Lending Kart Business Loan

Lendingkart Business Loan

Lendingkart gives business loans at affordable interest rates starting from 1.25% per month to micro, small, and medium enterprises. You can get a huge loan amount of up to Rs. 2 crores. LendingKart Business Loans are offered for various purposes such as setting up startups, working capital needs, marketing for the business, purchasing machinery, and more.

Apply for a Lendingkart Business loan at CreditMantri. We offer a hassle-free and simple application process. You can perform a free credit score check and download your credit report from our website. We will also help you get the best offers matching your credit profile.

Highlights of The LendingKart Business Loan

Features and Benefits of LendingKart Business Loan

Some of the features of the Lendingkart business loan are as follows:

• High Loan Amounts Up to Rs. 2 Crores: You can avail a high-value business loan of up to Rs. 2 crores for business expansion. The minimum business loan offered to any entity is Rs. 50,000. This huge range of business loans enables the organizations to fulfill their many business needs like expansion, working capital requirements, etc,
• Fast Turnaround Time and Disbursal: You don’t have to wait for long periods to avail of the loan. The money will be credited to your account in just 3 working days.
• No Collateral Required: These business loans are unsecured and you do not have to pledge any collateral as security.
• No Hidden Costs: A business loan with Lendingkart does not involve any hidden costs and charges. You will be charged a one-time processing fee between 1 to 2% upon making a business loan application.
• Fair Interest Rates: You will definitely get the loan at the lowest possible interest rates. This is because Lendingkart uses proprietary big data and machine learning tools to determine the lowest interest rates on business loans on a case-to-case basis.

Flexible loan repayment tenures: Loan repayment tenures are flexible and range between 6 to 36 months. Flexible loan repayment terms are ideal since you can repay the loan easily. The tenures are as shown below:

Lendingkart provides an easy and flexible repayment schedule where the borrower can repay the loan on a monthly or bi-weekly basis.

• Very Quick Business Loan Processing: Business loan processing is so fast that it takes place within 72 hours. You can avail business loans just by sitting at home conveniently.
• Extension of Loan Tenure: Borrowers can also apply for an extension of the loan tenure if they are unable to meet the deadlines. Extensions can be provided for a period of 6 months or more based on the guidelines set by Lendingkart in this regard. Tenure extensions for startup loans can also be up to 4 years depending on the credit profile of the applicant and the future projections of the entity.

These unique features give the following benefits to the borrowers,

• Quick credit from faster processing and disbursal of loans
• Easy access to unsecured loans with no collateral options thus preserving the ownership of the organization.
• Flexibility in the usage of the borrowed funds in the case of commercial loans allows the borrower to utilize such funds for a wide spectrum of business needs without any necessity to spend it for a fixed purpose as is the need for many traditional banking options.
• Startups especially get the benefit from easy and faster access to borrowed funds offered by Lendingkart without any need for producing ample documentation.

Eligibility for Lendingkart Business Loans

• Startup businesses will have to provide their bank statements at the time of negotiation of the loans

LendingKart Business Loans - Documents Required

LendingKart Business Loans - Fees and Charges

There are two other charges apart from the applicable interest rate. One of them is a one-time processing fee. The other one is the loan pre closure charge. This is for closing your loan before the actual loan tenure ends.

Lendingkart enables the borrowers to pre-close the loan taken at zero charges any time during the period of the loan. However,

• The first EMI has to be paid in full.
• Preclosure charges may be applicable depending on the individual case.
• These charges are also based on the health of your business, revenues, and annual turnover.

LendingKart Business Loans - Interest Rates

The interest rate will depend on the loan amount and the type of business you are in.

Types of Business Loans Offered By Lendingkart

Lendingkart Business Loan

Features

• Collateral free business loans
• Offers online business loan processing
• Lendingkart claims to disburse loans within 3 days of loan application
• Loan amount up to Rs. 2 crores
• Loan tenure up to 3 years

Lendingkart Working Capital Loan

• Collateral free working capital loans
• Lendingkart claims to do the loan processing within 72 hours
• Loan tenure up to 3 years
• Loan amount up to Rs. 2 crores

Lendingkart Business Loan For Women

• Unsecured business loans
• Online loan approval process
• Loans disbursed on the same day as applying
• Loan amount up to Rs. 2 crores
• Loan tenure up to 3 years

Lendingkart MSME/SME Loans

• Unsecured MSME loans to women entrepreneurs, startup owners, and small business owners
• Loan Amount up to to Rs 2 crore
• Tenure up to 3 years

The other types of loans provided by this NBFC are:

• Bank overdraft / Line of credit facility
• Short term loans
• Equity Funding
• Equipment Financing
• Factoring/ advances
• Trade Creditor
• Loans on accounts receivables

How To Apply For Lendingkart Business Loan?

Online Apply Via CreditMantri

Step 1: Click on ‘Check Eligibility’

Step 2: Enter the basic details like email ID, residence city, mobile number, date of birth, current residence in years, business type, and the industry of your business.

Step 3: Click on ‘Next’

Step 4: Proceed with the rest of the steps to complete the application.

Online on the Lendingkart website

Step 1: Go to the lender’s website

Step 2: Add the first name (as per PAN), last name (as per PAN), Email ID, mobile number, age of the business, and monthly sales.

Step 3: Click on ‘Check Eligibility’

Step 4: Proceed with the remaining steps and complete the Lendingkart business loan application

Through The Lendingkart Business Loan App

Factors Affecting Lendingkart Business Loan Interest Rates

The following factors affect Lendingkart business loan interest rates

• Credit Score: The credit score significantly affects the interest rates of the business loans. If the credit score is above 750, then the chances of getting attractive interest rates on your loan are very high. Of course, this is subject to other essential factors like annual turnover, business experience etc.
• Business Experience: Interest rates may vary according to your years of experience in business. More years of experience in business will fetch you better interest rates since lenders have better confidence in your repaying capacity.
• Annual turnover: Annual turnover plays a very important role in getting your loan approved. If your company has a higher profit, then you have a higher chance of getting a lower interest rate on your business loan. You can also negotiate with the lender for a better interest rate if your profits are high.
• Profit: higher profits will help you get business loans at lower interest rates.

How To Improve Your Lendingkart Business Loan Eligibility?

• Improve your credit score: A credit score reflects your credit history. It shows whether you have used your credit with financial discipline. If you have made all your payments on time, then your credit score will be good. All lenders will be willing to lend for a credit score of 750 and above. Not only this, you will be eligible for higher loan amounts, lower interest rates, pre approved loan offers, and favorable loan terms and conditions.
• Have a Well Thought Out Business Plan: You should have clear cut goals for your business. When you present a clear plan to your lenders, they will place trust in your repaying capacity. To frame a well-defined business plan, you should have an eye on your competitors, develop sales and marketing strategies, project your future finances, analyze the market, and communicate in detail about the long-term goals of your business with investors.
• Keep The Necessary Documents Ready: You have to submit details about your business to the lender for them to understand your venture. Keep your accounting and tax records up to date. If you require help preparing the necessary documents, consider hiring an accountant. Some common documents include tax returns, profit and loss statements, articles of incorporation, and balance sheets. Additionally, you must submit your business’s KYC documents.
• Manage your finances well: Pay off your current dues, credit card bills etc. This will render you more eligible for the loan. This will help you pay your new loan with ease. Monthly payments or EMI payments have to be done without defaulting. So, computing your EMI before you apply for the loan and tracking all your expenses will help you manage your finances well. Use a business loan EMI calculator to compute the business loan EMI.
• Negotiate with your lender: If you have a good relationship with your lender, you can negotiate with your lender for lower interest rates and better loan deals. Again, ensure that all your finances and thus your credit score is in place.

Lendingkart Business Loan Customer Care

You can contact business loan customer care for any queries or issues related to your Lendingkart business loan. You can contact customer care via the following ways:

• Through the toll-free number - 1800-572-0202
• Through the customer care email ID - care@lendingkart.com

Lendingkart Business Loan Eligibility

Lendingkart sets business loan eligibility criteria just like other lenders do. Some of the eligibility criteria are age, number of years the business has been in operation, etc.

Lendingkart Business Loan Status Check

Those who have applied for the Lendingkart business loan must track their business loan application status. Applicants can track their application status on their dashboard. They can use their credentials to log in to the Lendingkart profile (Created during loan application). If you do not recall your password, then you can use the "Forgot Password" option.

Conclusion

Lendingkart gives business loans at affordable interest rates. They offer various business loan products such as working capital loans, MSME/SME loans, business loans for women, and so on. Check your eligibility criteria before applying and also keep all the documents ready.

FAQs – Lendingkart Business Loans