Business Loan for Grocery Store – How LendingKart helped Pawan Singh’s Business
Business Loan for Grocery Store
There are times when you want to unshackle and set yourself free from a regular job. The idea of starting your own business from scratch can give a kick like no other thing in this world. Also, the Indian start-up ecosystem is thriving making it the best time to take that leap of faith.
Unlike earlier, you don’t have to wait for years before you decide to quit a regular job for the business. With the ease in financing and institutions lending business owners, many people are undertaking an entrepreneurial journey. NBFCs and online lenders such as get Lendingkart have also proved to be a boon for those trying to succeed in their businesses.
Pawan Singh, a resident of Delhi, was looking to expand his grocery store business which he started a year back but could not afford due to paucity of funds. However, this year he took that bet and expanded the venture with a quick business loan from Lendingkart. Singh didn’t have to spend much energy and efforts in finding access to capital for the grocery store. He simply checked online and discovered LendingKart was offering business loans for a shorter duration. He went ahead and got the loan sanctioned within a span of four days. Today he takes pride in his grocery store which is in the expansion mode after it added a new bakery section.
Like Singh, you can apply for a quick business loan online at the click of a button. Such quick business loans are easily approved within three to five working days and give the much-needed acceleration to your business.
How to apply for a business loan in Lendingkart?
If you have an established business which has been in operations for more than six months, you are eligible for a loan through Lendingkart. You can also check on other eligibility criteria for a business loan on the website. The online lender offers 50,000 up to 2 crore loans to eligible SMEs which can be used for expansion of your venture. Singh had applied for a Rs 10 lakh loan for which he pays a monthly EMI of around Rs 91K for duration of 12 months. You also need to have a minimum turnover of 90,000 or more in the three months preceding your loan application. Make sure your business doesn’t fall under the blacklisted/excluded list for SBA finance. Also, check on the physical location of your enterprise as it should not be in the negative location list. In case you are not sure about the category or location, you can directly contact Lendingkart to confirm your eligibility.
How much time does it take for loan approval?
It can happen at the click of a button provided you have the requisite documents. You need to create an online account on the platform and apply for a loan based on your financial information. Once you accept the quote you have to upload documents for final verification. Your business loan through the online platform gets approved within three days unlike banks which might take 8-10 days for approval. The platform has a specific business loan scheme under which a loan can be approved within 59 minutes. The loans are processed faster as the eligibility requirements are not complicated and require minimum documentation. A business owner can skip unnecessary paperwork on the platform which otherwise delays approval process. You have to pay a processing fee of 1-2% depending on the principal amount.
Do you have to show collateral?
A business loan from Lendingkart will be an unsecured Business loan which does not put your valuable assets on risk. Such a business loan does not have a requirement of any collateral or security. You need not have to stress about developing your capital assets to meet the need of working capital. In fact the loan tenure of minimum one month and maximum 36 months offers a credit relief. Also, if your business faces any temporary problem, you can get the necessary extension for mitigating operational issues if the loan tenure is six months or more.
How often do you pay?
Moreover, business loans can be repaid monthly or bi-weekly. The EMI options allow you to stagger your installment as per your invoicing and sales cycle Depending on the sales you can choose to repay your business loan much faster with the bi-weekly EMI option.
Can you maintain a credit score?
An NBFC loan from Lendingkart is the best way to improve your business credit score as it reports loan accounts to all credit bureaus. Moreover, a business loan with Lendingkart is especially beneficial for companies witnessing a recent dip in credit score due to unforeseen market conditions.
What’s the big deal with the interest rate?
The online lenders have incorporated the latest technology such as big data and machine learning tools to determine the lowest interest rates on business loans. This means the best rate is arrived upon for business loans using technology depending on the case.
No matter you are in which stage of your business, platforms like Lendingkart are available to give wings to your dreams.