Lender profile
MAS Finance business loans
MAS Finance is on Recur Club's lender panel, writing purchase invoice discounting, sales invoice discounting, secured term loan and 2 other products. Observed tickets run ₹80 lakh to ₹80 lakh, priced between 14.5% and 14.5%. Median turnaround from application to disbursal is about 53 days.
- ✓Tickets from ₹80 L – ₹80 L across 6 products
- ✓Indicative pricing 14.5% – 14.5%, as quoted on live transactions
- ✓We check your fit against every lender on the panel, not just this one
6
Products live
₹75L
Median sanction
30
Sanction letters read
— Which arm you land with
2 lenders under one brand
They share a screening philosophy but not a book. Which one your file goes to depends on what you are borrowing against.
MAS Financial Services Limited
Rejects
- Negative/excluded geographies for lending: J&K, Kerala, North East, West Bengal, Odisha and the East belt
- Negative profiles not fundedliquor manufacturerspaan shops/tea stallscyber cafes/video parlourstemporary-setup businessesfilm industry professionalslawyersmoney lenders/financiers/stock brokerschit funds/nidhisastrologerscable operatorssecurity service providersbar/liquor shops
- DSCR is not within MFSL policy when considering the sales of FY26
- DCA profile is not fit in MAS Finance's existing policy for purchase invoice discounting loan structure; passing the lead
29 more ▾ ▴
- Can't consider the proposal due to non-serviceable location
- Unable to move forward with the proposal due to high leverage, low DSCR, uneven revenue trend, and low profit margins
- Not considering funding opportunities in the ceramic industry due to ongoing gas supply concerns arising from geopolitical tensions
- may revisit once the situation stabilizes
- Credit is not comfortable for the case: FY25 capital reduced to Rs 0.77 Cr due to undisclosed withdrawals for an individual property purchase, resulting D/E of 10x
- FY26 financials unaudited with provisional capital/quasi introduction not considered
- constitution change during FY25
- login company outsources manufacturing with no factory (working on commission basis)
- and declining profitability
- Group companies' CIBIL requirement is not possible (cannot be waived/exempted)
- MAS rejected the ceramic industry deal citing geopolitical situation/gas supply concerns; will only explore once the situation is better
- Cannot fund hazardous chemicals business
- Rejected in Oct'25 due to common directorship with Krn Alloys (or similar name), which had loan delays of ≈200 days
- MAS will not proceed given this sort of revenue degrowth
- Will not do purchase invoice discounting where vendors are farmers
- Deal passed/dropped at MAS because DSCR was low
- MAS views the textile industry negatively and will not move forward with textile industry deals
- MAS Financial Services does not provide funding for this type of business.
- Negative sector: textile
- Won't fund (stated policy): Financial Services
- Lottery Business
- Explosives, Arms and Ammunitions
- Gambling and Betting
- Real Estate (non asset Light)
- +4 more (playbook)
- Selective / conditional (stated policy): Metals and Mining
- Infrastructure
- Logistics and Transportation
- Mining Companies
Wins
- Cautious profiles (coal traders, infra/electrical contractors, transportation/fleet, milk trading, grain/spice/fruit/vegetable traders, metal scrap dealers, IT services, tuition centres, mining/quarrying, manpower supply, petrol pump/gas agency, crane renting) allowed only as per current ABB policy
- no deviations permitted unless otherwise specified
- Prefers CC/OD/Current account for banking relationship
- Prefers repayment via NEFT/RTGS
23 more ▾ ▴
- Prefers co-applicant to include one female family member
- for partnerships/LLPs minimum 51% of partners on deal, for companies directors with minimum 51% shareholding on deal
- Prefers at least one property owned and self-occupied by applicants
- …more in playbook
- adjusted tangible net worth should be positive
- Acceptable leverage: 4x-5x overall, up to 3x on own book
- Bank statement previously provided was flagged as fraudulent; genuine statement direct from net banking required
- Applicant age minimum 22, maximum 60 years
- Applicant/co-applicant age minimum 22, maximum 65 till maturity; if applicant is over 60, co-applicant involved in business must be under 60
- At least one ownership (home or business premises) required, within MFSL serviceable location
- 25% YoY growth target; quarterly disbursement target of Rs.1100cr for TL to NBFCs, Rs.2500cr overall wholesale
- Banking turnover (BTO) should be 85%
- Banking turnover (BTO) should show YoY and QoQ increasing trend, at 85% of actual turnover
- Asked borrower to clarify MCA charge details
- Flagged a sharp jump in overdue payment charges — ₹55,50,000 in FY25 versus ₹22,64,000 in FY24 — and asked borrower to clarify
- Lender flagged multiple ECS/cheque bounce and inward-return charges seen in the bank statement, asking for clarity
- EMI bounce tolerance: none in last 3 months
- one allowed in last 6 months if cleared same month
- where auto-debit mandate inactive, EMIs must clear within 5-7 working days
- Liquidity check: 1 month's cash burn x 12 x 3 should be more than available cash
- Machinery finance product is being revived and will take about one quarter to relaunch
- Facility tenor 12 months, tenor per tranche up to 90 days
- Maximum eligible loan amount/exposure is capped by DSCR-based eligibility calculation
Behaviour & gates
- Borrower: CIBIL ≥650 (cohort ≈699)
- age ≥3y (Operational Vintage)
- avoidExplosivesArms and AmmunitionsGambling and BettingGems and JewelleryLottery BusinessMedia and EntertainmentReal Estate (non asset Light)Financial ServicesTobacco Products (varies by product)
- Maharashtra, Gujarat, Rajasthan, Karnataka, Madhya Pradesh, Delhi, Tamil Nadu, Chhattisgarh, Andhra Pradesh, Telangana (varies by product)
- Private Limited, Public, Limited Liability Partner, Sole proprietorship
- Financials: minimum annualrevenuegrowthrate: -10 (purchase invoice discounting, sales invoice discounting, vendor financing only)
19 more ▾ ▴
- rev ≥₹20cr (cohort ≈41.9)
- TOL/adjusted tangible net worth ≤6 (purchase invoice discounting)
- TOL/adjusted tangible net worth ≤5 (sales invoice discounting, secured term loan, vendor financing)
- debt/EBITDA ≤5 (cohort ≈3.6×) (purchase invoice discounting)
- debt/EBITDA ≤4 (sales invoice discounting, secured term loan, vendor financing)
- DSCR ≥0.6 (cohort ≈2×) (purchase invoice discounting)
- DSCR ≥1 (sales invoice discounting, secured term loan, vendor financing)
- debt/networth ≤4 (cohort ≈2×)
- Deal: rate 12.5–24% (range across products — see matrix)
- ticket ₹0–10cr (range across products — see matrix)
- tenure 12–36mo (range across products — see matrix)
- no PEP
- Security (observed): Personal Guarantee Of Promoters / Directors / Property Owner (100%)
- FD margin 10–15% (76%)
- Security asked in : Personal Guarantee Of Promoters/Directors (×11), FD margin 10–15% (×8), 1st/pari-passu charge on current assets (×4), FD margin 15–20% (×4)
- Security asked in 2026: Personal Guarantee Of Promoters / Directors / Property Owner (×46), FD margin 10–15% (×35), FD margin 15–20% (×8), FD margin 5–10% (×5)
- share → in-principle approval (initial interest): ≈27d
- in-principle approval → sanction (underwriting): ≈1d
- sanction → disburse (closing): ≈7d
MAS Finance
Wins
- Shubham from lender's team has been looped in to review the data; next steps expected by Monday
- Most requested data is already available in the AICA data room
- Deal was sourced through another syndicator, not directly from the company
- Most requested data is already available in the AICA data room
1 more ▾ ▴
- Teaser must be approved by lender's management committee before the proposal moves to credit appraisal
Behaviour & gates
- Borrower: CIBIL ≥650
- Andaman and Nicobar Islands, Andhra Pradesh, Chandigarh, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, Puducherry
- positive sector: Financial Services
- Financials: TOL/adjusted tangible net worth ≤5
- debt/EBITDA ≤4
- networth ≥₹5cr
7 more ▾ ▴
- debt/networth ≤2
- DSCR ≥-1
- Deal: rate 11–18.5%
- ticket ₹0–50cr
- Security (observed): 1st/pari-passu charge on current assets (100%)
- Personal Guarantee Of Promoters / Directors / Property Owner (67%)
- Security asked in 2026: 1st/pari-passu charge on current assets (×3), Personal Guarantee Of Promoters / Directors / Property Owner (×2)
— Products & indicative terms
What MAS Finance lends, and on what terms
What has actually been offered on live transactions, not brochure numbers. Treat them as the band you are likely to be quoted inside, not a promise. Open a row for that product's credit box.
| Product | Ticket | Pricing | Tenure | Arm |
|---|---|---|---|---|
Purchase Invoice Discounting▾Turnaround ~53d Rejects
Wins
22 more ▾ ▴
Behaviour & gates
35 more ▾ ▴
| ₹0.8 cr | 14.5% | 12 mo | MAS Financial Services |
Also offered, with no terms observed yet: Sales Invoice Discounting, Secured Term Loan, Unsecured Business Loan, Vendor Financing.
— Typical term sheet
What a sanction from MAS Finance actually looks like
Reconstructed from real sanction letters. Small samples, so read them as observed rather than as a rule.
MAS Financial Services Limited
Specimen sanction
Representative of the median file. Your actual terms will move with rating, security cover and relationship.
How often each clause appears
Share of the 17 sanction letters carrying the clause.
Other standing covenants41%
MAS Finance
Specimen sanction
Representative of the median file. Your actual terms will move with rating, security cover and relationship.
How often each clause appears
Share of the 13 sanction letters carrying the clause.
Other standing covenants38%
— Security & covenants
What they will ask you to pledge
Counted across the sanction letters read. A combination is normal, and most files carry more than one.
MAS Financial Services Limited
- Demand Promissory Note3 letters
- Stock & Book Debts2 letters
- Corporate Guarantee2 letters
- Stock and Book Debts (Hypothecated Assets)1 letters
- Book debts / current assets / stock (Hypothecated Assets)1 letters
- hypothecation1 letters
- Demand Promissory Note ×3, Stock & Book Debts ×2, Corporate Guarantee ×2, Stock and Book Debts (Hypothecated Assets) ×1, Book debts / current assets / stock (Hypothecated Assets) ×1, hypothecation ×1
MAS Finance
- Stock & Book Debts2 letters
- Demand Promissory Note1 letters
- Stock and Book Debts (Hypothecated Assets)1 letters
- Book debts / current assets / stock (Hypothecated Assets)1 letters
- hypothecation1 letters
- Promissory Note / Undertaking1 letters
- Stock & Book Debts ×2, Demand Promissory Note ×1, Stock and Book Debts (Hypothecated Assets) ×1, Book debts / current assets / stock (Hypothecated Assets) ×1, hypothecation ×1, Promissory Note / Undertaking ×1
— Common questions
What borrowers ask about MAS Finance
- What does MAS Finance lend?
- MAS Finance writes purchase invoice discounting, sales invoice discounting, secured term loan, unsecured business loan, vendor financing. Across those, observed facilities run ₹80 lakh to ₹80 lakh.
- What ticket size does MAS Finance offer?
- Facilities observed on live transactions run from ₹80 lakh to ₹80 lakh. The band differs by product, so the figure that applies to you depends on which facility you are asking for.
- What rate does MAS Finance charge?
- Rates observed on live transactions fall between 14.5% and 14.5% a year. Tenures run 12 to 12 months. These are observed figures, not a quote, and the rate you are offered depends on your file.
- How long does MAS Finance take to disburse?
- About 53 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.
- What are MAS Finance's eligibility criteria?
- The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.
Next steps after MAS Finance
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Check my matchLast updated
Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of MAS Finance's current policy. Terms are set by the lender at the time of sanction.