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Lendingkart Business Loan Jul 2021

Lendingkart Business Loan Interest Rates India

Last Updated 30th Jun 2021

Lendingkart offers Business Loan starting at interest rate of 12.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 12.00%
Processing Fee 2% to 3% of loan amount
Tenure From 1 months to 36 months
Lowest EMI per lakh ₹ 3,321
Loan Amount Min ₹ 50,000 and Max ₹ 1 Cr
Part Payment Facility Not allowed
Foreclosure Facility Allowed after 1 EMI's, Nil foreclosure charges

Zero prepayment charges

Apply for Business Loan @ 14.00%*

Lendingkart Business Loan Details

Lendingkart offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Lendingkart.

Key Features of Lendingkart Business Loans
  • Purpose of Loan: You can avail Lendingkart business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 65 years can avail Lendingkart business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 1 to 36 years.
  • Lendingkart business loan interest rates are in the range of 12.00% to 24.00 %.
  • Lendingkart Bank business loan EMI per lakh starts from ₹ 3,321.
  • Processing Fee: 2% to 3% of loan amount

What are the Features and Benefits of Lendingkart Business Loan?

You can apply for Lendingkart business loan to expand your business or for working capital requirements such as purchasing machinery, paying salaries etc. Some of the benefits and features that Lendingkart business loans offer to the borrowers are listed as follows:

  • Zero prepayment charges
  • Fast turnaround time and disbursal
  • Loan at a min turnover of Rs. 12 Lakh
  • Option to extend loan tenure
  • No collateral required

Factors affecting Lendingkart Business Loan Rates

There are multiple factors on which Lendingkart calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Lendingkart depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 50,000 to upto ₹ 1 Cr. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Lendingkart offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Lendingkart, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Lendingkart will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 90,000

Time in Business

Lendingkart offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Lendingkart is 12 months.

Lowest Lendingkart Business Loan Interest Rates

With effect from 30 Jun, 2021, Lendingkart offers business loans starting at 12.00%. The lowest business loan rates offered by Lendingkart have been dropped by 7.2%, from the earlier rate of 19.20%.

Lendingkart Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
30 Jun, 2021 12.00%
23 Jun, 2021 1.60%
31 Mar, 2021 18.00%
25 Mar, 2021 18.00%
20 Jan, 2021 18.00%
07 Jan, 2021 18.00%
10 Aug, 2020 18.00%
25 Jul, 2020 12.00%

Lendingkart Business Loan Eligibility Criteria

To avail Lendingkart business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Lendingkart offers business loan to those who are at least 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Lendingkart gives you loan amount ranging from ₹ 50,000 to ₹ 1 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Lendingkart requires profit for minimum 2 years and minimum business turnover of ₹ 90,000.
  • Business Stability : Lendingkart requires a minimum business track record of 12 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Lendingkart gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 12 months & 12 months respectively.
  • CIBIL Score : Lendingkart will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Lendingkart Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Lendingkart allows prepayment of loan after paying 1 EMI’s with prepayment charges - Nil foreclosure charges
  • Processing Fee : Lendingkart asks for a processing fee of 2% to 3% of loan amount with applicable service tax

Documents Required for Lendingkart Business Loan

To apply for Lendingkart business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Lendingkart Business Loan Eligibility Calculator

You can calculate your eligibility for Lendingkart business loan using an online Lendingkart business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Lendingkart Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Lendingkart business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Lendingkart.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Lendingkart?

Lendingkart is one of the largest NBFCs sector banks in the country that provides lowest business loans starting at 12.00%. The bank also charges a low processing fee starting from 2% to 3% of loan amount. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Lendingkart reduced the business loan interest rate?

Lendingkarthas reduced the lowest interest on business loan as effective from 30 Jun, 2021. Presently, Lendingkart offers the business loan starting at 12.00%, which is a decrease of 7.2% from the previous rates of 12.00%. Earlier, Lendingkart changed its gold loan rate on 23 06, 2021.

What is the interest charged on Lendingkart business loan?

Lendingkart offers business loans at attractive rates ranging from 12.00% to 24.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Lendingkart?

If you apply for loan from Lendingkart, your lowest EMI per lakh will be ₹ 3,321.You can calculate your EMI on business loan for different tenures at min business rate starting at 12.00% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Lendingkart?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 1 months to maximum 36 months.

How much business loan amount I can borrow from Lendingkart?

Lendingkart offers you business loan for loan amount ranging from ₹ 50,000 to a maximum amount of ₹ 1 Cr. Loan amount eligibility in Lendingkart further depends upon your income, and repayment capability.

What is the processing fee charged by Lendingkart on business loan?

Lendingkart charges a processing fee 2% to 3% of loan amount with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Lendingkart?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Lendingkart?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Lendingkart is Nil foreclosure charges.

What are the business products offered by Lendingkart?

Lendingkart offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in Lendingkart?

Lendingkart provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.


Lendingkart Business Loan Reviews 4.7/5  by 12 customers
MyLoanCare Service
4.8/5.0
Banks Service
4.7/5.0
surendra kumar agraw, Others
Reviewed on 28th Dec 2019
4 / 5 stars
Lendingkart Business Loan Availed in Jan 2019

Experience is good. Overall satisfied. A good company in the loan market. Read more...

Mohit Jain, Neemuch
Reviewed on 16th Jun 2019
5 / 5 stars
Lendingkart Business Loan Availed in Jun 2019

MyLoanCare executives helped me a lot during the whole process. I would definitely recommend it to eRead more...

ramu m, Dharmapuri
Reviewed on 11th Jun 2019
5 / 5 stars
Lendingkart Business Loan Availed in Jun 2019

I took loan for the first time. Really I could just not believe within four days Lendingkart provideRead more...

RAMADASS NALLASAMY S, Erode
Reviewed on 28th May 2019
5 / 5 stars
Lendingkart Business Loan Availed in May 2019

Overall good service, also good response from your customer executive. But some delay in reviewing dRead more...

Savita Ganesh Singh, Pune
Reviewed on 08th May 2019
5 / 5 stars
Lendingkart Business Loan Availed in May 2019

Service received from MyLoanCare was very good, they helped me to borrow in a hassle-free way.Very gRead more...

Kashif Zafar , Kanpur
Reviewed on 25th Apr 2019
4.5 / 5 stars
Lendingkart Business Loan Availed in Apr 2019

It was something remarkable. I applied for Business loan and was disbursed in quick time.The online Read more...

Chidrawar Rohit, Hyderabad
Reviewed on 23rd Apr 2019
5 / 5 stars
Lendingkart Business Loan Availed in Apr 2019

Overall experience is good but they took 13 days to disburse the loan amount.Read more...

Praveen Bairaveni, Hyderabad
Reviewed on 19th Apr 2019
5 / 5 stars
Lendingkart Business Loan Availed in Apr 2019

Excellent service hassle-free loan process for the amount.Read more...

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Lendingkart Business Loan News - Jul 2021
  • 2019-06-21 : Flipkart ties up with banks, NBFCs to offer quick loans to sellers
    In a bid to offer working capital loans to sellers, Flipkart has tied up with few banks and NBFCs. Loans of up to Rs. 3 crore will be provided to sellers and partners within two days at a rate of 9.5%. For this purpose, the company has roped in a few banks and NBFCs including SBI, Bank of Baroda, Axis Bank, Tata Capital, and LendingKart, among others.
  • 2019-05-31 : Vakrangee joins hand with LendingKart to offer digitalized business loans
    A technology company, Vakrangee has entered into a partnership with LendingKart Finance, for offering distribution of business loans through its Nextgen Vakrangee Kendras. Through this partnership, Vakrangee will provide quick disbursement of collateral-free business loans with minimal documentation and attractive interest rates to the customers belonging to the remote parts of the country.
  • 2018-02-16 : SME Lending Startup Lendingkart Raises $87 Mn In Equity Funding
    Lendingkart raised over $87 Mn in an equity funding round after raising $4.7 Mn funding round in January 2018. The round is being led by Fullerton Financial Holdings along with the existing investors participation.
  • 2018-01-13 : Lendingkart Raises $4.7 Mn Debt Funding From Dutch Bank
    Lendingkart, the SME startup has raised Rs. 30 Cr in its first foreign debt funding from a Dutch development bank. These funds will be used for growing the loan book and expanding the reach across SME industries pan India.
  • 2017-08-04 : Lendingkart Finance raises Rs. 67 crore from Kotak Mahindra Bank and Aditya Birla Financial Services
    One of the leading SME Loans provider, Lendingkart Finance has raised Rs. 67 crore in debt from Kotak Mahindra Bank, Aditya Birla Financial Services and some other financial institutions. The raised fund will be used by the NBFC to rebalance its SME loan book and to expand its branch network to over 700 cities.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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