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Business Loans

Capitec Business Loans

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Embarking on the journey of obtaining a business loan can be a daunting task, but with Capitec’s diverse range of business loans offered through its subsidiary, Mercantile Bank, the process becomes more accessible.

Select the best benefit for your loan:
NO CREDIT CHECK
ZERO ANNUAL FEE
INSTANT CREDIT
IMMEDIATE APPROVAL
As featured on LoanZoom.co.za

This comprehensive guide unveils the various business loans available, shedding light on their specific features and benefits tailored to meet diverse business needs.

Capitec’s Mercantile Bank Business Loans: An Overview

Capitec Bank, established in 2001, now boasts 852 branches serving approximately 21 million active clients in South Africa. Leveraging its acquisition of Mercantile Bank in 2019, Capitec introduced a suite of business loans catering to an array of financial requirements. These loans include:

  1. Asset Finance Loan:
    • Tailored for financing motor vehicles, property, or equipment.
    • Options include Installment Finance, Vehicle Finance, Rental Finance, and Business and Commercial Property Finance.
  2. Overdraft Loan:
    • A revolving facility allowing businesses to make payments or purchases when facing a depleted bank account.
    • Interest rates are linked to prime lending rates.
  3. Business Credit Card Loan:
    • Gold Credit Cards offered by Mercantile Bank with exclusive benefits.
    • Enrolment in a loyalty program granting access to premier Bidvest lounges at airports.
    • Ability to nominate business associates and employees, each with individual credit limits.

VIEW ALSO: ABSA Business Loan Review

Rates and Charges

  • Monthly overdraft fee: R69 on a current account.
  • Monthly credit card account fee: R40.
  • Business Gold Credit Card initiation fee: R250.
  • Monthly primary and secondary credit card fees: R40 each.
  • Interest rates: 4.25% for a 32-day term and 5.5% for a 367-day term.

Qualification and Collateral

  • Requirements include a Capitec Business account and a minimum of 2 years in business.
  • Collateral may include personal suretyships, bonds over movable/immovable property, investments, or other additional collateral.

Documents Needed for Application

  • Signed financial information.
  • Latest signed annual financial statements.
  • Up-to-date management accounts (not older than 3 months).
  • Statement of personal assets and liabilities.
  • Statement of personal income and expenditure.
  • Most recent 6 months’ bank statements (for new clients).

Conclusion

Capitec’s Mercantile Bank offers a robust array of business loans, providing competitive interest rates and versatile financing options.

As a business owner, you can leverage these loans to facilitate growth, acquire assets, and navigate unforeseen financial challenges.

Each loan serves a specific purpose, allowing you to choose the one that aligns with your business needs. For detailed information and application processes, visit the official website for Mercantile Bank.