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| Mcapital Business Loan Highlights |
|
| 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 |
Rates as updated as of 7 November 2024
Table of Contents
Interest rate of Mcapital Business Loan
Mcapital business loan interest rate starts from 2% per month.
Fees and Charges of Mcapital Business Loan
Processing Fee
Mcapital charges a processing fee of up to 2% of the loan amount.
Prepayment Charges
| Small Business Loan | 5% of the outstanding amount +GST |
| Loan Against POS Receivables | 5% of the 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 |
| Late payment fee | Penalty for late payment of EMI- 5% per month on EMI amount from the due date till the date of repayment of EMI.
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Rs. 100 per day and charges @5% per month on EDI with a maximum 3 days grace period in a month if it is within the grace period limit |
| 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 |
| Furnishing Cibil copy | Rs 600 + GST | Rs 600 + GST |
| Duplicate Repayment schedule | Rs 600 + GST | Rs 600 + GST |
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Types of Mcapital Business Loan
Small Business Loan
- Purpose: Mcapital small business loan is a collateral-free loan for entrepreneurs and newly established businesses to expand their businesses, meet capital requirements or renovate their existing business.
- Loan amount: Up to Rs 15 lakh
- Repayment tenure: 1 year to 3 years
Loan Against POS Receivables (Retailer loan)
- Purpose: Mcapital offers loan against POS receivables or POS loans to businesses. Borrowers can use the loan amount to start a new business, stock inventory, etc.
- Loan amount: Rs 50,000 onwards
- Repayment tenure: 6 months to 1 year
Mcapital Business Loan Eligibility Criteria
- Indian resident
- Good credit score (the NBFC has not mentioned the cut-off for credit score)
- Businesses should accept payments using Mcapital POS or QR code
- Age: Should be between 25 to 60 years
Along with the above mentioned eligibility criteria, Mcapital may also consider the age, income and other important factors of its business loan applicants as used by other lenders to evaluate the eligibility of their applicants.
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Mcapital Business Loan Documents Required
- KYC Documents such as Aadhaar card, PAN Card, Voter ID or Driving license
- Business proof documents
- Bank details