Lendingkart Business Loan Interest Rate Jan 2020

Lendingkart Business Loan

Lendingkart offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Lendingkart:

• Zero prepayment charges
• Fast turnaround time and disbursal
• Loan at a min turnover of Rs. 90,000
• Option to extend loan tenure
• No collateral required

• You can foreclose your entire Business loan anytime after paying 1 EMI's at foreclosure charges - Nil foreclosure charges
• Lendingkart has been rated 4.7/5.0 by customers for its service quality on MyLoanCare

Lendingkart Business Loan Interest Rate Calculator

There are multiple factors on which basis bank 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 amount can be lower resulting in lower EMIs.
• CIBIL Score: Lendingkart offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Lendingkart, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
• Revenue: Lendingkart will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 6,00,000.
• Time in Business: Lendingkart offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Lendingkart is 6 months.

Lendingkart Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria	Description
Age:	21 to 65 years
Minimum Turnover	₹ 6,00,000
Business Existence (in months)	6 months
ITR (months)	24 months
Loan Amount	₹ 50,000 to ₹ 1 Cr
Loan Tenure	36 months
Owned House or Place of Work	Not Required
CIBIL Score	750 and above

Lendingkart Business Loan Eligibility Calculator

Eligibility of Business loan in Lendingkart relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

• Age: Age plays an important role to know your eligibility and repayment capacity. Lendingkart offers 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, bank gives you loan 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: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Lendingkart requires profit for minimum 2 years and minimum business turnover of ₹ 6,00,000.
• Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Lendingkart requires minimum business track record of 6 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 loan.
• ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 24 months and bank statement for minimum 12 months will be required by Lendingkart.
• CIBIL Score: When checking loan eligibility, Lendingkart will look at the complete CIBIL report. Lendingkart will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Lendingkart Business Loan EMI Calculator

Lendingkart Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Lendingkart is ₹ 3,615 per lakh loan amount. EMI of Lendingkart depends on factors like:

• Interest Rate: Higher the interest rate, higher will be the EMI. For a 36 months loan from Lendingkart at an interest rate of 18.00% per annum, EMI will be ₹ 3,615 per Rs. one lakh loan amount. At an interest rate of 27.00% for the same loan, the EMI will be ₹ 4,083 .
• Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 18.00% per annum, the EMI on Lendingkart business loan would range from ₹ 1.01 Lakh to ₹ 3,615 for loan tenure ranging from 1 to 36 months.
• Amount Borrowed: Lendingkart Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 50,000 , the EMI at 18.00% for 36 months would be ₹ 1,808 . Similarly for amount borrowed ₹ 1 Cr, the EMI at 18.00% for 36 months would be ₹ 3.62 Lakh.

• Business loan EMI calculator of Lendingkart helps you to calculate your monthly EMI at different rate of interest
• Lendingkart EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
• You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Lendingkart offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

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% of loan amount with applicable service tax

• 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

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FAQs on Business Loan Lendingkart