While applying for a Lendingkart Business Loan, it is also important to know the eligibility criteria and assess if you are eligible for certain kind of loan. Checking your eligibility will also help you apply for the loan that you can qualify for. If you apply for a loan that you are not eligible for, your application is sure to be rejected.
Basis the business type, the eligibility criteria for Lendingkart Business Loan can also vary.
You can avail a Lendingkart Business Loan of up to Rs. 35 Lakhs on Finserv MARKETS.
Here are the documents required for a Lendingkart Business Loan:
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.
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.
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.
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.