Description
Lendingkart Business Loan
Lendingkart business loans are created exclusively for SMEs and MSMEs to help them grow and diversify their businesses further. Lendingkart strives for the easy availability and accessibility of working capital finance to the entrepreneurs, so that they can focus on their business growth instead of worrying about their cash-flow crunch.
Lendingkart offers a hassle-free business loan application process with simplified documentation, flexible loan tenure and lowers interest rate for businesses of all sizes. Lendingkart business loans can also be availed against any collateral or security which has a good market value and is freely transferable. Lendingkart provides you with a customized loan application process such that it suits any individual’s requirements.
Lendingkart Business Loan Interest Rates
Lendingkart Business Loan Interest Rates 2020
|
TYPE |
CHARGES |
|
Interest Rates |
15% to 27% |
|
Loan tenure |
1 Month to 1 Year |
|
Processing Charges |
1-2% (One time) Subject to a minimum amount of Rs 1000 |
|
Prepayment |
No prepayment permitted until the repayment of minimum 6 months EMI |
|
Prepayment charges |
NIL |
|
Penal Interest |
2 % per month on the overdue installment amount |
Special Note: Rates are subject to periodic change. Business loan interest rates in Lendingkart and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Lendingkart, etc.
Eligibility Criteria for Lendingkart
Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for Lendingkart business loans. Other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for their business are mentioned below:
- Individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from Lendingkart:
- Partnership Firm
- Private Limited Company
- Self-employed Professional/Non-Professional
- Unlisted Public Limited Company
- Proprietorship company
- LLP(Limited Liability Partnership Company)
- Trust, Societies and Section 25 Companies(mainly for hospitals or educational institutions)
- Age: Minimum age at the time of application of loan should be 21 years; Maximum age at the time of maturity should be 65 years
- Business Vintage: The business should have been well-established and should be up and running for the last 3 years
- Turnover: The gross income of the company should range from Rs. 10 lakhs to Rs. 2 crores per annum
- Work Experience: Minimum 2 years of work experience in the current line of the field for Self-employed individuals
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high interest rate and will be offered many unfavorable terms and conditions on your loan.
- Lendingkart business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
Lendingkart Business Loan Documents Required
A business loan entails the simplest form of documents which can vary slightly for different types of companies like self-employed individual proprietorship firms, private limited companies, and partnership firms. Thus, for obtaining the maximum amount of loan, a borrower should produce the documents according to their business profiles as follows:
Documents for Self-employed & Proprietorship Companies
- Application form with a recent photograph of all co-applicants
- Financial Documents: Copy of IT returns/P&L and balance sheets of the last 3 years as documented and verified by CA
- Bank statement: Last 6 months bank statement
- Existing Loans: If you have any existing loan, then the sanction letter of that loan/loans along with its repayment records or account statement
- Proof of business ownership: Certified copy of Proprietorship deed/Service tax certificate/Tax bill/Certificate of Shop and establishment
Documents for Private Ltd. Companies
- Application form with a recent photograph of all directors (as they stand as co-applicant)
- PAN card/Form 60 - For all the Directors as they stand as co-applicant
- Last 2 yrs. Individual ITR along with COI(certification of incorporation) of all directors
- Any electricity or water bill of residence or office for ownership
- Last 3 yrs. ITR with Complete financials
- Landline/Postpaid phone bill
- MOA(Memorandum of Association)
- List of director and shareholders
- Business Ownership Proof: Registration proof of the company
- Bank Statement: Last 1-year bank statement (all major accounts)
- All running loan schedules, if any
- Current year vat and service tax return
Documents for Partnership Firms
- Application form with a recent photograph of all the partners
- PAN card of the firm
- PAN card of all partners
- In case if there are multiple partners in a firm, ample number of co-applicants must be made part of the loan application such that total ownership of all loan applicants exceeds 51%
- Address proof: Residence address proof of all partners (electricity bill, water bill, house tax receipt)
- Business Ownership Proof: Office address proof of firm (latest phone bill not older than 2 months)
- Any registration proof in the name of the firm
- Partnership deed copy
- Financial Documents: Last 2 yrs. Individual partner's ITR with computation of income (if more than 1 partner is acting as an applicant or co-applicant, then ITRs of all are required)
- Last 2 yrs. ITR with complete financials of the firm
- Any 3 yr. old continuity proof (if incorporation date mentioned in registration proof then not required)
- Bank Statement: Last 1 Year bank statement of the main account
- All running loan schedules and their statements
- Last 4 quarters of Vat or service tax return whichever is applicable.
Features and benefits of Lendingkart Business Loan
Lendingkart has attractive benefits from quick loan approval, to flexible interest rates along with longer loan tenure. The maximum amount of business loan offered by Lendingkart to its customers depends on a lot of factors such as profits generated by the business in the last 3 years, the credit history of the borrowing entity, etc., including their loan requirements. Following are the various features and benefits which a customer can avail when applying for business loans to fulfill their financial needs:
- Online eligibility check: Check your eligibility for availing a business loan online as per your requirements within a minute
- Quick Disbursement: Loans are usually disbursed within 3 days of approval based on your credit history and your requirement
- Lendingkart offers collateral/security free business loans based on EMI’s
- You can avail a business loan up to Rs. 1 crore without providing any collateral/security/guarantor
- The maximum amount of business loan that can be sanctioned depends on the quality and size of your business including the profits being generated per year
- Flexible tenure: Lendingkart provides flexibility to its customers in the form of loan tenure which ranges from 1 month to 1 year
- Provides a high level of transparency to its customers about the charges involved at each stage of the loan process
- Very low processing fee of around 1% of the sanctioned amount is charged while taking a business loan from Lendingkart
- Easy and simple documentation
- No hidden charges
- Zero foreclosure charges
- Attractive Interest Rates: If you have a higher credit score or if you provide a collateral/security for availing the business loan, then you will be charged a lower interest rate on your business loan by Lendingkart. It is always advisable to calculate your cost versus benefit ratio, before availing any business loan.
- Very low pre-payment charges
- Quantum of borrowing under Lendingkart business loan ranges from Rs. 50,000 to Rs. 1 crore
How to apply for Lendingkart business Loan on Afinoz?
Lendingkart has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.
Business owners can apply for a loan in Lendingkart through Afinoz.com in the following three simple steps:
- Check your eligibility for a business loan - Firstly, you need to make sure you meet Lendingkart business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and get's you a quick quotation on the best business loan options available to you immediately.
- Select the loan amount and tenure - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- Upload and submit documents - In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from Lendingkart. The bank then verifies the applicant's information and starts processing the loan for disbursement.
At each step of the application process, Afinoz.com allows it's an applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become the most popular option among a number of business owners.
About Lendingkart
Lendingkart Finance Private Ltd. (formerly known as Aadri Infin Limited) is an RBI registered NBFC (Non- Banking Financial Company) providing financial services and SME lending in India. It is registered as a Non-Govt Company at the Registrar of Companies, Ahmedabad and was incorporated on 15th December 2014. Lendingkart has an employee workforce of over 500 and has established its footprints in around 135 cities across 22 states of India. Lendingkart has made it easy for SMEs to receive business loans by influencing technology and analytical tools to access the creditworthiness of small businesses accurately and rapidly. The company offers a host of retail and corporate banking, lending, investments, advisory and treasury services along with lending agricultural loans and micro-financing services.