|Rate of interest||15% - 27% p.a.|
|Minimum loan amount||Rs. 50,000|
|Maximum loan amount||Rs. 2 Crores|
|Repayment tenure||Up to 36 months|
|Processing fee||2% to 3% of the loan amount|
|Minimum turnover||Rs. 90,000 in the last 3 months|
|Turnaround time||24 hours|
The following are the different types of LendingKart Business Loans:
1. Working Capital Loan
LendingKart offers a customised working capital loans for SMEs and start-ups for funding their working capital requirements. These loans are of two types, viz. secured and unsecured.
Following are the 6 most common working capital loans types for SMEs:
2. Unsecured Business Loan
LendingKart offers customised collateral-free Business Loans to SMEs in India for critical business operations. The loans are free from any bureaucratic red tape and have a straightforward application, approval, and disbursal process.
Following are 6 most common Business Loan types for SMEs:
3. MSME/ SME Loan
Micro, small and medium enterprises (MSME) and small and medium enterprises (SME) loans are the same. These are offered to businesses falling under MSME or SME categories. LendingKart offers special unsecured MSME and SME Loans online to businesses which are in need of quick finance in India.
Following are 5 most common ways to utilise these loans:
4. Business Loan for Women
There is a phenomenal growth in India's MSME sector. It contributes above 45% of our industrial output and a part of this success story is contributed by women entrepreneurs of the country. LendingKart is a great platform for women entrepreneurs who are looking for a business loan as the whole process is quick, reliable, and allows personalised loan terms for every business.
The features of the LendingKart Business Loan are as mentioned below:
Equated Monthly Instalment (EMI) consists of both principal and interest components. Business Loans that can be paid off in EMIs are most convenient for business owners. They can plan their commitments if the loan has to be repaid in EMI as it will be a constant amount month after month. To calculate your business loan EMI, you can use our Business Loan EMI Calculator available on our website. Just enter the loan amount, interest rate and tenure to get the calculation instantly.
Here is an example:
Loan amount to be availed: Rs. 50 Lakhs
Applicable interest rate: 15% p.a.
Repayment tenure opted for: 3 years
Here’s the calculation result by our EMI Calculator:
EMI to be paid each month: Rs. 1,73,327
Total interest amount to be paid: Rs. 12,39,759
Total amount to be paid by the borrower: Rs. 62,39,759
In addition to the above information, the EMI Calculator will also provide you the complete amortization schedule of your business loan payment.
The complete amortization schedule for the above example is:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 50,00,000||Rs. 10,39,960||Rs. 3,53,870||Rs. 6,86,089||Rs. 43,13,911|
|2||Rs. 43,13,911||Rs. 20,79,920||Rs. 5,44,357||Rs. 15,35,563||Rs. 27,78,348|
|3||Rs. 27,78,348||Rs. 20,79,920||Rs. 2,97,508||Rs. 17,82,411||Rs. 9,95,937|
|4||Rs. 9,95,937||Rs. 10,39,960||Rs. 44,023||Rs. 9,95,937||Rs. 0|
After calculating the EMI and before applying for the loan you have to consider the following:
The following list of documents is required for LendingKart Business Loan:
The following are the eligibility criteria for LendingKart Business Loan:
LendingKart Business Loans involve the following charges:
To apply for LendingKart Business Loan, follow the steps mentioned below:
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No, there are no special offers for Women Entrepreneurs at LendingKart.
As it is the loan processing time is very minimal at LendingKart. To hasten it further you will have to download the correct documents and give accurate information that is called for.
Bi-weekly EMI will enable you to pay the loan faster. A loan availed for a working capital requirement can be replenished faster so that funds are available for further use.
The loan will be provided even when the credit score is low but the interest rate will be high. This will increase the cost of the loan which is not good for the business. So, it is better to aim at keeping the credit score high.
Yes, minimum turnover of over Rs. 90,000 three months prior to the date of loan application is required to be eligible for a Business Loan at LendingKart.
At LendingKart, they have devised a technical tool to assess the creditworthiness of the borrower which eradicates manual intervention to a large extent. So, the evaluation will be done as quickly as 3 days.
Payment can be done through NACH or by any other stipulated modes wherein the bank account will be debited automatically on the due dates.
Sales and revenue are the determinants for the sanctioned limit. With an increase in sales/revenue, the limit also can be enhanced.
LendingKart is the best choice because the loan evaluation is done quickly and there is no elaborate paperwork involved.
There are no charges for renewal. Only one-time processing charges will be collected at the time of availing the loan.