Lendingkart Business Loan Interest Rate May 2020

Last Updated 21st Jun 2019

Lendingkart Business Loan Interest Rates India

Lendingkart offers Business Loan starting at interest rate of 18.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 18.00%
Processing Fee 2% of loan amount
Tenure From 1 months to 36 months
Lowest EMI per lakh ₹ 3,615
Loan Amount Min ₹ 50,000 and Max ₹ 1 Cr
Part Prepayment, Charges Not allowed
Early Foreclosure, Charges Allowed after 1 EMI's, Nil foreclosure charges

Zero prepayment charges

Apply for Business Loan @ 13.50%* Get upto ₹ 1,000* Cashback

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.
What are the benefits of calculating business loan EMI?
  • 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
Business Loan Products

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:

Other 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% of loan amount with applicable service tax
Documents required
  • 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

Compare Lendingkart Business Loan with other banks

FAQs on Business Loan Lendingkart

Why to take business loan from Lendingkart ?

Bank offers loan at 18.00% rate with the lowest EMI of ₹ 3,615 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Lendingkart.

What is the interest charged on Lendingkart business loan?

Interest rates on Business loan in Lendingkart are very attractive starting from 18.00% to 27.00%. Bank offer various offer for self employed professionals to get loan at 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 ₹ 3,615 .

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 loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 1 Cr.

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

Lendingkart charges a processing fee of 2% of loan amount with applicable tax.

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

Yes, age is an important eligibility factor to get 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 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 .

Lendingkart Business Loan News - May 2020
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More