Mcapital provides collateral-free business loans to small and medium enterprises (SMEs) with loan amounts of up to Rs. 15 lakh and repayment tenures of up to 2 years. The interest rates for Mcapital business loans start from 2% per month. In addition to small business loans, Mcapital also offers POS loans, also known as Loan Against POS Receivables or Retailer Loan. Borrowers availing POS loans also receive a POS machine.
Mcapital Business Loan Highlights |
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|---|---|
| Interest Rate | 2% per month onwards |
| Loan Amount | Up to Rs 15 lakh |
| Repayment tenure | Up to 3 years |
| Processing Fee | 2% of the loan amount |
*Terms and conditions apply.
| Table of Contents | ||
|---|---|---|
| Interest rate of Mcapital Business Loan | ||
| Fees & Charges | ||
| Types of Mcapital Business Loan | ||
| Eligibility Criteria | ||
| Documents Required | ||
The interest rate for Mcapital business loans starts from 2% per month.
Also read: Best Business Loan Interest Rate
Processing fee
Mcapital charges a processing fee of up to 2% of the loan amount.
Prepayment charges
| Small Business Loan | 5% of outstanding amount +GST |
| Loan Against POS Receivables | 5% of outstanding amount +GST |
Other fees and Charges
| Particulars | Small Business Loan | Loan Against POS Receivables |
|---|---|---|
| Penal Charges for Cheque/NACH bounce | Rs 750 + GST | Rs 750 + GST |
| Furnishing Cibil copy | Rs 600 + GST | Rs 600 + GST |
| Duplicate Repayment schedule | Rs 600 + GST | Rs 600 + GST |
| Change in repayment mode charges | Rs 600 + GST | Rs 600 + GST |
| Duplicate NOC Issuance charges | Rs 600 + GST | Rs 600 + GST |
| Issuance of physical statement of account | Rs 600 + GST | Rs 600 + GST |
| EMI Pick up charges | Rs 600 + GST | Rs 600 + GST |
| Loan cancellation & Rebooking charges | 5% of principal outstanding or INR 1000/- whichever is higher | 5% of principal outstanding or INR 1000/- whichever is higher |
| Late payment fee | The penalty for late payment of EMI with Mcapital is 5% per month on the EMI amount, calculated from the due date until the repayment of the EMI. | If the Equated Daily Installment (EDI) payment is late but falls within the 3-day grace period limit, Mcapital charges Rs. 100 per day plus 5% per month on the EDI amount. |
Also read: Best Business Loan EMI Calculator
Purpose: Mcapital's small business loan is a collateral-free option designed for entrepreneurs and newly established businesses. It aims to help them expand, meet capital requirements, or renovate their existing business without the need for collateral.
Loan Amount: Up to Rs 15 lakh
Repayment tenure: Up to 2 years
Purpose: Mcapital provides loans against POS receivables, also known as POS loans, to businesses. Borrowers can utilize the loan amount for various purposes such as starting a new business, stocking inventory, and other business needs.
Loan amount: Rs 50,000 onwards
Repayment tenure: 6 months to 1 year
To be eligible for an Mcapital loan, you must be:
In addition to the mentioned eligibility criteria, Mcapital may also consider factors such as age, income, and other relevant factors commonly used by lenders to assess the eligibility of their business loan applicants.
Also read: Best Business Loan Eligibility
Also Read : Best Business Loan Documents Required
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