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Lendingkart Business Loan Interest Rate Jul 2020

Lendingkart Business Loan Interest Rates India

Last Updated 25th Jun 2020

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% 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 Prepayment, Charges Not allowed
Early Foreclosure, Charges Allowed after 1 EMI's, Nil foreclosure charges

Zero prepayment charges

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 Business Loan 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 ₹ 0.01 Lakh 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 12.00% per annum, EMI will be ₹ 0.01 Lakh per Rs. one lakh loan amount. At an interest rate of 24.00% for the same loan, the EMI will be ₹ 0.02 Lakh.
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 12.00% per annum, the EMI on Lendingkart business loan would range from ₹ 0.09 Lakh to ₹ 0.01 Lakh 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 12.00% for 36 months would be ₹ 0.01 Lakh. Similarly for amount borrowed ₹ 1 Cr, the EMI at 12.00% for 36 months would be ₹ 0.01 Cr.

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

FAQs

Why to take business loan from Lendingkart?

Bank offers loan at 12.00% rate with the lowest EMI of ₹ 1,014 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 12.00% to 24.00%. 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 ₹ 1,014.

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 echo 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 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...

Lendingkart Business Loan News - Jul 2020
  • 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 subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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