Overview
With emerging Digital India, merchants have also started accepting plastic money (Debit/Credit Cards) using the POS Machines for the convenience of customers. Now a days POS machines are not just used as a mode of accepting payment but also becoming a great alternative to raise finance by merchants.
Merchant Cash Advance is a unique offering from Loan Mitra which helps you convert future POS card swipes into current cash flows.
Retailers, traders, and restaurant owners can avail Merchant Cash Advance, if they accept credit or debit card payment for the daily business transactions. Merchant Cash Advance for small businesses can be used for execution of various business activities and satisfy your short-term operational requirements.
Features And Benefits
Features
Loan Amount up to Rs. 50 Lakh
You can get loan amounts up to 2 times of your monthly card sales
Repayment Tenure up to 5 years
You can expect greater convenience with repayment tenure up to 3 years
Nil Prepayment Charges
There are absolutely no prepayment charges levied if you repay the entire loan amount before the completion of the tenure
Benefits
Higher Loan Eligibility
We offer higher loan eligibility in order to help you suffice your Loan requirement
Minimal Documentation & Swift Processing
We also offer minimal documentation along with super-fast Processing
Approve Funds within 2 working days
Funds are approved within just 2 working days for small businesses which help get access to urgently needed capital.
Eligibility And Documents
Eligibility
- Age of key person should be between 21-55 years
- Business stability of more than 2 years
- Annual business turnover should exceed Rs. 15 lakhs
Documents Required
For getting a Merchant Cash Advance, the following documents are needed:
KYC Documents:
- A copy of PAN Card.
- Proof of Address: (Passport Copy / Aadhaar Card / Electricity Bill / Registered Rent Agreement)
- Statutory documents: In the case of Proprietary Firm: Shop Act, GST Registration Certificate, Udyog Aadhaar Memorandum, VAT Registration, other Registrations Applicable.
- Statutory documents: In the case of Private / Public Limited Company/One Person Company: MOA & AOA, Certificate of Incorporation, Certificate of commencement of business in case of a public limited company, GST Registration Certificate, Shop Act, Udyog Aadhaar Memorandum, VAT Registration and other Registrations Applicable.
- Statutory documents: In the case of Partnership Firm: Registered Partnership Deed, In Case of LLP: LLP Agreement, Shop Act, Udyog Aadhaar Memorandum, GST Registration Certificate, VAT Registration and other Registrations Applicable.
Income Documents:
- Last 2 years Financials (IT Returns, Computation Sheet & Balance-sheet) and Proof of turnover vide latest sales/service tax returns and Invoice / Purchase Order Copy (for loan against receivables)
- Last 1-year bank statement of an operative bank account.
- Details of all existing loans: Sanction Letter and Loan Account Statement for last 1 year.
Profile
- Brief Profile of the Promoters and Company / Firm
POS Machine Transaction Statements
- Last 1-year Bank Statement of POS Machine Transactions
How To Apply
You can now apply for Merchant Cash Advance through the following steps:
- Click here to apply online
- Scan and upload documents online
- Verification & assessment
- Loan approval in 2 working days
Contact Us
In case you have any query or need any kind of assistance, please call us on (+91) 9881902174 or email us at info@loan-mitra.com. We would be delighted to answer any questions that you may have.By logging onto loan-mitra.com, you can save both time and money, while simultaneously getting the latest information on the financial products you seek.
Faqs
You can use this funding for short term working capital needs or even for expanding your business among other needs.
Yes, you can prepay the loan amount before the completion of the full tenure and there are no prepayment charges* that are levied by Loan Mitra Limited.
No, this will not impact your eligibility for Merchant Cash Advance provided you should meet the basic criteria & need to provide necessary documents.