# 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. Source: https://www.recurclub.com/lenders/mas-finance Last updated: 2026-09-29 ## Products and indicative terms Observed on live transactions. Not an offer or a quote. | Product | Ticket | Rate | Tenure | |---|---|---|---| | Purchase Invoice Discounting | ₹0.8 cr | 14.5% | 12 mo | Also offered, with no terms observed yet: Sales Invoice Discounting, Secured Term Loan, Unsecured Business Loan, Vendor Financing. ## Eligibility - MAS FINANCIAL SERVICES LIMITED ### Will not fund - Negative/excluded geographies for lending: J&K, Kerala, North East, West Bengal, Odisha and the East belt - Negative profiles not funded: liquor manufacturers, paan shops/tea stalls, cyber cafes/video parlours, temporary-setup businesses, film industry professionals, lawyers, money lenders/financiers/stock brokers, chit funds/nidhis, astrologers, cable operators, security service providers, bar/liquor shops, media journalists, lottery/RTO agents, doctors/CAs/professionals, verification agency owners, arms dealers, casinos/gambling operators, STD/PCO, MLM, builders/real estate brokers, DSA agency owners, travel agencies, brick kiln owners, gyms, nutritionists, foreign nationals, auto brokers, stamp vendors, labour contractors, toll plaza contractors, bullion/jewellery traders, driving schools, unlicensed consultants, recruitment agencies, minors/HUF/trusts, politicians/religious leaders, policemen, mobile accessory traders, places of worship, telecom recharge shops, anti-social elements, barber/massage centers, illegal entertainment centers, raw meat/poultry suppliers, tobacco dealers, weapons/radioactive material/asbestos production, commercial logging, forced/child labour, hazardous chemicals trade, newspaper distribution, medical BPOs/TPAs, farming, cotton trading/ginning/spinning, textile - 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 - 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 ### Prefers - 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 - 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 ### Screening gates and observed behaviour - Borrower: CIBIL ≥650 (cohort ≈699) · age ≥3y (Operational Vintage) · avoid: Explosives, Arms and Ammunitions, Gambling and Betting, Gems and Jewellery, Lottery Business, Media and Entertainment, Real Estate (non asset Light), Financial Services, Tobacco 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) · 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 ## Eligibility - MAS Finance ### Prefers - 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 - Teaser must be approved by lender's management committee before the proposal moves to credit appraisal ### Screening gates and observed behaviour - 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 · 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) ## Sanctioned terms (from 17 real sanction letters) ### Sanctioned amount: median ₹75L (₹35L–₹3.5 cr) · NEW ×6 - median ₹75L (₹35L–₹3.5 cr) · NEW ×6 ### Typical security: 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 - 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 ### Typical covenants: - Other standing covenants — 41% of letters (e.g. "MFSL will have the right to examine the Books of Accounts and Office/Show room premises; MFSL reserves the right to discontinue the Facility and to withhold/sto…") - Other standing covenants — 41% of letters (e.g. "MFSL will have the right to examine the Books of Accounts and Office/Show room premises; MFSL reserves the right to discontinue the Facility and to withhold/sto…") ### Term sheet by ticket size: (facilities, largest first) - (facilities, largest first) ## Sanctioned terms (from 13 real sanction letters) ### Sanctioned amount: median ₹75L (₹35L–₹2 cr) · NEW ×5 - median ₹75L (₹35L–₹2 cr) · NEW ×5 ### Typical security: 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 - 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 ### Typical covenants: - Other standing covenants — 38% of letters (e.g. "MFSL will have the right to examine the Books of Accounts and Office/Show room premises; MFSL reserves the right to discontinue the Facility and to withhold/sto…") - Other standing covenants — 38% of letters (e.g. "MFSL will have the right to examine the Books of Accounts and Office/Show room premises; MFSL reserves the right to discontinue the Facility and to withhold/sto…") ### Term sheet by ticket size: (facilities, largest first) - (facilities, largest first) ## Common questions ### 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. --- Check which lenders fund a business like yours: https://www.recurclub.com/recur-market All lenders: https://www.recurclub.com/lenders 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.