Merchant Cash Advance Guide

Merchant Cash Advance or Loan Against Credit Card Swipes or Loan against EDC Sales helps to provide power to the retailers in order to take Loan Against the Card Sales. These loans can thus also be helpful to the merchants  who want to acquire the working capital in order to execute and to expand its business operations.

FinBucket helps you to take Merchant Cash Advance with the help of no security, Convenient services at your doorstep and also helps to repay the amount with easy EMI.

Features of Merchant Cash Advance:

Get Credit Ranging From INR 1 Lac to INR 2 Crore

In order to ensure that you’re never short of funds, Merchant Cash Advance allows the borrower to access quick finance up to Rs. 2 crores, depending on the monthly card settlement.

Loan Tenure of 6 Months To 2 Year:

Loan Amount Up To 200% of Your Monthly Card Settlement:

With Merchant Cash Advance, the borrower can receive funds up to 200% of the monthly sales from the card payment machines. Therefore, the higher the borrower earns from card swipes, the higher the loan offer is likely to be.

Quick, Hassle-Free Online Application Procedure:

The entire procedure takes just 10 minutes of the time in order to fill out an application form and then submit the requested documentation.

72-Hour Disbursal:

Through our data-driven competencies, we, however, render the loan decision within hours and then deliver the amount of funds to you within 3 days so that you waste no time in covering an unexpected business expense or by capitalising on a lucrative business opportunity.

Eligibility Criteria:

The eligibility criteria for Merchant Cash Advance is fairly simple and user-friendly. Just ensure that the following terms are met:

  • Your business must have minimum operational history of 3 years
  • Minimum turnover of ₹30,00,000
  • Minimum card acceptance vintage should be of 6 months
  • Minimum POS swipes should be of ₹1,00,000
  • Cibil score should be above 700

How to apply:

Step 1:

Before applying for a merchant cash advance through legal roast the borrower is supposed to check if he qualifies for the loan or not. A simple form in which details such as name, mobile number, e-mail, the type of loan, the loan amount and the loan tenure are to be filled to check the eligibility.

Step 2:

Once it is seen that the borrower qualifies the eligibility , our team would contact you and would further ask you about some details related to the business loan such as about the fact as to what is the annual turnover of the company , what is your credit score and for how much time has the business been in operation  .

Step 3:

The borrower is then required to send some of the documents like:

1.      Current Account statement of 12 Months

2.      VAT returns till the last financial received

3.      PAN Card

4.      Passport

5.      Aadhaar Card

6.      1 charge slip of all EDC Terminals

7.      Commercial Address Proof

8.      Electricity Bill / Property Tax

9.      6 months bank statement

10.  1 year EDC sale bank statement

Step 4:

FinBucket coordinates with 30 + banks and NBFC’s in order to get the application for business loan approved.

Step 5:

We try to get you the best rates and the rates depend on various factors such as

1.   How much is the card sales monthly

2.How much amount of  Loan do you need
3.  What is the tenure of the loan
4. What is the  credit score of your company

Step 6:

Thus Based on your card sales over the period of last 1 year,  FinBucket would provide you Loans from the Financial Institutions who would give the maximum loan at lowest rates in order to expand your business. Then the Institutions would install 1 machine for the purpose of card swiping. The machine would then automatically send the installment money to the institutions and then the remaining amount will be credited to your account.

By | 2018-01-09T12:25:59+00:00 November 4th, 2017|Business Loan|0 Comments

About the Author:

Pulkit Jain is the founder of LegalRaasta – India's top portal for registration, trademark, return filing and loans. Pulkit is a veteran CA with over 10+ of experience.

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