maintain a good CIBIL score. Usually, the Bureau score required for a loan application is at least 650.
          What are the specialities of LuLu Business and MSME Loans?
          • Faster and smooth disbursal
            Our Business Loan is designed to suit your busy lifestyle and schedule. We offer quick loans, ensuring you have a hassle-free experience whenever you need funds for your business.
          • Competitive interest rates
            When you opt for LuLu Business Loans, you enjoy a competitive interest rate. Among the many business loan features, this provision makes our offering a cost-effective solution that you can rely on to maximise revenue.
          • Simplified documentation process.
            To minimise delays altogether and speed up loan processing, we only require you to submit basic business loan documents.
          • Extended loan tenure
            Loan EMIs should never strain the borrowers cashflows. With our business loan, you don’t have to worry about this as you can opt for a flexible tenure ranging up to 36 months. This helps you tailor repayment optimally based on your business’ cash flow.
          • Quick approvals
            Delays, especially because of a lack of funding, can affect profits or cause losses in business. To ensure you never face this problem, we offer quick approvals on our business loan.
          • No hidden costs.
            There are no concealed or hidden charges or costs applicable on our Business Loans. We maintain complete transparency in all loan dealings and highly value our relationship with all borrowers.
          What are the documents to be submitted for availing LuLu Business loans?
          • Loan Application form/CKYC Application form duly filled in with all details, photograph and signature separately for Applicant, Co-applicant & Guarantor(s) (To be verified and signed by the Branch Manager/Branch In-charge).
          •  Mother’s name of Applicant, Co-Applicant and Guarantor(s) must be mentioned in respective Loan Applications without fail.
          • Separate Mobile number in the name of Applicant, Co-Applicant and Guarantor/s should be mentioned in the Application Form.

            The following are the list of documents that should be submitted prior to login

          • KYC documents
          • Application form
          • Financials, ITR, GST Payslips, Bank statement etc, Latest LTR
          • 6 months latest banking transactions
          • Property documents copy (in case of mortgage loan)

            Proprietary Firms/Partnership Firms/LLP/Private Limited Ltd/Public Limited Company.

          • Last 6 months GSTR
          • Last 3 Assessment Year Income Tax Return
          • Last 3 Financial year Annual Report
          • Financial statements projection for the nearest Financial Year based on the performance of past year.
          • Last 6 months bank statement.
          View more FAQ:apos:s

          Quick Process With
          Maximum Security

          Gold Loans

          LuLu Finserv, the financial arm of the trusted LuLu Brand, offers its customers Loan Against Gold on very attractive terms. Financial emergencies may happen anytime, and you need to gather cash urgently to tackle them. Gold Loan is one of the easiest and fastest methods of obtaining credit at very short notice and is ideal for all emergency financial requirements of customers, ranging from medical emergencies, educational needs of children, investment in a property or asset, meeting wedding expenses, buying a new vehicle or appliance, or your business' short & long-term capital needs.

          We offer comprehensive gold loan schemes to cater to all income groups. We believe in inclusive business and there’s always a plan that’s just right for you.

          Enquire Now
          gold-loan
          Gold loan products
          Our Customised Gold Loan Schemes

          One Rupee Interest Loan

          Loan Amount
          Minimum

          Rs. 2,000/-

          Maximum

          Rs. 1,00,000/-

          Loan Tenor

          270 days

          Rate of Interest

          12%-24%

          LTV

          75%

          Main Features and Advantages
          • Instant processing and disbursal
          • Your Gold is safe and secure in a LuLu Finserv locker
          • You can use the gold loan money for any personal purpose
          • Less documentation, No CIBIL score
          • No hidden charges
          • Ideal for meeting immediate expenses such as your children’s education, business expansion, working capital requirements, medical emergencies, etc.
          Enquire Now

          High Value Loan

          Loan Amount
          Minimum

          Rs. 2,00,000/-

          Maximum

          Rs. 20,00,000/-

          Loan Tenor

          270 days

          Rate of Interest

          11.99-23.99%

          LTV

          60%

          Main Features and Advantages
          • LuLu High Value Gold Loans are structured to give you financial independence and help meet your growth aspirations. Set up a new business or upgrade your business by acquiring fresh stocks availing our Business Gold Loans.
          • Make smart moves with LuLu Business Gold Loan. If you’re an entrepreneur who is keen on investing in a new venture but need financial support to get started, Gold Loans may be the fastest and easiest option.
          • Instant Processing and Disbursal
          • Payable in easy instalments
          • Minimum processing fee and less KYC procedures
          • Your gold is fully insured
          • Less documentation only, No CIBIL score
          Enquire Now

          Super Express Loan

          Loan Amount
          Minimum

          Rs. 2000/-

          Maximum

          Rs. 2,00,000/-

          Loan Tenor

          270 days

          Rate of Interest

          16.50%-24%

          LTV

          70%

          Main Features and Advantages
          • Interest applicable on diminishing principal basis and only for applicable number of days in reducing impact
          • You can use the gold loan money for any personal purpose
          • Less documentation only, No CIBIL score
          • Hassle-free application process
          • Bad credit history not an issue
          Enquire Now

          Super Benefit Gold Loans

          Loan Amount
          Minimum

          Rs. 25,000/-

          Maximum

          Rs. 10,00,000

          Loan Tenor

          180 days

          Rate of Interest

          19%-22%

          LTV

          75%

          Main Features and Advantages
          • Your gold is safe and secure in a LuLu Finserv locker
          • You can use the gold loan money for any personal purpose
          • Less documentation, No CIBIL score
          • No hidden charges
          • Hassle-free application process
          • Bad credit history not an issue
          Enquire Now

          Gold Glitter Scheme

          Loan Amount
          Minimum

          Rs.50000/-

          Maximum

          No limit

          Loan Tenor

          180 days

          Rate of Interest

          22%-24%

          LTV

          75%

          Main Features and Advantages
          • Gold Glitter Schemes are structured to meet your immediate requirements for meeting personal or business needs.
          • The needs can range from immediate medical expenditure, investment in a property or asset, your child’s education, meeting wedding expenses, buying a new vehicle or appliance, or your business’ short & long-term capital needs.
          • Get maximum value for your gold
          • Interest calculated on Daily Diminishing Balance
          • Very simple documentation and KYC procedures
          • Loans repayable in lumpsum. Facility for periodical interest servicing. Lower rates if periodical interest serviced promptly
          Enquire Now

          HNI- High Value Gold Loans

          Loan Amount
          Minimum

          10,00,000

          Maximum

          No Limit

          Loan Tenor

          180

          Rate of Interest

          16%-22%

          LTV

          75%

          Main Features and Advantages
          • Simple Documentation.
          • Low Interest Rate
          • Maximum LTV
          Enquire Now

          Super Express Loan

          Loan Amount
          Minimum

          Rs. 2000/-

          Maximum

          Rs. 2,00,000/-

          Loan Tenor

          270 days

          Rate of Interest

          16.50%-24%

          LTV

          70%

          Main Features and Advantages
          • Interest applicable on diminishing principal basis and only for applicable number of days in reducing impact
          • You can use the gold loan money for any personal purpose
          • Less documentation only, No CIBIL score
          • Hassle-free application process
          • Bad credit history not an issue
          Enquire Now

          Shining Star Gold Loan

          Loan Amount
          Minimum

          Rs.2000/-

          Maximum

          Rs.2000000/-

          Loan Tenor

          270 days

          Rate of Interest

          17.5%-24%

          LTV

          75%

          Main Features and Advantages
          • Shining Star Gold Loans are structured to meet your immediate requirements for meeting personal or business needs.
          • The needs can range from immediate medical expenditure, investment in a property or asset, your child’s education, meeting wedding expenses, buying a new vehicle or appliance, or your business’ short & long-term capital needs.
          • Get maximum value for your gold
          • Interest calculated on Daily Diminishing Balance
          • Very simple documentation and KYC procedures
          • Loans repayable in lumpsum. Facility for periodical interest servicing. Lower rates if periodical interest serviced promptly
          Enquire Now

          Gold Rush Scheme

          Loan Amount
          Minimum

          Rs. 2000/-

          Maximum

          No Limit

          Loan Tenor

          270 days

          Rate of Interest

          19%-24%

          LTV

          75%

          Main Features and Advantages
          • Interest applicable on diminishing principal basis and only for applicable number of days in reducing impact
          • You can use the gold loan money for any personal purpose
          • Less documentation only, No CIBIL score
          • Hassle-free application process
          • Bad credit history not an issue
          Enquire Now
          Get to know more about

            Gold Loan Calculator

            Find out how much loan amount you will receive against your gold jewelry.

            OR

            Note:

            • This is based on 22 carat gold value
            • Interest rates for 100% LTV scheme (75% of your gold value)
            Loan Details

            Your Loan Amount

            4581

            Gold to be pleged (in grams)

            1

            lulu

            How To Apply

            1
            Visit nearest branch

            Walk into our branch with Aadhar Card / PAN Card

            2
            Tender the gold ornaments

            We will check your eligibility based on purity / value of gold

            3
            Receive money

            Get loan value instantly, in cash or account credit

            lulu
            10 Reasons that prove LuLu Gold Loans

            The best bet for your financial requirements, from a proven, reputed and trusted brand called LuLu.

            Reason 01

            Hassle-free application process

            Availing gold loan from LuLu Finserv is super easy. Just walk into your nearest LuLu Finserv branch with your jewellery and get maximum value for your gold. Our smart staff sitting at the counters will help you receive the loan amount with minimal documentation, the shortest processing time and low interest rates. Customer satisfaction is our motto. You can apply through our website within minutes and submit the details from the comfort of your home.

            Reason 02

            Lowest interest rates

            We offer gold loan with low interest rates that are highly competitive. With minimum documentation and a quick KYC procedure, you can get your loan approved with LuLu Finserv at gold interest rates starting from 7% p.a.

            Reason 03

            No Hidden Charges

            Gold loans in general are better than personal loans as they do not levy prepayment charges and incur minimal or no processing fee. So, you won’t have to pay hidden charges to avail the benefits of gold finance from us. Transparency is our hallmark.

            Reason 04

            Easy documentation

            To minimise delays and to speed up the process, we require you to submit only minimal documents.

            Reason 05

            Quick Disbursal

            Gold Loans are processed as soon as the quality of the loan is verified and you get the amount disbursed in cash or through your bank account, instantly, on successful verification. The process does not require you to wait for days, giving you quick access to cash whenever you need it.

            Reason 06

            Tailor made repayment plans

            Our Gold loan products have flexible repayment options. Customers can choose to pay in regular monthly instalments through EMI schemes. With seamless instalments, you can repay slowly, and become debt free after the loan tenure. You also have the option to repay only the interest portion throughout the tenure and repay the balance principal upon tenure completion, as a bullet payment.

            Reason 07

            Maximum value for your gold

            Now borrowers can avail more loan amounts on your pledged gold ornaments, with a Loanto-value (LTV) as high as 75%. Thus, not only is your gold put to use, but you are also leveraging the full potential of the commodity. Leverage your gold holdings and check how much loan you can get by using our gold loan interest calculator to get the interest quote, and apply now.

            Reason 08

            Guaranteed safety for your gold

            We value the safety of your precious jewellery. Your gold will be valued, sealed and documented in your presence and moved into vaults in our strong rooms. Our borrowers need not worry about the gold they pledge as collateral with us. The borrowers can rest assured that their precious gold is entrusted in safe hands by opting for a gold loan from us. We ensure the safety of your gold, and in the case of theft, we are liable to make full payment for your losses, as the securities are fully insured.

            Reason 09

            Credit Score not necessary

            Unlike other loan products, credit score plays a less important role in gold loans. As you submit your gold as collateral, you need not provide additional documents to avail the loan. So, if you currently have a poor credit score, it does not prevent you from availing a Gold Loan from us. Your Cibil Score plays no role in getting a gold loan for you.

            Reason 10

            Easy Takeover from other Banks and NBFCs / Specialised schemes for Women

            We facilitate taking over of existing gold loans from other Banks and NBFCs at unparalleled additional funding and lower interest rates. We have customised and special schemes for women borrowers, business class and for educational needs.

            Testimonials

            What our customers says

            inverted quote

            Transparency and the right financial assistance are the key factors for me in choosing LuLu Finserv. The branch staff rightly helps you choose the right scheme based on your financial requirements.

            George Facister Image
            George Facister

            Customer

            inverted quote

            LuLu Finserv is one of the best customer-centric and service-oriented NBFCs in the region, and I would recommend that everyone confidently avail of their services.

            Lekhakumari Image
            Lekhakumari

            Customer

            inverted quote

            The easy loan process and quick disbursal of funds is the best part about LuLu Finserv.

            Nithin P.P Image
            Nithin P.P

            Customer

            inverted quote

            I am happy to say that LuLu Finserv has been a great support during any urgent financial need. The genuine customer service and choice of lending schemes make it the right place for all.

            Rajesh P Image
            Rajesh P

            Customer

            Frequently Asked Questions

            No FAQ Found