Small and medium enterprises in India are growing at an exponential rate. The Indian Government has launched several schemes for their benefit. Furthermore, the introduction of GST and online portals has increased the ease of doing business in India. You can now quickly gain approvals for new projects or much needed expansions. However, to get things started you will need ready capital for investment, and at Lendingkart Finance, we do just that for you. Lendingkart offers attractive interest rates in the range of 18-27% for short term SME loans.
With Lendingkart’s unsecured business loans, you can get small-ticket short term investment on-the-go. We have made the process completely online so that you can monitor the progress of your application in real-time. Lendingkart loans are approved for businesses having profitability in 2 previous financial years with a minimum annual turnover of Rs. 6,00,000. Other factors such as applicant’s age, income tax returns, and business stability are also used in determining the loan eligibility.
Easily Calculate Your EMIs
We offer a business loan EMI calculator which you can use to get an idea of EMI amounts you will be paying. The EMI is calculated based on the Lendingkart interest rate offered to you, the loan amount and tenure. For example, the EMI payable for a one lakh rupee loan, taken for 12-months at 18% interest per annum, will be Rs. 9,168. In similar scenario, if the interest rate is 27% p.a., then the EMI will be Rs. 9,602.
Needless to say, the higher the amount of your loan, the higher the amount of your EMI. The EMI calculator also helps you in budgeting and adjusting your finances to meet your EMI payment schedules.
The benefits of taking a business loan from Lendingkart
There are several benefits offered by Lendingkart in comparison to banks providing similar loans.
Lendingkart Interest Rates:
Applying for an SME Loan
|Attractive Interest Rate||1% to 2%*|
|One time Processing Charge||2% of the Loan amount|
|Loan Duration||Minimum: 1 month, Maximum: 1 year|
|Loan Amount (min to max.)||Rs. 50,000 to 1 Crore|
|Part Prepayment Charges||NA|
*based on your business’s health and credit score
**Pre-closures are only allowed after the first EMI has been paid in full
We have a proprietary method of calculating interest rates which evaluates your loan application using advanced analytics. By enabling technical inputs and outputs we have made the process of calculating interest rates faster and more accurate. The attractive interest rates are calculated by factoring in several things listed below and are different for every partner SME.
- Loan Amount: The amount that you apply for, pending approval, counts towards deciding the interest rate. Generally, the higher the amount of loan, higher the possibility of a lesser interest rate from Lendingkart.
- CIBIL Ranking: If your CIBIL score and history are good, the interest rate we charge will be lower and vice versa.
- Balance Sheet: If you are earning good margins, we will take that in consideration while deciding interest rates on your loan.
- Age of Business: For long running enterprises, we offer special discounted SME loan rates.
Business Friendly Loan Approval and Pre-closure Charges
We do not believe in charging extraneous charges and fees from our customers. That’s why we have one of the friendliest pre-closure policies – there are no pre-closure charges. After paying the first EMI, you can prepay the full loan amount, anytime. Added with the benefit of attractive interest rates, it is a great way to finance any short term business requirement.
Also, we only charge 2% of the loan amount plus service tax as processing fee. It’s a one-time fee which you don’t have to pay if you choose to reapply for the same loan amount upon closing.
Minimum documentation and turnaround time
When applying for a business loan with Lendingkart, you have to submit only a handful of documents. And we process every loan application within 3 days of document verification.
Documents required by us are:
- Address proof (Aadhar Card, Voter ID, Bank Statement, Proof of registration, etc.)
- Identity Proof (Passport, Aadhar Card, Driving Licence, PAN, etc.)
- Proof of Business (PAN, GST Registration, Trade License, Registration Certificate issued by RBI or SEBI).
- Copy of PAN card and Income Tax Returns for last 24 months.
- Bank Statement of last 12 months.
To know more about applying for a business loan with Lendingkart, head over to our website and sign-up for a free account.