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Capital Float

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Processing Fee

2.0%

Max Tenure

2 Yrs

Best Rate

26%

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Overview

Capital Float is an NBFC (Non-Banking Financial Corporation) founded in the year 2013. The company is in the business of lending short term loans to small businesses i.e. micro, small and medium enterprises (MSMEs).

The MSME Sector has been since long recognized as a major contributing factor to the country’s economy and GDP. This is especially true in developing countries like India where the SME sector is also often referred to as the backbone of the economy. More than 70% of the employment in India is generated by the SME sector and hence is also equally important in the manufacturing and service sectors. However, small businesses often face huge difficulties in securing finances for their business needs from banks on account of need for collateral,  higher interest rates, extensive documentation etc.

Capital Float provides easy and affordable business loans to such small and medium enterprises. Also such loans are instantly disbursed and thus help businesses in getting immediate financial assistance without any hassles. In this guide, you can find all that you need to know about business loans from Capital Float.

Eligibility for Capital Float Business Loans

The eligibility requirements of the business loans of Capital Float are similar to those of any other NBFC. The basic eligibility criteria are mentioned below.

  • The minimum age required to apply for the business loans of Capital float is 21 years.
  • The maximum age of the applicant to be eligible to apply for the loans is 65 years.
  • The person also has to have a small business as per the definition of the SME enterprises and should be operational for a minimum period of 3 years.
  • The applicant also requires a minimum prescribed credit score of 650 from a competent rating authority.
  • The organization should be profitable for the last 2 years at least and also have the minimum turnover Rs. 1,00,00,000.
  • The applicant also has to be the owner or partner or promoter of the entity as the case may be.
  • The organization should have filed GST returns of the business for the past 6 months and also has to provide bank statements for the past 6 months.

Documents for Capital Float Business Loans

The documents required to be provided for application of a business loan of Capital Float are the basic KYC documents in addition to the documents related to the income proof, ownership proof, etc. The details of the same are provided hereunder.

  • Identity Proof of the owner or partner or promoter as the case may be (PAN Card, Aadhaar Card, Ration Card, Voter ID, Driving License, etc.)
  • Address Proof of the applicant or the entity (Aadhaar Card, Passport, Ration Card, Latest Utility Bills, etc.)
  • Bank statements for the past 6 months
  • Income proof of the applicant or the entity (ITR for past 2 years)
  • GST Returns for the past 6 months
  • VAT Returns for the past 6 months
  • Financial Statements for the past 2 years

Features and Benefits of Capital Float Business Loans

Capital Float Business Loans provide many benefits to the applicants. These benefits are highlighted below.

Quantum of Loan

The loans available under the business loans of Capital Float can be from a minimum amount of Rs. 5,00,000 up to Rs. 50,00,000. The amount of loan to be sanctioned will depend on credit score and repayment capacity of the applicant or the organization as the case may be.

Tenure

Capital Float provides flexible repayment options for the loan taken. The tenure of the loan is from a minimum period of 1 year to a maximum of 3 years.

Interest Rate

The rate of interest on Capital Float Business Loans varies from a minimum of 18% up to 24%. The final rate of interest will depend on the applicant’s profile, the amount of loan and the tenure of the loan.

Quick Disbursal

The loans of Capital Float can be instantly disbursed once the application is received from the applicant or the entity and the verification of the documents is completed to the satisfaction of the lender. Capital Float disburses the loan amount within a maximum of 3 days from the approval of the loan to the customer’s account. Thus, the customer’s are assured of immediate financial assistance in case of emergencies.

Lower Credit Score

Capital Float provides the business loans at lower credit scores too as against the norms of most banks where loans can be sanctioned only if the credit score of the applicant is good or above the minimum threshold set by them in this regard. Customers can get business loans from Capital Float if their credit score is a minimum of 650.

Digital Process

Capital Float loan application and disbursal process is entirely digital. This enables the process to be expedited and ensures it to be a hassle free process for the end consumer.

Collateral

Capital Float does not require the customers to provide any collateral for the loans applied. This ensures a broader customer base and enables more small businesses to get the benefit of financial assistance through Capital Float.

Processing and Prepayment Charges

Capital Float charges a very nominal processing charge on the loans sanctioned. The professing charge is to the extent of 2% of the loan amount. The prepayment charges of Capital Float are also very minimal that ensure that the customer is not burdened with any cumbersome process or unnecessary charges.

How to apply for Capital Float Business Loans?

The application process of Capital Float Business Loans is entirely an online process as mentioned above. The application process is discussed below.

  • The first step to apply for the business loan of Capital Float is to visit the website.
  • The customers will then have to click on the tab ‘Apply Now’ available on the homepage of the site.
  • After clicking on the above link, the customer will be taken to a new page where they will be first required to register with the website to proceed further.
  • The details like name, email address, mobile number and location of the applicant.
  • The customer will also have to authorize the customer care representative of Capital Float to contact the customer for further proceedings related to the application of loan.
  • Post this the customer will have to upload the relevant documents while submitting the application form
  • After reviewing the application form and the documents attached, the loan will be sanctioned if it meets the criteria set by Capital Float.
  • The loan will be disbursed to the customer within 3 days from application.

FAQs - Capital Float

1. What are the processing charges of Capital Float?

Capital Float charges a processing fee up to 2% of the loan amount as processing charges.

2. What is the interest rate charged by Capital Float?

The interest rate of Capital Float on business loans is from 18% to 24% per annum.

3. What is the maximum loan amount that can be availed under the business loans of Capital Float?

A person can avail loans up to Rs. 50,00,000 under the business loans of Capital Float.

4. What is the duration of loan disbursal of the business loan of Capital Float?

A person can get the business loan of Capital Float within 3 days of application if the loan is sanctioned.

5. Does the applicant need to provide the GST returns of the business as part of th3e documentation for the term finance loan of Capital Float?

Yes. GST returns for the past 6 months are a mandatory requirement for the term fiancé loans of Capital Float.

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