A business loan is an amount borrowed of capital that is used for an investment in a new or an existing setup whether it is a large business or small or medium-sized enterprise i.e. SMEs. A business loan is basically financial assistance that lets small businesses invest in infrastructure, assets, operations, and many such business requirements.
Lendingkart Business Loan is offered to SMEs across India along with attractive terms and a faster processing time. The business loans are customized to match the specific requirements and enable a smooth workflow.
|Lendingkart Business Loan Highlights|
|Interest Rate||12%-27% p.a.|
|Loan Amount||Up to INR 2 crores|
|Tenure||Up to 3 years|
|Time Taken for Approval||Within 3 Working Days|
|Income Eligibility||> 12 lakhs p.a. annual turnover|
Features of Lendingkart Business Loan
Below mentioned are the features of the Lendingkart Business Loan:
- Get Business Loans up to ₹ 2 Crore
- Superfast Business Loan Processing
- Fast Turnaround Time and Disbursals
- No collateral required
- Fair interest rates
- Extended Loan Tenure
- No Hidden Costs
- Flexible Repayment
Benefits of Lendingkart Business Loan
Below mentioned are the benefits of the Lendingkart Business Loan:
- Faster processing
- Preserving your ownership
- Streamlines your cash flow
- Improve your credit score
Reasons to Select Lendingkart Business Loan
- Superfast processing within 72 hours
- No collateral required No risk of any asset loss
- Fair, Transparent from 1.25% per month
- Avail business loans sitting at home They care for your convenience
For SME Businesses:
- Flexible EMI Options,
- Quick Processing Time
- Competitive Interest Rates
- Minimum Documentation
- No Prepayment Charges
- Online Loan Application
Types of Business Loan
Below mentioned is the list of loans available for SMEs in India:
- Short term loans
- Term loans
- Equipment loans
- Invoice financing/loan on receivables
- Line of credit or bank overdraft
- Supplier credit
How to Apply for Lendingkart Business Loan?
Below mentioned are the steps to apply for Lendingkart Business Loan:
- Check Eligibility: Check eligibility for a business loan with just a few details.
- Upload Documents: Complete the loan application by uploading a few documents.
- Get a Loan Offer: Evaluate & propose a fair loan offered.
- Sign the Loan Document: Send the signed agreement along with the KYC documents.
- Grow Business: Get the funds in the bank account post verification.
Below mentioned are the eligibility criteria to apply for Lendingkart Business Loan:
- For a Private Limited or Limited Company:
|Particulars||Net Annual Income|
|For loans up to INR 15 lakhs||More than 1.5 lakhs|
|For loans over INR 15 lakhs||More than INR 3 lakhs|
- For a Self Employed Professional
- The professional shall possess the skills required and qualifications to avail of the loan.
- Doctors, engineers, CA’s, and management consultants are required to produce proof of qualification as well.
- For a Proprietorship Firm or a Limited Liability Partnership
- To meet the minimum requirement of the lender, the company must have the P&L Statement so as to assess the repayment ability of the borrower before sanctioning the business loan.
Some Other Eligibility Criteria:
- The age of the borrower should be between 21 and 65.
- There should be cash profits in the business from the past two financial years.
- The Balance Sheet of the business must be audited by a registered Chartered Accountant.
Below mentioned are the Eligibility Criteria to apply for a Business Loan in the case of Women/ Working Capital Loans and MSME/ SME Loans:
- A business that has been in operation for more than 3 months.
- A minimum turnover of ₹90,000 in the 3 months preceding your loan application.
- The business should not fall under the blacklisted/excluded list for SBA finance.
- The physical location of your enterprise should not be in the negative location list.
- Trusts, NGOs, and Charitable institutions are not eligible for small business working capital loans.
Business Loan Interest Rates in India
Below mentioned are the Business Loan Interest Rates:
|Rate of interest||1% to 2%|
|Tenure of the loan||Maximum up to 36 months|
|Amount of loan||INR 50,000 to 1 Crore|
|Processing charges||2 to 3% of the loan amount|
|Time to sanction a loan||Within 3 working days|
|Eligibility||>90000 turnovers for a quarter|
Below mentioned are the Business Loan Interest Rates for Women/ Working Capital Loans and MSME/ SME Loans:
|Customized Interest Rates||15 to 27% *|
|Loan Tenure||up to 3 years|
|Eligibility Criteria||> ₹ 90,000 turnover for 3 Months|
|Loan Amount||₹ 50,000 – ₹ 2 crore|
|Installments||Flexible Monthly / Bi-weekly|
|Loan Type||Rate of Interest|
|Commercial Loans||15% to 27% per annum|
|Startup Loans||15% to 27% per annum|
|Business Loans||1% to 2% per annum|
In the case of Flexible Loan Repayment Tenure:
Loan tenure is flexible and ranges between 6 to 36 months. They can be repaid easily, hence ideal. Below mentioned are the loan tenures:
|Business Loans||Up to 36 months (3 years)|
|Commercial Loans||Up to 24 months (2 years)|
|Startup Loans||Up to 24 months (2 years)|
Factors Affecting Lendingkart Business Loan Interest Rates
- Credit Score
- Business experience
- Annual turnover
How to Improve Lendingkart Business Loan Eligibility
- Improve credit score
- Give a well thought to the business plan
- Keep the documents ready in hand
- Manage the finances
- Negotiate with the lender.
Below mentioned are the documents required to apply for Lendingkart Business Loan:
Photo ID Proof
- Passport-sized photographs.
- Valid Aadhaar card, Voter ID, or Passport.
- Certified bank statements of the borrower for the past 6 months.
Proof of Business
- Trade license or sales tax certificate.
- Ownership documents.
- Sole proprietorship or partnership deed.
- Income tax returns for the past 2 financial years.
- Profit and loss statements for the past 2 financial years.
- Balance sheets from previous years.