Lendingkart Business Loan

.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 the entrepreneur will have to cultivate the first three for himself, 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. Such an advance should help you in becoming the entrepreneur you have always wanted to become.

How to Apply for Lendingkart Business Loan

Applying for a Lendingkart Business Loan online on Bajaj Markets is quite simple. All you must do is:

• Filling details online: Enter your personal and professional details.

• Select your lending partner: From the list of loan offers, select the one offered by Lendingkart.

• Specify loan details: Select the loan amount and repayment tenure as per your choice.

• Upload the documents: Upload the scanned copies of your documents.

• Approval and disbursal: Get online approval in 2 minutes and money in your bank within 3 working days.

Lendingkart Business Loan Interest Rate and Charges

While availing the loan, we will encourage you to consider the interest rates and associated charges. Lendingkart Business Loans come with competitive interest rates and minimum processing charges. The interest rate of such loans are usually between 15-24% per annum or 1.25%-2% per month. These will, however, depend on the loan amount and the type of business that you are in.

In addition to the applicable interest, there are only two other kinds of charges. One of them is a one-time processing fee of anywhere between 1-2% of the loan amount. The second one 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 change. You would also incur GST along with the processing charges.

Take a look at the Lendingkart Business Loan interest rates in India and associated information.

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 chances 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 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.

Features and Benefits of Lendingkart Business Loan

Some of the features of a Lendingkart business loan are as follows:

• High loan value of up to ₹50 Lakhs: You can avail a high-value business loan 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%.

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 ₹12 Lakhs p.a. 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 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:

1. Address Proof: Aadhaar Card, Voter ID, Driving Licence, etc.

2. Identity Proof: PAN Card, Aadhaar Card, Driving Licence, Passport

3. Proof of the fact that your business exists, such as the GST registration certificate and relevant trade licences, among others

4. Copy of Income Tax Returns for past 2 financial years

5. Bank statement going back at least 12 months