The fees associated with a business loan are among the most crucial things to think about before borrowing. Your debt grows as a result of paying exorbitant fees or interest rates. By providing the best Business Loan interest rates and fees, My Mudra's Business Loan aids in avoiding such a situation. With it, you can control expenses and maintain a positive cash flow throughout. We also offer our clients cheap interest rates on unsecured business loans. At MyMudra Fincorp, we offer some of the best term loan interest rates in the business.
A raw material financing loan interest rate ranges between 15% and 28% which would help you control costs and keep your EMIs manageable. You may be confident that your experience will be affordable when combined with our other reasonable fees and distinguishing features.
For loan processing, verification, and other administrative services, we charge a small processing fee. Our fee is between 2 % of the approved loan value, along with the applicable taxes.
Prepaying a raw material financing loan is a wise move that will keep costs down and interest rates low. You can prepay our loan whenever you can and will only be charged a small cost for doing so. This sum represents 5% of the outstanding principal plus any relevant extra taxes.
There are two kinds of Raw Material Financing Loans interest rates: fixed and floating.
Here, the rate of interest charged on the Raw Material Financing Loans amount will remain constant throughout the loan repayment period. You know your Raw Material Financing Loans EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Raw Material Financing Loans 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 Raw Material Financing Loans 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 Raw Material Financing Loans 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.
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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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