Restaurant Business Loan  

Food is something that keeps the wheels of life going. Restaurant business is a very profitable business to go into. People will eat no matter the occasion. If you are sad you eat, you are happy you eat. If you open a restaurant in the right location, it will easy bring in a lot of profit. But what is the first step to opening a restaurant, it is getting a restaurant business loan. There are a ton of factors to keep in mind when you are opening a restaurant, licensing, staffing, marketing, promotion etc. A lot of groundwork needs to be done to get a restaurant up and running and all of it requires quiet a bit of funds. A restaurant business loan will come in clutch.

Restaurant Business Loan Features & Benefits:

  • Business loan for restaurants can be availed off for up to Rs. 2 crores.
  • Loan processing is fast. The application and documents are done online
  • Loan amount is disbursed to your account within 3 days. As opposed to 7 days if you choose to take out the loan from a traditional route.
  • There is no need to put in a collateral for the loan.
  • There are no hidden costs. All the fees and charges are made known right at the beginning.
  • All interest rates charged for the business loan are fair and differ from case to case after taking into consideration the financial history of the applicant.
  • There is a variety of loan tenures that the applicant can choose from as per their convenience.
  • There are options to pay off the loan payments either monthly or bi-weekly. Paying bi-monthly would mean that the loan gets paid off easier.
  • Applying for a loan online through Lendingkart makes sure that the applicant has complete ownership of the loan. You wouldn’t have to give up your assets.

Eligibility Criteria:

The eligibility criteria for a restaurant loan from LendingKart have been kept at a minimum to make things easier.
  • If the loan is taken for an existing restaurant, the restaurant has to be in business for 6 months at least.
  • If the restaurant is already up and running than a minimum turnover of Rs. 90,000 or more is necessary in the last three months preceding the loan application.
  • The business must not be in a blacklisted list for small business loans
  • The location of the business must also be in a proper location.

Documents Required:

The documents needed for a restaurant business loan are:
  • Identity proof of applicant like a driver’s license, PAN card etc.
  • Address proof of applicant like a driver’s license, aadhar card etc.
  • Copy of PAN card of Business
  • Business bank statements of last 6 months
  • Legal business documents.

Fees and Charges:

All the fees and charges that an applicant has to face when applying for a restaurant business loan are:
Interest Rates Between 15% and 27%
One time processing fee 1-2%
Tenure Up to 2 years
Pre-closure fee 0
Loan Amount Rs. 50,000 – Rs. 2 crores
Repayment schedule Monthly or Bi-weekly
Know more: Business Loan Interest Rate

How to Apply Online for a Restaurant Business Loan?

The application process for restaurant business loan is quiet simple and does not require any jumping through hoops.
  • Apply for the loan online: The application process can be done Some common details need to be entered at the Lendingkart website. The website also has a tool if you wish to know how your EMIs would look like.
  • Submit necessary documents: All necessary documents of the applicant needs to be uploaded online. Considering all documentation is minimum, this will not take much time at all.
  • Loan disbursal: All the time saved in the whole application process is transferred to the applicant. The loan disbursal time is super quick. The loan amount reaches within 3 days.

Documents Required:

  • ID Proof: Aadhaar Card, PAN card, Voter ID, Driving Licence (any of these)
  • Residential Proof: Electricity or water bill (latest), Ration Card (any of these)
  • Proof of dairy business registration
  • Partnership deed (if any)
  • Passport sized photographs
  • Banking documents: Salary credit of last 6 months

Restaurant Business Loan FAQs:

1. Can the restaurant business loan be pre-closed?

Yes, the loan can be pre-closed. Usually a pre-closure charge is applied, but the pre-closure request has to be put in after the first EMI payment has been done.

2. Can I get a business loan with a low credit rating?

A business loan might get approved with a low credit rating but with a higher interest rate. It will be better if the credit rating is improved before applying for a loan.

3. Why are the interest rates low at LendingKart?

The interest rates are low because all processing is done online, thus saving on manual costs.


Cities we serve in India

Delhi NCR: Delhi, East Delhi, Gurugram, Faridabad ,Ghaziabad, New Delhi, South Delhi, Noida, Rithala
Haryana: Chandigarh, Rohtak, Palwal ,Gurgaon, Rewari, Panipat, Kaithal, Karnal
Himachal Pradesh: Shimla, Mandi, Manali, Chamba, Kullu, Rampur
Uttarpradesh: Lucknow, Agra, Kanpur, Allahabad, Varanasi, Meerut, Jhansi
Punjab: Amritsar, Ludhiana, Jalandhar, Patiala, Firozpur, Lahore
Uttarakhand: Dehradun, haridwar, Mussoorie, Roorkee, Kichha

Odisha: Bhubaneswar, Cuttak, Sambalpur, Berhampur
West Bengal: Kolkata, Hooghly, Howrah, Kalyani
Bihar: Patna, Sasaram, Nalanda, Aurangabad, Jahanabad, Siwan, Darbhanga, Buxar
Jharkhand: Ranchi, Jamshedpur, Dhanbad, Deoghar

Gujarat: Ahmedabad, Vadodara, Surat, Jamnagar, Gandhinagar, Deesa, Porbandar, Bharuch
Goa: Panaji, Madgaon , Mapuca , Ponda
Rajasthan: Alwar, Jaipur, Ajmer, Behror, Dholpur
Maharashtra: Mumbai, Palghar, Pimpri, Ulhasnagar, Thane, Ahmednagar, Aurangabad, Nashik, Nanded

Telangana: Hyderabad, Ranga Reddy, Khammam, Secunderabad, Warangal, Nalgonda, Karimnagar, Nizamabad, Adilabad
Karnataka: Bangalore, Mangalore, Hubli, Mysore, Shimoga, Davanagere, Gulbarga, Bellary, Belgaum
Andhra Pradesh: Vijayawada, Visakhapatnam, Guntur, Tirupati, Rajahmundry, Kakinada, Amaravati, Kadapa, Nellore, Kurnool, Anantapur
TamilNadu: Chennai, Coimbatore, Madurai, Trichy, Salem, Vellore, Erode
Kerala: Ernakulam, Kochi, Thiruvananthapuram, Kollam, Thrissur, Malappuram