Finance is an integral part of every business. Not only that, having proper finance is the crux of having a stable lifestyle where you can provide for yourself and your loved ones. Depending on a person’s situation, one might require to take a financial loan to continue their business ventures or explore any beneficial investment options. In such cases comes in financial loans.
What is a Finance Loan?
A finance loan is the lending of money by a single or multiple beneficiaries to other individuals or organisations. The recipient of the loan amount incurs as debt to the beneficiary and is liable to pay a certain amount of interest on the standing debt until the total loan amount is repaid.
Documents required for a finance loan
When applying for a finance loan, be it at a bank, lending company or online, you will need to provide certain documents that will help process your loan claim and let the lending party asses if you are the viable candidate who is eligible for a loan.
The following are the documents that need to be attacked with the loan application form for a finance loan:
- Voters ID card
- PAN card
- Driver’s license
- Aadhaar card
- Financial records- these include the salaries of the individual who is applying for a loan. If the applicant is self-employed, then he or she must submit a breakdown of their income.
- Proof of income- this includes the play slip and the bank statement of the past three months of the applicant (if the applicant is a salaried individual)
- Filled out finance loan application form
- A letter stating proof of job continuity. The employer can write this letter from the applicant. If the applicant is a self-employed individual, then he or she must present the revenuer income of their business for the last three months.
Apply for an Online Finance Loan
In today’s day and age, applying for a private finance loan has become an easy and more readily approachable task. People in need of financial support can access and apply for an online finance loan.
We at LendingKart are an NBFC finance loan company and have the simple format which makes the application of finance loans more attractive and provide some of the best interest rates.
The steps to get an online finance loan are as follows:
- Visit our website and click on apply now.
- Check your finance loan eligibility for a finance loan by entering the required information.
- Enter the amount of loan you wish to take and submit the required documents as mentioned on our website.
- After submitting, your loan claim shall be processed. After going through your request and getting the approval, the loan amount will be processed directly to your provided bank account.
Finance Loan Calculator
There are several online finance loan calculators which you can use to get a velar breakdown of your private financial loan. By using a finance loan calculator, you can get an estimate of how the interest rate on loan will compound to the total gross amount repayable.
By simply entering the-
~Rate of interest
~Period for which the loan is taken
~number of instalments
You can easily find out whether or not that particular loan is a feasible option for you and can see the amount that you have to pay on each instalment.
By shifting some of the variables, you can also find out the total amount of loan to take and whether or not it fits within your budgets.
Interest rate and loan amount at LendingKart
Rate of interest
1 – 2 % per month
1 – 2 % of the loan amount
Maximum till 36 months or three years
Rs. 50,000 to 2 crore
Flexible (monthly/ bi-monthly)
Overall turnover should be over Rs. 90,000 for three months.
Charges for pre-closure of loan
One can never know when and where they might need a financial loan. This could be for education, marriage, medical payments, insurance and investment or only for personal affairs. Having access to a financial loan apply online option can significantly elevate the pressure of having to make alternative sources of income.