Apply for Lendingkart Business Loan @ 13.50% Interest Rates
Lendingkart Business Loan Details
The following are the key highlights of the Lendingkart loan for business
| Rate of interest | 13.50% to 35.00% p.a. |
| Loan amount | ₹1 Lakh to ₹35 lakhs |
| Repayment tenure | 1 to 36 months |
| Documentation charges | As applicable |
| Processing fee | 3% |
| Foreclosure charges | Nil |
| Minimum turnover | ₹90,000 in the last 3 months |
| Insurance premium | Premium percentage depends |
Features of Lendingkart Business Loan
The key features of the Lendingkart business loan are as mentioned below:
- Purpose of the loan: Working capital finance for day-to-day operations of the business, and term loans to build infrastructure for the business and the expansion of the business.
- Quantum: The minimum quantum of the loan is Rs. 1 Lakh, and the maximum quantum of the loan is Rs. 35 Lakhs, depending on the customer’s risk and profile.
- Interest rate: LendingKart interest rate for business loans is customised and ranges from 13.50% to 35% per annum, based on the annual turnover, cash flow, and the health of the business.
- Repayment: The loan amount, along with interest, has to be repaid within a maximum tenure of 36 months. Instalments can be paid either monthly or bi-weekly.
- Security: No collateral security is required.
- Processing charges: A one-time processing fee of 3% of the loan amount will be charged.
- Pre-closure charges: Nil. Pre-closure is allowed only after full payment of the first EMI.
Lendingkart Business Loan Eligibility
The following are the eligibility criteria for Lendingkart Business Loan:
- The business has to have been in existence for the last 6 months (3 months for Working Capital Loan) and should be well established.
- The business should have a minimum turnover of Rs. 90,000 in the last 3 months prior to the date of the loan application.
- The business should not be a part of the blacklisted/excluded list for SBA Finance.
- NGOs, Trusts, and charitable institutions are not eligible for the Small Business Loan or Small Business Working Capital Loan.
- The location of the business should not be in the negative location list.
Lendingkart Business Loan Charges
Lendingkart business loans involve the following charges:
- One-time processing fee of 2% to 3% of the loan amount sanctioned.
- Rs. 10 as signature verification charges will be collected, which has to be directly deposited into the specified Lendingkart Finance Limited Account.
- No pre-closure charges will be collected. Only the interest of the current month in which the loan is foreclosed will be charged. Pre-closure allowed on full payment of the first EMI
Documents Required for Lendingkart Business Loans
The following list of documents is required for the LendingKart Business Loan:
- Bank statements for the last 12 months: To be submitted by Proprietorship, Partnership, Private Limited, LLC, and One Person Company.
- Business Registration proof like GST Filing/ Trade License/ Drug License/ TIN/ VAT Registration/ Gumastadara/ Business Registration Certificate: To be submitted by Proprietorship, Partnership, Private Limited, LLC, and One Person Company.
- Copy of Company’s PAN Card: To be submitted by Private Limited, LLC, and One Person Company.
- Copy of Proprietor’s PAN Card: To be submitted by Proprietorship, Partnership, Private Limited, LLC, and One Person Company.
- Copy of Partnership Deed: To be provided by the Partnership firm
- Copy of Proprietor’s Aadhaar Card: To be submitted by Proprietorship, Partnership, Private Limited, LLC, and One Person Company.