Looking to expand your business? Want to give wings to your dream business venture? Planning to acquire a new business? Count on our easy and faster business loans that can help you take your dreams to newer heights.
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Interest rate
By using the My Mudra Fincorp Business Loan, you can keep your loan payments inexpensive and within your budget. You might acquire an interest rate ranging from 15% to 30% depending on criteria such as your credit score and financial situation. This is a low MSME loan rate, and business owners can obtain cash at a reasonable cost based on their financial situation. My Mudra Fincorp is committed to offering the lowest Business Loan interest rate in India. Our unsecured Business Loan interest rates are our distinguishing feature.
Other charges are defined below:
Processing fees
Our business loan levies a one-time processing fee of 2% plus applicable taxes. This is applicable on loan amount disbursal and is levied as an administrative fee for managing loan processing.
Foreclosure charges
Prepaying a Business Loan is an excellent strategy to save money on interest and keep prices down. You may prepay whenever you like with our loan and simply have to pay a little charge. This sum is equal to 5% of the outstanding principal, plus any applicable taxes.
Late payment charges
Failure to pay the loan EMIs can incur a penalty, which can be divided into two parts:
· Bounce charge: ₹1,000 per bounce, plus taxes
· Penal interest: 3% charged on the overdue amount every month
There are two kinds of Business Loan interest rates: fixed and floating.
Here, the rate of interest charged on the Business Loan amount will remain constant throughout the loan repayment period. You know your Business Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Business Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Business Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Business Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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