Lendingkart Business Loan
Lendingkart Business Loan is available to micro, small and medium enterprises in India. The quantum of finance is up to Rs. 2 crores. Speedy approval and disbursal are the keys to the success of Lendingkart’s Business Loan schemes, which is also provided to women entrepreneurs. The online application process makes it easier for you to drop a loan request, and get a lending decision in as soon as 24 hours. This Fintech platform promises ease of payments with flexible repayment options, and best interest rates on business loans.
At Loanbaba.com, you can apply for Lendingkart business loan online. Here are updated details about the loan offer.
| Lendingkart Business Loan Details Updated | |
|---|---|
| Loan Amount | Rs.50,000 to Rs. 2 crores |
| Loan Tenure | 1 month to 36 months |
| Interest Rate | 15% to 27% |
Features of Lendingkart Business Loan
Below-mentioned are some of the features of business loan Lendingkart :
- Collateral-free loans available
- You can borrow up to Rs. 2 crores
- Tenure is between 1 month and 36 months
- Interest rate as low as 15%
- There is no need to visit the physical branch to drop a loan application
- You can apply online and avoid waiting in long queues
- Same-day loan approval is possible
- Disbursal as soon as in 3 days from loan approval
- For your convenience, bi-weekly or monthly instalments are available
Types of Lendingkart Business Loans in India
Below-given are different business loans Lendingkart offers:
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1. Working Capital Loan
The financial institution offers a working capital loan to small and medium enterprises to fulfil the requirements of working capital, required to run everyday operations. You can borrow between Rs. 50,000 and Rs. 2 Crores on tenure 1 month to 36 months. The funds can cover for expenses such as wages, accounts payable, offset expenses during financial emergencies and requirements for cash-flow and running daily operations. This is a collateral-free loan. Thus, the risk to asset loss is next to none, if you make timely repayments. The average turnaround on loan applications is within 72 hours.
There are several types of working capital loans:
- Credit Line / Bank Overdraft:Here, the bank pre-approves a withdrawal limit on your current account, and you can withdraw any amount within this limit as per convenience. Interest is only charged on the withdrawn amount. Interest rates are higher by 1 to 2 percent than the prime rate by the financial institution. To be eligible for this loan, you must have a long working relationship with the bank, and a good credit score.
- Short-term Loan: These loans come with short repayment period, usually up to a year. The interest rate is fixed, and the company may have to fulfil other requirements regarding sales/revenue targets, etc.
- Equity Funding: The funds are acquired through investors or personal resources such as family, friend, investment, etc. Such loans are taken usually by companies with not-so-good credit score, or start-ups.
- Factoring / Advances: The funds are provided against future credit card receipts. This type of loan is only suitable for companies that accept payments on credit cards.
- Trade Creditor: Here, the funds are given by a new or current supplier, usually if you place a bulk order with them. The trade creditor will have stringent parameter that you as a borrower must follow to receive working capital support.
- Loan on Accounts Receivables: The funds are provided against confirmed sales order value or invoice. You must only opt for this loan if you have a strong customer base and minimal or no risk of invoice defaults.
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2. MSME Loan/SME Loan
Micro, small and medium enterprises or MSMEs or SME for small and medium enterprises can opt for Lendingkart business loan. This loan is usually provided to small business owners, women entrepreneurs, start-up owners, etc. The lending is on a short-time basis, the duration of which varies as per the credit profile and loan amount required by the borrower.
- You can borrow Rs. 50,000 to Rs. 2 crore.
- This is an unsecured loan, no asset security needed.
- Tenure is between 1 month and 36 months.
- Online loan application and processing is available.
- Same-day approvals if all the required documents are in place.
- Disbursal within 3 days of loan approval.
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3. Business Loan for Women
Earlier, females were stereotyped as being capable of homemakers alone. With patriarchy and social stigmas seeping in, women were considered as someone who could never have a professional life or interest, lest shining in business arena. However, times have changed, and women are progressing in every sphere of life, including job and business. And with Fintech platforms like Lendingkart making it easier for females to avail a business loan, it has become much simpler for women to take control over their entrepreneurial dreams.
- Today, business loans for females are available even in the remotest regions in India.
- Lendingkart business loan for women helps in enabling self-employment and sustaining a business through ups and downs.
- The procedure is automated and unbiased for all applicants.
- As a borrower, you can avail any amount between Rs. 50,000 and Rs. 2 crore.
- The loan does not demand a security, and is collateral-free for females.
Lendingkart Business Loan Interest Rates and Charges
Below-given are the interest rates and fees charged by the Fintech platform for a business loan:
- Lendingkart business loan interest rate is between 1% and 2% on an average, per month.
- On an annual basis, the rate of interest is between 15% and 27%.
- The rates applicable will be determined as per your credit profile, financial health of the business, the revenue, turnover, vintage, etc.
- One-time processing fee of 2% is applicable on the loan.
- There are no pre-closure charges. Pre-closure is allowed after the payment of the first EMI.
NOTE : Lendingkart offers bi-weekly and monthly payments on business loans. To understand the actual EMI on your loan, you can utilize the EMI calculator for free on our website.
Eligibility Criteria for Lendingkart Business Loan
Below-given are the eligibility requirements for Lendingkart business loans:
- NGOs, Trusts, and Charitable institutions cannot avail a business loan.
- The business must have been more than 3 months in operation.
- The physical location of the company must not be in the negative location list.
- The organization must not be in the excluded list or blacklist of SBA Finance.
- In 3 months preceding the loan application, the business must have a turnover of at least Rs. 90,000.
- For business registration proof, you must be able to submit any of the following: Business registration certificate, Trade license, GST filing, Gumastadhara, VAT registration, TIN, etc.
NOTE : You can calculate your loan eligibility on free-to-use loan eligibility calculator on our website.
Documents Required for a Business Loan by Lendingkart
Below-given are the documents required to apply for a business loan Lendingkart:
| Documents Required | Partnership | Proprietorship | Pvt. Ltd. / LLP / One Person Company |
|---|---|---|---|
| 12 months’ Bank Statement | Necessary to submit | Necessary to submit | Necessary to submit |
| Business Registration Proof | Necessary to submit | Necessary to submit | Necessary to submit |
| Proprietor’s Aadhar Card And PAN Card Copy | Necessary to submit | Necessary to submit | Necessary to submit |
| Company PAN Card Copy | Not required | Not required | Necessary to submit |
| Partnership Deed Copy | Necessary to submit | Not required | Not required |
Why Apply for Lendingkart Business Loan on Loanbaba?
Do you want to apply for a business loan by Lendingkart? Then choose to drop the loan application online on Loanbaba website, for many of the reasons mentioned below:
- Does All the Work on Your Behalf: Want to apply for the loan? Just relax. We will do all the necessary on your behalf after you submit the loan application online. Our team sends your loan application electronically to Lendingkart so that the lending decision can be taken at the soonest. We will coordinate with the Fintech platform for the latest status on your application and communicate the results to you, personally. So, you do not have to fret to know what’s happening at the end of lender, as we will get all the necessary information to you.
- Provides Loan for Specific Needs: Our team of experts will scrutinize your business loan needs and recommend you the best suited Lendingkart business loan offer. You can expect the highest amount of loan if your profile fulfils the eligibility criteria of the loan. You can also take assistance of our customer support to guide through the loan application procedure, if needed.
- Promises Complete Assistance Every Time: We at Loanbaba will offer complete assistance on business loan requests. Be it any query you have on the loan scheme, the rates, other charges, tenure, or other details, we will provide the latest information. Our team will keep you updated with the latest news on business loan by Lendingkart.
- Allows Checking CIBIL Score for Free: Your credit score will decide your eligibility on the loan. Though in case of a business loan, the company score is much more important than the personal credit score, it is good to know what your personal score is, for which you can check your cibil score for free on our website. a good personal cibil score can add to the possibility of your loan being approved by the lender.
- Gives Free Access to Financial Tools: To know how much you can borrow, you can use the eligibility calculator on our website. Similarly, to understand the monthly instalments for loan repayments, you can use the EMI calculator on our website. Moreover, these financial tools are free-of-charge, dynamic, and provide accurate results.
Personal Loan in Pune FAQs
Below provided are important questions about personal loan in Pune.
1. What is the turnaround time?
With Lendingkart’s online business loan processing, you can expect the funds in as soon as 3 days from loan approval opposes to a week or more taken by traditional banks. Thus, the turnaround time is quick compared to many other financial institutions.
2. Is the loan secured in nature?
A loan from this Fintech firm is not secured in nature, thus no valuable assets are on risk. As a borrower, you can avail an unsecured business loan, which do not need you to submit security or collateral. You can rather utilize your monetary assets in other productive ways you deem suitable.
3. Does Lendingkart loan for business improve your credit score?
An NBFC loan from this financial institution can definitely improve your business credit score, if you make timely repayments. Lendingkart reports loan accounts to the credit bureaus, thus, if you have made regular and timely repayments, then your credit score will see a significant improvement.
4. Which are the 3 simple steps to availing business loan from Lendingkart?
The Fintech platform has explained 3 simple steps to attaining a business loan, which are: submit your loan application, upload all the required documents, and lastly, receive your business loan approval and disbursal in as less as three days.
5. How to speed up the loan processing and disbursal?
6. What are the benefits of being a female borrower at Lendingkart?
The financial institution has special business loan schemes for women entrepreneurs. The institution guarantees an automated process, which is unbiased, and provides fair loan terms and conditions.
7. How to pay the instalments?
Through NACH or any other prescribed repayment modes to Lendingkart’s Group NBFC, instalments can be paid, wherein your bank account will be debited of the instalment amount on the due dates.
8. How secure is your information?
Through NACH or any other prescribed repayment modes to Lendingkart’s Group NBFC, instalments can be paid, wherein your bank account will be debited of the instalment amount on the due dates.
9. Can I apply for an instant cash loan through Loanbaba without a CIBIL score?
Yes, absolutely. You can apply for mini cash loan through Loanbaba even if you are a fresher in credit as long as you are a salaried individual with a minimum income of Rs.25,000.
10. What are the CIBIL score requirements for a Loanbaba small cash loan?
We at Loanbaba consider 600 to be a good CIBIL score to start proceedings but at times, we do accept candidates with a score of 580 or 550 in case his other credentials are strong.