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Lending Kart Business Loan

Apply Lending Kart Business Loan

Processing Fee

2%

Max Tenure

36 months

Best Rate

16%

View Details

Features

  • Collateral-free business loan
  • Amount size - Rs. 50,000 to Rs. 1 Crore
  • Repayment tenure – 1 to 36 months
  • Online application and processing in 3 working days
  • Minimal documentation
  • Flexible repayment options (Bi-weekly, Monthly)

Pricing

  • Interest rate – 16-27% per annum
  • Processing fees – 2% of the sanctioned amount

Documents Required

  • Bank Statements – Last 12 Months Current Bank Account Statements of the entity (till latest date) for all accounts/ OD accounts (PDF copies generated through Net banking or email from the bank)
  • Aadhar Card (Front & Back)
  • VAT/Service Tax Returns/GST (whichever applicable) for last 1 year of the entity
  • PAN of the entity and Date of Birth of the proprietor / partners / promoters (in case the application form is not filled)
  • Proof of activity** in case of proprietorship firms and copy of partnership deed in case of partnership firms
  • Documents required for specific applications
  • For clients from Food/Pharma/Chemical/Oil/petroleum industries, relevant statutory licenses might be required
  • Last two year’s detailed ITR computation or Balance Sheet with schedules required for cases, where turnover is more than 1 Cr. Or loan required is more than 10 Lacs.
  • Provisionals may be required deplender_offersending upon the merit of the case.
  • Any one of the following documents can be accepted as proof of activity for the proprietorship firms.
  • Registration certificate (in the case of a registered concern)
  • Certificate / license issued by the Municipal authorities under Shop & Establishment Act
  • Sales and income tax returns
  • GST/VAT certificate
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About LendingKart

Lendingkart Finance Limited is a non-deposit taking Non Banking Financial Institution. It was established to provide easy access to the SME sector. Lendingkart provides business loans to existing businesses as well as startups of the SME sector with the focus on their current and future projections instead of considering their past records like financial statements and income tax records. Lendingkart is currently based in Mumbai, Ahmedabad and Bangalore but can provide loan options to all the potential borrowers across the country.

The details of the business loans provided by this NBFC are provided hereunder.

LendingKart Business Loan

Eligibility for Lendingkart Business Loans

The eligibility for the existing businesses as well as for startup businesses is enlisted below.

  • The minimum age requirement for Lendingkart business loans is 21 years of age and the maximum age for such loans is 65 years.
  • Lendingkart requires the business to be established and operations to be in existence for at least 6 months.
  • The minimum turnover requirement of the businesses for business loans is Rs. 90,000 in the 3 months preceding the loan application.
  • Lendingkart excludes the following entities from eligibility for its small business loans, commercial loans or startup loans.
    • Trusts
    • NGOs
    • Charitable Institutions
  • Another exclusion from the eligibility is that the physical location of the applicant’s business should not be in the negative location list or the business itself should not fall under the blacklisted or excluded list for the SBA finance
  • Another requirement for Start up businesses is that they will have to provide their bank statements at the time of negotiation of the loans

Documents Required by Lendingkart Finance Limited

The list of documents required by Lendingkart for its business loans, commercial loans and startup loans is more or less the same. The details of such documents required are enlisted below.

  • Following is the list of documents that are required by all the eligible applicants (Proprietorship, Partnership Firms, Private Limited Companies, LLC, One Person Company)
    • Bank statements of 12 months 
    • Proof of business registration
    • Copy of PAN Card of Proprietor(s)
    • Aadhaar Card of Proprietor(s)
  • Apart from the above documents, partnership firms will have to provide their partnership deed and companies will have to provide their Company PAN Card.
  • A few specific documentation requirements for startup business units are,
    • Identity proof (driving license, passport, PAN card, Voter’s ID, etc)
    • The applicant will also have to submit income proof related documents like Bank Statements and Financial Statements for the past 2 years
    • Furthermore, applicants will also have to provide business ownership documents like Sole Proprietorship Declaration/Certified true copy of Memorandum and Articles of Association of the business organization or the startup organization for which the funds are sought.

Features and Benefits of Lendingkart Business Loans

The various features and benefits associated with the business loans offered by Lendingkart are discussed below.

Amount of loan

Lendingkart provides easy and hassle free business loans to entrepreneurs up to a maximum of Rs. 2,00,00,000. The minimum business loans offered to any entity is Rs. 50,000. This huge range of business loans enables the organizations to satisfy their many business needs like expansion, working capital requirements, etc,

Rate of interest

The rate of interest Lendingkart business loans or other loans are very competitive and thereby do not create a burden or burn the borrower’s pocket with exorbitant interest charges. The approximate rate of interest offered by Lendingkart for each of its loan types is stated below.

            Loan type

            Rate of interest

            Business Loans

                1% to 2% per month

            Commercial loans

                15% to 27% per annum

            Startup Loans

              15% to 27% per annum

Faster loans processing and disbursal

Lendingkart has a very loan processing and disbursal time as compared to many traditional banking institutions and financial institutions. This ensures that the borrowers get timely loans for their business needs and are not left stranded in spite of a loan approval. The loan disbursal time of Lendingkart is only 3 working days.

Tenure

The tenure of loans various types of loans that are provided by Lendingkart to the business community are considered to be among the most comfortable repayment options that make it a preferred choice over traditional banking institutions. The tenure of Lendingkart loans to the business community are tabled below.

          Loan type

                Tenure

            Business Loans

                Up to 36 months (3 years)

            Commercial loans

              Up to 24 months (2 years)

              Startup Loans

              Up to 24 months (2 years)

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

Collateral

Borrowers are not burdened with the usual requirements of collateral while applying for a loan with Lendingkart. They can get easy unsecured loans provided the eligibility criteria are duly met and all the necessary documents have been submitted.

Processing charges and Pre-closure Charges

Lendingkart offers loans to business entities at standard processing fees and no further hidden costs for all types of loans (Business loans, Commercial Loans or Startup Loans). The processing fees of Lendingkart Finance Limited are in the range of 1% to 2% of the loan amount. Also, borrowers do not have to worry about any pre-closure charges levied on the loan at any point of time. Lendingkart allows the borrowers to pre-close the loan taken at zero charges any time during the tenure of the loan.

Extension of loan tenure

Borrowers can also apply for an extension of the loan tenure in the event of difficulty in meeting the loan obligations due to any temporary business problems or crisis that they may be facing. Such extensions can be provided for a period of 6 months or more depending on the guidelines set by Lendingkart in this regard. Tenure extensions for startup loans can also be up to a period of 4 years depending on the credit profile of the applicant and the future projections of the entity.

These unique features ensure the following benefits to the borrowers,

  • Availing faster credit from faster processing and disbursal of loans
  • Easy access to unsecured loans without any collateral thus preserving the ownership of the organization.
  • Flexibility in usage of the borrowed funds in case of commercial loans allows the borrower to utilize such funds for a wide spectrum of business needs without any need to spend it for a fixed purpose as is the requirement of many traditional banking options.
  • Startups are especially benefited by the easy and faster access to borrowed funds offered by Lendingkart without any need for producing ample documentation.

Types of Business Loans by Lendingkart

Lendingkart offers many types of loan solutions for the SME sector to ensure business growth and survival as well as diversification. The various types of business loans offered by this NBFC are mentioned below.

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

Application for Lendingkart Business Loans

The application process of Lendingkart Business loans is very simple. Applicants can check their eligibility by contacting the nearest branch of the NBFC or by reaching them at their customer care service. Upon verifying their eligibility, applicants can apply for the business loans through the following steps.

  • Submit the duly filled application form
  • Upload the digital copies necessary documents in the required format.
  • Applicants will get the loan sanctioned provided the application form and the necessary documents are verified and accepted by Lendingkart.
  • Applicants will get disbursal of their loan sanctioned within 3 working days

Lendingkart Customer Care

Customers can contact the organization for any queries or any information that they may require pertaining to the loans by either visiting the nearest branch or by connecting through the customer care service. The means to reach the customer care service of Lendingkart are mentioned below.

  • Telephone number – 1800 572 0202
  • Email id – info[at]lendingkart[dot]com

Alternatively, customers can also download the android version of the app for Lendingkart from the Google Playstore.

FAQs – Lendingkart Business Loans

1. What is the maximum amount of business loan that can be received from Lendingkart?

A person can receive a maximum loan of Rs. 2,00,00,000 as business loan from Lendingkart.

2. What is the minimum age limit to apply for the business loan of Lendingkart?

The minimum age to apply for a LendingKart business loan is 21 years.

3. What are the processing charges for business loans?

Lendingkart charges standard processing charges of 1% to 2% of the loan amount and no additional or hidden charges.

4. What are the types of business loans of Lendingkart?

the types of business loans offered by Lendingkart are

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

5. What is the minimum turnover requirement for business loans of Lendingkart?

Lendingkart requires the applicants to have a minimum turnover of Rs. 90,000 for the preceding 3 months of applying the loan.

Customer Reviews

4 / 5 (928 Reviews)
10 May 2019

ok

26 Oct 2018

Good service

6 Oct 2018

Very nice

3 Oct 2018

Thanks you

30 Sep 2018

Thanks for approval my loan ...

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