When you are on the path of scaling business, the primary thing you need is funds. However, it isn't effortless to have cash flow if you do not have an alternative source. This is Where Lending kart’s business loan can help you. Lendingkart offers business loans from Rs 50,000 to Rs 2 Crore. The process of applying and getting the loan is easy, hassle-free, and convenient.
Here we are going to tell you about Lendingkart. Keep reading to know more.
Lendingkart Business Loan Interest rate 2020 Features
The interest rate is from 1% to 2% per month depending on case to case basis.
Loan Amount – Min Rs 50,000 to Rs 2 Crore.
The tenure could be up to 36 months.
The processing fee is 1-2% of the loan amount.
No need to submit collateral.
The sanctioning loan time is average within 3 Working days.
What are the eligibility criteria for Lendingkart Business Loan?
Here are the eligibility criteria you need to have to apply for a business loan at Lendingkart.
1. Your business needs to be in operation for the past 6 months.
2. The minimum turnover in the last 3 months should be at least Rs 90,000.
3. Your business location should not be in a negative location list.
4. An NGO, charitable institutions, and Trusts are not eligible for Lendingkart Business loans.
Types of Business Loans you can get at Lendingkart.
What are the Documents required?
What documents you will need to submit depends upon the type of Firm.
DocumentsProprietorshipPartnershipOne Person Company/LLP/Pvt. Ltd.Bank statement (Last 1 year)YesYesYesBusiness registration ProofYesYesYesPAN CardYesYesYesAadhar CardYesYesYesPartnership Deed CopyNoYesNoCompany PAN cardNoYesYes
There are six types of Business Loan provided by Lendingkart.
Credit Line
Short Term Loan
Equity Funding
Equipment Finance
Factoring/ Advances
Loan on Accounts receivable
Factors which will decide your Loan Interest rate
When you apply for a business loan, the first thing you look for is the interest rate. There are primarily four factors that will decide your loan interest rate.
• Loan Amount - The higher is your loan amount, the lower the interest rate.
• CIBIL score – This is the first thing a lender checks. If your CIBIL score is right, then expect the loan at a lower interest rate.
• Revenue – Lendingkart gives business loans only to those businesses that have an annual turnover of Rs 6,00,000.
• Time in Running Business – How old your business is will play a crucial role in deciding the interest rate.
How to apply for Lendingkart Business Loan?
Download the app from the Google Play store.
Check the Eligibility.
Fill the details, Apply.
Lendingkart will evaluate your application.
If the loan is sanctioned, then you will receive the funds within 3 working days.