✔️What are the types of business loans of Lendingkart?

There are multiple different kinds of Lendingkart finance business loans that you can apply for. Here’s a quick look at what they are.Bank overdraft / Line of credit facility Short term loans Equity Funding Equipment Financing Factoring/ advances Trade Creditor Loans on accounts receivables

Lendingkart Business Loan

Lendingkart Business Loan - Eligibility Criteria, How to Apply, Documents Required, Interest Rate, Customer Care

✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now! Apply Now

All business owners dream of building an empire. To do this, the business must be turned into a brand, which requires passion, hard work, conviction, and, of course, money. While entrepreneurs will have to cultivate the first three by themselves, the funds can be arranged through various sources, such as Lendingkart Business Loans.

If you think your business has got it all to reach the pinnacle of success, but it is just the capital holding you back, then you need not worry. You can simply apply for a business loan provided from Lendingkart today through Bajaj Markets. This kind of financing will help you become the entrepreneur you have always dreamed of and scale your business up to greater heights.

How to Apply for Lendingkart Business Loan

Applying for a Lendingkart Business Loan online on Bajaj Markets is quite simple. All you need to do is follow the steps outlined below.

Visit the Bajaj Markets website.
Head to the ‘Loans’ section in the homepage.
Under the ‘Business Loan’ section , select the ‘Apply for a Business Loan’ option.
Fill in all the required details in the application form provided.
Click on the ‘Check Your Offer’ option.
From the list of lending partners, choose Lendingkart.
Enter the loan amount required, the repayment tenure you prefer, and other required details.
Your details will be sent with the Lendingkart team for further processing.

Lendingkart Business Loan Interest Rate and Charges

While availing a business loan, it is advisable to consider the interest rates and associated charges. As such, Lendingkart Business Loans come with competitive interest rates and minimum processing charges. The interest rates on these loans usually start from 14%. The actual rates will, however, depend on the loan amount and the type of business that you are in, among other things.

In addition to the applicable interest, there are only two other kinds of charges. One of them is a one-time processing fee that can range from 1% to 2% of the loan amount. You will also incur GST along with the processing charges. The other important fee is the loan foreclosure charge if you wish to repay or foreclose the loan ahead of tenure. Such a facility can be availed only after the first EMI is paid.

You must also keep in mind that the interest rates and associated charges are always subject to changes at the lender’s discretion. Take a look at the interest rates in India and other charges associated with Lendingkart Business Loans.

Rate of interest	1.25% per month - 2% per month
Tenure of the loan	Up to 36 months
Collateral	NA
Amount of loan	Up to ₹50 Lakhs
Pre-Closure fees	NA
Processing charges	1% to 2% of the loan amount
Time to sanction a loan	Within 3 working days
Eligibility	₹12 Lakhs p.a. annual turnover

Factors that Affect Lendingkart Loan Interest Rates

Following are the factors that affect Lendingkart Business Loan Interest Rates

CIBIL Score

CIBIL Score serves as a yardstick to determine the creditworthiness of the borrower. The score ranges from 300 to 900. A score above 750 indicates that you have a very high chance of availing the loan at attractive interest rates. Thus, Credit Score greatly affects the business loan interest rates.

Business Experience

Applicants with a greater business experience stand a high chance of availing the loan. The lenders prefer people who have in business for a longer time as it gives them an assurance that they can pay the loan on time. Thus, interest rates can vary according to business experience.

Annual Turnover

Annual Turnover also plays an important role in deciding the interest rate on the Business Loan. If your company has higher profit, interest rates can be comparatively low. You can also negotiate with the lender for a lower interest rate, if you have a greater profit.

Profit

Similar to annual turnover, higher profits will help you avail the business loans at a lower interest rates.

High Loan Value of up to ₹50 Lakhs

Depending on your eligibility, you can avail high-value business loans of up to ₹50 Lakhs to expand your business venture.

Superfast Business Loan Processing

The application process in its entirety is carried out online on Bajaj Markets. The process for applying for this particular loan does not require you to furnish a lot of documents.

Fast Turnaround Time and Disbursal

You no longer have to wait for long periods to avail the loan. You can get money credited in your account in a matter of just three working days.

No Collateral Required

Lendingkart business loans are unsecured in nature, which means that you do not need to pledge any collateral as security.

Fair Interest Rates

You can be assured of the fact that you will get the loan amount at the best possible interest rates. The big data tools which are always at play are used so that you secure a Lendingkart business loan which attracts the lowest possible interest rate.

Flexible Loan Repayment Tenure

The loan repayment tenure tends to stay within the range of 6 to 36 months. Such flexible repayment tenures will make it easier for you to pay off the loan.

No Hidden Costs

There are no hidden costs and charges when you make a business loan application with Lendingkart. You will be charged a one-time processing fee of anywhere between 1-2%.

Quick Supply of Credit

Thanks to a fully digital process, you can quickly obtain credit, allowing you to take advantage of all the business opportunities that come your way without having to make any compromises.

Steady Flow of Cash

For businesses, having a streamlined and consistent cash flow as and when they need it is very important. With Lendingkart business loans, you can ensure that your business never runs out of funds.

Preserves Your Ownership

Since Lendingkart business loans are unsecured, there’s absolutely no risk of losing precious assets, helping you preserve the ownership of your business.

Improves Your Creditworthiness

As you continue to repay the EMIs of your Lendingkart business loans on time, your credit score improves. The higher your score, the greater your creditworthiness will be. This will also help you land better and larger loans in the future.

Lendingkart Business Loan Eligibility

You must fulfil the following eligibility criteria to secure a Lendingkart business loan:

Your business must be operational for at least 6 months.

A minimum turnover of ₹90,000 is required from your business while applying for the loan. The documents which will be provided as evidence for the same should reflect that the business has been meeting the turnover criteria successfully since the past three months.

You should be 25 years of age at the least and 60 at most.

How to Improve Your Lendingkart Business Loan Eligibility

Improve Your CIBIL Score

Working on enhancing your CIBIL Score can significantly improve your eligibility for Lendingkart Business Loan. CIBIL Score indicates the creditworthiness of the borrower and indicates his ability to repay the loan. Good CIBIL Score also gives the lender an assurance that they need not expect a delay in the repayment.

Plan your Finances Well

Planning and managing the finances properly is very necessary to improve the eligibility. It includes paying off the existing dues, credit card bills etc. On the broader scale, it includes closing the existing loan. Since you will have to pay the EMIs monthly for the loan you will apply for, tracking and managing all the expenses will help you sort all the payments and make a clear way of new EMI payments.

Negotiate with Your Lender

If you have a good relationship with your lender, you can request and negotiate for lower interest rates and better loan deals. Again for that, make sure all your finances are in place. Depending on your negotiation skills, your relationship and financial performance, you may be granted a Business Loan at a suitable interest rate.

Documents Required for Lendingkart Business Loan

While applying for a Lendingkart Business Loan, you must provide a handful of basic documents as well, namely:

Address Proof: Aadhaar Card, Voter ID, Driving Licence, etc.
Identity Proof: PAN Card, Aadhaar Card, Driving Licence, Passport
Proof of the fact that your business exists, such as the GST registration certificate and relevant trade licences, among others
Copy of Income Tax Returns for past 2 financial years
Bank statement going back at least 12 months

Lendingkart Business Loan EMI Calculator

On the Bajaj Markets platform, you can find an EMI calculator that you can use to ascertain the amount of EMI that you would have to pay each month towards your Lendingkart business loan. The tool is very easy to use and provides you with instant and accurate results, enabling you to plan your finances in a better manner.

To use the Lendingkart business loan EMI calculator, all you need to do is enter a few details such as the loan amount, the interest rate, and the tenure. As soon as you enter the details, the tool will instantly calculate the monthly instalment that you would have to pay.

To give you a better understanding of how the calculation works, here’s the formula that’s used.

E = P*r*(1+r)^n / ((1+r)^n-1)

Here,

‘E’ represents the EMI amount,
‘P’ represents the amount of loan that you availed,
‘r' represents the rate of interest per month
‘n’ represents the duration of the loan in months

Here’s an example of how the formula works. Assume that you avail a Lendingkart business loan of about ₹ 30 Lakhs at an interest rate of 12% per annum for a tenure of 5 years. Applying these values, you get the monthly instalment that you would have to pay.

EMI = ₹30 Lakhs*0.01*(1+0.01)^60/((1+0.01)^60-1))= ₹66,733 per month

Types of Business Loan at Bajaj Markets

At Bajaj Markets, you can avail a host of different business loans according to your needs. Some of them are as follows.

Start-Up Loans

If you’re someone who is planning on starting your own business but are strapped for cash, start-up loans are the perfect option for you.

Working Capital Loans

Every business requires working capital to manage their day to day operations. If you’re an MSME or a small business owner requiring funds to purchase raw materials or pay off your creditors, you can quickly avail a working capital loan on Bajaj Markets.

Business Term Loans

Term loans for businesses are designed to enable you to make large-scale purchases. Whether it is for the purchase of expensive equipment, to lease a premises, or for expanding your current business, these loans can serve you well.

MSME Loans

Crafted for micro, small, and medium-sized enterprises, MSME loans can be used to meet both working capital requirements as well as for big ticket purchases like investments in equipment or infrastructure. You can find MSME/SME loans on Bajaj Markets at highly attractive rates of interest.

Business Loans for Women

Business loans for women are designed to help women entrepreneurs meet the varying needs of their entities and make it on their own. If you’re a woman entrepreneur, simply visit the ‘Business Loan for Women’ section to get to know more about the various loan options and apply for one.

Mudra Loans

The Pradhan Mantri Mudra Yojana (PMMY) is a unique scheme by the government of India. The primary aim of such a loan scheme is to ensure that MSMEs don’t face any trouble with regard to getting the funds necessary for their operations. Mudra loans come in three different types - Shishu, Kishore, and Tarun. Based on your business’ scale, you can opt for either of these three loan types.

Lendingkart Business Loan Customer Care

Lendingkart has multiple customer care channels that you can get in touch with to air your questions and grievances. If you prefer speaking to a representative, you can call Lendingkart’s customer care cell at 1800 572 0202. Or, you can email your queries or grievances at care@lendingkart.com.

If your grievance still remains unsolved, you can contact the grievance redressal team of Lendingkart through -

Phone: +91- 6358874622 (10.30 am to 6.00 pm from Monday to Friday except National Holidays)

Email ID: grievance.redressal@lendingkart.com

Latest News Updates

Kamna Baweja is appointed as Chief Business Officer by the Lendingkart group

Lendingkart Group has announced the appointment of Kamna Baweja as their Chief Business Officer for SME cards. With around 20 years of experience building businesses, Baweja has handled portfolios across corporate cards, technology, travel, loyalty, and technology, at various fintech businesses like Axis Bank, British Airways, Adobe, and American Express. Before this, she was the Chief Business Officer at Creditas.

In the new position, Kamna would be managing the responsibility for developing the SME cards business, which is a fast-growing possibility with the steady development of the India Stack. The SME cards business is a strategic area of growth for the Lendingkart Group

- June 08, 2023

In FY23, Lendingkart Reported a Net Profit of ₹120 Crore

Lendingkart reported a net profit of ₹120 Crores in the financial year; 2022 -2023, After disclosing a net loss of ₹203 Crores in the financial year; 2021-2022. The company relies on 2gthr, a software platform that manages approximately 80% of the loan accounts.

2gthr manages all aspects of a loan account, from origination to EMI collection. It currently accounts for half of the revenue accrued by the company amounting to ₹400 Crores.

- May 25, 2023

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FAQs for Lendingkart Business Loan

Lendingkart offers Business Loans up to ₹50 Lakhs with interest rates starting from 15% p.a and going up to 24% p.a. The loan can be used to expand your business operations, buy raw materials and much more.

The repayment tenure for a Lendingkart Business Loan ranges from 6-36 months.

You can borrow up to ₹50 Lakhs as a business loan amount from Lendingkart.

Lendingkart takes 3 working days to sanction the loan.

The loan can be paid in EMIs either monthly or bi-weekly basis.

You can check the eligibility for the Lendingkart Business Loan using the eligibility calculator.

Since a business loan is an unsecured loan, you need not provide any security.

The Lendingkart Business Loan can be used for purchasing raw material, inventory, or managing cash flow etc.

Applicants in Proprietorship/Partnership/ Pvt Ltd/ Public Ltd/ LLP/ Single owner company can apply for a Lendingkart Business Loan.

Though not on a regular basis, Lendingkart offers business loans with a lower CIBIL Score. However, the rate of interest will be high.

The interest rate on the business loan can be decided from the CIBIL Score, annual turnover, business experience etc.

It is very easy to apply for a business loan. Set your loan amount, choose the lender as per your preference, check your eligibility and then apply for the loan.

It is usually 1%-2% of the loan amount.

It is usually 4% of the loan amount plus GST.

To satisfy the Lendingkart business loan eligibility criteria, you would need to possess a minimum turnover of ₹ 90,000 for at least 3 months.

The major advantage that you get to enjoy by repaying a loan bi-weekly is that you significantly reduce the time it takes to repay the loan. By repaying the loan in a faster time-frame, you can not only reduce your debt burden quickly but also avail a new credit facility.

There are multiple different kinds of Lendingkart finance business loans that you can apply for. Here’s a quick look at what they are.