How to Apply for Lendingkart Business Loan Online? – Guide
Lendingkart is a top digital lending platform in India. It offers quick and easy business loans to entrepreneurs. This guide will show you how to apply for a Lendingkart business loan online. You’ll learn about the eligibility, needed documents, and the easy application process.
Key Takeaways
- Understand the features and benefits of Lendingkart business loans
- Familiarize yourself with the eligibility requirements and necessary documents
- Discover the user-friendly online application process and digital verification
- Explore the loan repayment options and flexibility offered by Lendingkart
- Learn about the factors that influence loan approval and common reasons for rejection
Understanding Lendingkart Business Loans
Lendingkart is a top fintech platform that offers many business loans. These loans are made for entrepreneurs and small business owners. Lendingkart wants to help businesses get the money they need easily.
Features and Benefits of Lendingkart Loans
Lendingkart business loans have many good points. Here are some:
- Flexible loan tenure options from 6 months to 36 months. This lets businesses pick a repayment plan that fits their budget.
- Competitive loan amounts from ₹1 lakh to ₹1 crore. This helps businesses of all sizes get the money they need.
- A 100% digital application and approval process. This makes borrowing easy and quick.
- Personalized Lendingkart loan features for each business. This includes custom EMI schedules and flexible repayment options.
Types of Business Loans Available
Lendingkart has many business loan types for different needs. Here are some:
- Working Capital Loans: For short-term needs like buying inventory or managing cash flow.
- Business Expansion Loans: For businesses growing, like opening new places or buying new equipment.
- Secured Business Loans: For businesses with assets to use as security and a longer history.
- Unsecured Business Loans: Quick loans for businesses without needing collateral or lots of paperwork.
Loan Amount and Tenure Options
Lendingkart offers flexible loan amount and tenure options. Businesses can get loans from ₹1 lakh to ₹1 crore. Repayment times range from 6 months to 36 months. This helps businesses find a loan that fits their needs and plans.
| Loan Amount | Loan Tenure |
|---|---|
| ₹1 lakh to ₹1 crore | 6 months to 36 months |
Eligibility Requirements for Lendingkart Business Loan
To apply for a Lendingkart business loan, you need to meet certain criteria. It’s key for small business owners to know these requirements. Let’s look at what Lendingkart checks when reviewing loan applications.
Lendingkart wants a minimum annual business turnover of ₹10 lakhs. Your business must also have been running for at least 1 year. This shows your business is stable and has a good financial history.
Your credit score is also important. Lendingkart looks for a score of 750 or higher. This means you’ve managed your finances well. Even with lower scores, you might still get approved but face more checks.
| Eligibility Criteria | Requirement |
|---|---|
| Minimum Annual Turnover | ₹10 lakhs |
| Minimum Years in Business | 1 year |
| Minimum Credit Score | 750 |
Lendingkart also looks at your business type, financial health, and how you plan to use the loan. A strong financial profile and a solid business plan increase your chances of approval.
Remember, the exact requirements might change. It’s wise for entrepreneurs and small business owners to check the Lendingkart website or talk to a representative. This way, you can make sure you meet the current criteria.
Essential Documents Required for Loan Application
When you apply for a Lendingkart business loan, you need to provide many documents. These Lendingkart loan documents help lenders understand your business and finances. Here’s what you’ll need for your business loan paperwork.
Business Documentation Checklist
- Business registration certificate
- Proof of ownership or partnership agreement
- Trade license or shop establishment certificate
- Permanent Account Number (PAN) card
- Goods and Services Tax (GST) registration certificate
Financial Documents Needed
- Audited financial statements (balance sheet, profit and loss statement, and cash flow statement) for the past 2-3 years
- Latest income tax returns (ITR) for the business
- Bank statements for the past 6-12 months
- Detailed business plan or proposal, if available
Identity and Address Proof Requirements
You also need to provide KYC documents for your identity and address:
- Aadhaar card
- Voter ID card
- Driving license
- Passport
- Utility bills (electricity, water, or landline phone bill)
Having these Lendingkart loan documents ready can make the business loan paperwork easier. It also boosts your chances of getting a Lendingkart business loan.
How to Apply for Lendingkart Business Loan Online?
Getting a Lendingkart business loan online is easy. Just follow a few steps. Lendingkart is a top digital lending platform. It makes getting financing simple for entrepreneurs and small business owners.
To start, go to the Lendingkart website and click “Apply Now.” This opens the digital loan application form. There, you’ll fill out the needed info and upload documents.
- Enter your business details, like industry, annual turnover, and number of employees.
- Upload required documents, such as business registration, financial statements, and ID proofs.
- Submit your application and wait for Lendingkart’s team to review it.
- If approved, choose your loan amount and term. The funds will go straight to your bank account.
Lendingkart’s online application is quick and easy. It has little paperwork and fast loan delivery. The platform uses advanced tech and data analytics for a smooth borrowing experience.
Looking to grow your business, buy new equipment, or manage cash flow? A Lendingkart business loan might be what you need. With good interest rates, flexible payback plans, and a simple process, Lendingkart is a reliable choice for entrepreneurs and small businesses in India.
Step-by-Step Registration Process on Lendingkart Platform
Getting a Lendingkart business loan is easy and done online. First, you need to create a Lendingkart account. This is a simple step-by-step guide to help you.
Creating Your Account
Start by going to the Lendingkart website and clicking “Apply Now.” This opens the registration page. You’ll need to fill in some basic information.
- Your full name
- Business name
- Email address
- Mobile number
- Business sector or industry
- Annual business turnover
After filling out these details, create a secure password. This will protect your Lendingkart account. Then, you’ll get an email and SMS with a verification code to confirm your identity.
Verification Process
The next step is verifying your identity and business details. This ensures the information you provided is correct and checks if you’re eligible for a loan.
To verify, you’ll need to upload certain documents:
- Government-issued ID proof (like a PAN card or Aadhaar card)
- Business registration documents (such as the Certificate of Incorporation)
- Financial statements or bank statements
After submitting these documents, the Lendingkart team will review your application. This usually takes 1-2 business days. Then, you’ll get a notification about your account registration and loan application status.
By following these steps, you can easily create your Lendingkart account. Then, you can start applying for a business loan online. Make sure your information is accurate and complete for a smoother process.
Interest Rates and Processing Fees
Understanding interest rates and processing fees is key when getting a business loan from Lendingkart. These costs can greatly affect your loan’s total price. It’s vital to know what to expect.
Lendingkart’s interest rates for business loans are between 18% and 24% per year. The rate you get depends on your business’s credit score, loan amount, and how long you’ll take to pay it back. They look at your industry, financial history, and other factors to find the best Lendingkart interest rates for you.
Lendingkart also has loan processing fees for their business loans. These fees are between 2% and 4% of the loan amount and are taken out before you get the money. The business loan costs for these fees can differ, so it’s important to include them in your borrowing plans.
| Loan Amount | Interest Rate Range | Processing Fee Range |
|---|---|---|
| ₹1 Lakh to ₹10 Lakhs | 18% to 24% p.a. | 2% to 4% of loan amount |
| ₹10 Lakhs to ₹1 Crore | 18% to 24% p.a. | 2% to 4% of loan amount |
Lendingkart’s interest rates and fees can change due to market conditions and your business’s profile. It’s best to check their website or talk to a Lendingkart representative for the latest on Lendingkart interest rates and loan processing fees for your loan.
Loan Disbursement Timeline and Process
Getting a business loan from Lendingkart means going through a detailed approval process. This ensures a smooth and clear lending experience for you. After your loan is approved, the focus is on getting the money to you quickly. This is key for your business to grow and run smoothly.
Approval Process Overview
The Lendingkart loan approval process usually takes 3-5 business days. This depends on how complete your application is and the documents you provide. The time can change based on how complex your business is and the loan amount you need.
The approval checks your business model, financial health, and if you can pay back the loan. This is to make sure the loan is given wisely.
Fund Transfer Methods
After your loan is approved, Lendingkart gives you several ways to get the money. These are:
- Direct Bank Transfer: The loan amount goes straight to your bank account. This makes getting the money fast and easy.
- NEFT/RTGS: Lendingkart also uses NEFT and RTGS for quick transfers to your bank account.
- Instant UPI Transfer: For even quicker access, Lendingkart offers Instant UPI transfers. This lets you get the loan in your UPI-linked account fast.
No matter the fund transfer method, Lendingkart aims for quick and reliable Lendingkart loan disbursal. This way, you can get the funds you need to move your business forward without delay.
Digital KYC Process for Quick Verification
Applying for a Lendingkart business loan is easier thanks to digital KYC. This process speeds up verification and approval. Lendingkart’s e-KYC for loans makes applying simpler and faster for borrowers.
The digital KYC process uses online methods to verify identities. You can upload documents like PAN cards and Aadhaar cards online. Lendingkart’s advanced algorithms check these documents quickly, making the process smooth.
Lendingkart’s online verification is fast. It uses e-KYC to verify KYC in just minutes. This quick process helps businesses get the funds they need fast, making Lendingkart a great choice for quick financing.
| Feature | Benefit |
|---|---|
| Fully digital KYC process | Eliminates the need for physical document submission |
| Automated document verification | Reduces the time required for KYC completion |
| Seamless integration with Lendingkart platform | Provides a smooth and efficient loan application experience |
Lendingkart’s digital KYC shows its commitment to easy lending. This innovation helps businesses get the resources they need to grow. It’s a big step towards financial inclusion.
Business Loan EMI Calculator Guide
Understanding business financing can be tough, but Lendingkart’s EMI calculator helps. It lets you figure out your business loan repayments. This way, you can plan your business loan repayment better.
Understanding EMI Calculations
EMI, or Equated Monthly Installment, is what you pay each month for your Lendingkart business loan. It’s based on the loan amount, interest rate, and how long you’ll take to pay it back. Lendingkart’s EMI calculator uses these loan EMI factors to give you a clear idea of your monthly payments.
Factors Affecting EMI
The Lendingkart EMI calculator looks at a few key things to figure out your monthly payments:
- Loan Amount: The total you borrow from Lendingkart for your business.
- Interest Rate: The yearly rate Lendingkart charges on your loan.
- Loan Tenure: How long you’ll take to pay back the loan, usually from 6 months to 36 months.
By changing these in the EMI calculator, you can see different repayment plans. This helps you find the best one for your business.
| Loan Amount | Interest Rate | Loan Tenure | EMI |
|---|---|---|---|
| ₹5,00,000 | 18% p.a. | 24 months | ₹26,186 |
| ₹10,00,000 | 16% p.a. | 12 months | ₹91,667 |
| ₹15,00,000 | 20% p.a. | 18 months | ₹1,01,444 |
The Lendingkart EMI calculator is a useful tool. But, it’s important to think about your business’s finances carefully. Also, talking to a financial advisor before deciding on your business loan and repayment plan is a good idea.
Repayment Options and Flexibility
Business owners can enjoy a lot of flexibility with Lendingkart loan repayment. Lendingkart offers many flexible EMI options to meet different needs. Whether you need a short-term or long-term loan, Lendingkart has the perfect plan for you.
Lendingkart lets you adjust your EMI (Equated Monthly Installment) based on your cash flow. This way, you can pay less during tough times and more when business is good. It helps manage your cash flow better.
- Flexible repayment tenures ranging from 6 months to 36 months
- Option to prepay your loan without any penalties
- Personalized EMI plans based on your business’s financial situation
Lendingkart also makes paying back easy with many payment options. You can use online transfers, mobile wallets, or post-dated cheques. This makes Lendingkart loan repayment simple and stress-free.
“The ability to adjust my EMIs based on my cash flow has been a game-changer for my business. Lendingkart’s flexible repayment options have helped me navigate the ups and downs of entrepreneurship with ease.”
Lendingkart gives you many flexible EMI options and business loan tenure choices. This lets you manage your finances well and focus on growing your business.
Common Reasons for Loan Rejection
Applying for a business loan is a big step for entrepreneurs. But, facing rejection is common. Knowing why Lendingkart might reject your loan can help. Let’s look at some key reasons.
How to Improve Approval Chances
To get a Lendingkart business loan, you need to know why you might get rejected. Here are some tips to help:
- Make sure your financial documents are accurate and complete. Lendingkart needs detailed financial statements and tax returns to check your creditworthiness. Make sure all your information is correct and current.
- Work on a strong business plan. A good plan shows your business’s vision, goals, and financial plans. It can help show Lendingkart your business’s potential.
- Improve your credit score. Lendingkart looks at your personal and business credit scores. Pay bills on time and keep a good credit history to improve your score.
- Offer collateral or security. If your business doesn’t have a strong credit history, offering collateral can help Lendingkart feel more secure. This might increase your chances of approval.
Application Mistakes to Avoid
When applying for a Lendingkart business loan, avoid common mistakes that can lead to rejection. Here are some errors to avoid:
- Don’t leave your application incomplete or with incorrect information. Make sure you provide all the required details and documents accurately.
- Keep your financial information up-to-date. Make sure your financial statements, tax returns, and other documents are current and easily accessible.
- Have a clear business plan. A well-defined plan is crucial. It should show your company’s viability and growth potential.
- Fix any credit issues before applying. Address any problems with your personal or business credit history before applying for a Lendingkart loan.
By understanding why Lendingkart might reject your loan and taking steps to improve, you can increase your chances of getting the financing you need. This can help your business grow and succeed.
Mobile App Features for Loan Management
Lendingkart’s mobile app has many features to help business owners manage loans easily. It offers a smooth digital experience. Users can track their loan application, make payments on time, and see account statements easily.
The app lets users check their loan application’s progress. They can see where their application is, get updates, and upload needed documents. This makes it easy for borrowers to stay updated and manage their loans well.
Making EMI payments is also easy with the app. Borrowers can set up recurring payments, view their payment history, and make one-time payments. This makes repaying loans simple and stress-free for Lendingkart’s customers.
FAQ
What is the application process for a Lendingkart business loan?
To apply for a Lendingkart business loan, start by filling out an online form. Then, upload the needed documents and go through a digital KYC check. Everything can be done online through Lendingkart’s platform.
What are the key features and benefits of Lendingkart business loans?
Lendingkart offers loans with flexible amounts and terms. They have competitive rates and a simple online application. Plus, there’s a mobile app for managing your loan.
What are the eligibility criteria for a Lendingkart business loan?
To qualify, you need a certain annual turnover, years in business, and a good credit score. Check the Lendingkart website for more details.
What documents are required for a Lendingkart business loan application?
You’ll need business registration, financial statements, tax returns, and ID proofs. Find a full list of documents on the Lendingkart platform.
How can I apply for a Lendingkart business loan online?
Visit the Lendingkart website, create an account, and follow the application steps. Fill out the form, upload documents, and complete the digital KYC.
What is the step-by-step process for registering on the Lendingkart platform?
First, create an account and fill in your personal and business details. Then, verify your email and mobile. Once done, you can apply for a loan.
What are the interest rates and processing fees for Lendingkart business loans?
Rates and fees vary based on loan amount, term, and creditworthiness. Check the Lendingkart website for the latest information.
How long does the Lendingkart business loan disbursement process take?
The process includes approval and fund transfer. It depends on your application and eligibility. Lendingkart aims for quick disbursement.
How does Lendingkart’s digital KYC process work?
Lendingkart uses online methods for identity verification. This includes document upload and electronic checks. It makes the loan process faster.
How can I use Lendingkart’s EMI calculator?
Use the EMI calculator on the Lendingkart website. It helps estimate your monthly payments based on loan details. This tool is useful for planning your finances.
What are the repayment options and flexibility offered by Lendingkart?
Lendingkart offers flexible repayment plans. You can adjust your EMI or prepay early. This flexibility helps manage your loan according to your business needs.
What are the common reasons for Lendingkart business loan rejections?
Rejections might happen due to poor credit, bad business finances, or missing documents. Improving these areas can increase your chances of approval.
What features does the Lendingkart mobile app offer for loan management?
The app lets you track your loan, make payments, and view statements. It’s designed to make managing your loan easy and convenient.