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Lendingkart Business Loan Eligibility

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.

Lendingkart Business Loan Eligibility Criteria by Business Type

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. 50 Lakhs on Finserv MARKETS.

  • If a Private Limited Company wants to apply for a Business Loan of up to Rs. 15 Lakhs, their net annual income must be at least Rs. 1.5 Lakhs.
  • If a Private Limited Company wants to apply for loans above Rs. 15 Lakhs, their net annual income must be at least Rs. 3 Lakhs.
  • For self-employed professionals like doctors, chartered accountants, engineers, qualification degree need to be submitted.
  • If the borrower is in a proprietorship firm or limited liability partnership and wants to apply for the loan, he/she must submit the profit and loss statements. Profit will indicate the repayment capacity of the borrower.
  • The business vintage must be of minimum 6 months.

Other Eligibility Criteria

  • The age of the applicant must be between the age of 25 and 60.
  • The applicant must produce the profit statement for the business of the last two financial years.
  • A minimum CIBIL Score of 600 is required.

Lendingkart Business Loan Document Requirements

Here are the documents required for a Lendingkart Business Loan:

  • Identity Proof: PAN Card/Aadhaar Card/Voter ID Card
  • Bank statements of the last 6 months
  • Business Proof documents like Trade license or sales tax certificate, Income tax returns of the past 2 financial years, audited balance sheets

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.

Lendingkart Business Loan Eligibility Criteria FAQs

  • ✔️How can I find out if I am eligible for the Lendingkart business loan?

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

  • ✔️Do I need to provide any security for availing a Lendingkart business loan on Finserv MARKETS?

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

  • ✔️Where can Lendingkart Business Loan be used?

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

  • ✔️Who can apply for Lendingkart Business Loan?

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

  • ✔️Do Lendingkart Finance offers business loan to vendors with low credit/CIBIL score?

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