Lendingkart Business Loan Jan 2022

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

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

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

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%.

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%

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.

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

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

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.

• 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.

✅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.