Unique Business variants | Up to ₹ 2 Crore | Tenure up to 36 months
Discover how you can secure a collateral-free business loan in just 5 minutes with Lendingkart, tailored to help your SME thrive in today’s competitive market.
Know 6 Reasons Why To Apply For Business Loan With Lendingkart
- Flexible Financing: Offers loans from ₹50,000 to ₹2 Crore to increase SME approval rates.
- Quick Approvals: Same-day loan approvals with an online application process.
- Rapid Funding: Business loans disbursed within 3 days, faster than traditional bank timelines.
- No Collateral: Access unsecured loans without asset risks.
- Adaptable Repayment: Repayment terms from 1 to 36 months for operational flexibility.
- Competitive Rates: Attractive interest rates based on thorough financial analysis.
Apply for Business Loan Online
Eligibility Criteria for Business Loan
- Minimal Requirements: Streamlined to speed up loan processing, avoiding extensive documents and paperwork.
- Business Operation: Must have been operational for over 6 months.
- Revenue Criteria: Minimum turnover of ₹90,000 in the last 3 months.
- Exclusion Criteria: Cannot be on the blacklisted/excluded list for SBA finance or located in a negatively listed location.
- Entity Restrictions: Trusts, NGOs, and charitable institutions are ineligible.
- Verification: Contact for eligibility confirmation if unsure about restricted categories or locations.
For more detailed information check business loan eligibility criteria
Application Process for Quick Business Loan
Simplified Application: Easy and quick business loan process to apply for any type of small business loan.
Required Documents
- For All Business Types: Bank statement (last 12 months), business registration proof, company PAN card copy.
- Specific to Business Type:
- Proprietorship: Proprietor’s PAN and Aadhar card copies.
- Partnership: Partnership deed copy.
- Pvt. Ltd./LLP/One Person Company: Specific documentation as required.
- Registration Proof Options: Business registration certificate, GST filing, Gumastadhara, trade licence, drug licence, TIN, VAT registration.
Try Lendingkart Business Loan EMI Calculator
- Easy-to-Use Interface: The Lendingkart business loan EMI calculator offers a user-friendly platform for quick calculations.
- Accurate EMI Estimations: Provides precise monthly payment estimates for any business loan amount.
- Customisation: Users can adjust loan amount, tenure, and interest rate for tailored results.
- Instant Results: Delivers immediate calculations to aid in financial planning.
- Financial Planning Tool: Helps businesses assess affordability and plan repayments efficiently.
- Free Access: Available online for free, facilitating easy budgeting for entrepreneurs.
- Supports Decision Making: Aids in comparing different small business loan options and deciding on the best financial strategy.
[EMICalculator]
Business Loan Interest Rate and Charges
| Customized Interest Rates | Fair, Transparent – starting from 1.25% per month |
| Processing Fees | 2-5% |
| Loan Tenure | up to 36 months |
| Pre-closure Charges | Pre-closure charges are applicable as per the lender’s policy |
| Eligibility Criteria | > ₹ 90,000 turn over for 3 Months |
| Loan Amount | ₹ 50,000 – ₹ 2 crore |
| Installments | Flexible Monthly / Bi-weekly |
| Penal Charges | INR 300/- for each overdue installment of Loan; and 0.1% per day on the overdue installment of Loan. |
*Based on the health of your business, revenues and annual turnover
**Pre-closures are only allowed after the first EMI is paid in full
Explore Lendingkart’s business loan interest rates as low as 1.25% per month.
Apply For Online Business Loan in Simple Steps:
Submit application, upload documents, receive approval & funds within 72 hours.*
- Verify business loan eligibility in 2 minutes with basic details.
- Complete application by uploading documents within 24 hours.
- Receive a tailored loan offer after evaluation within 24 hours.
- Send signed loan agreement and KYC documents within 24 hours.
- Funds disbursed to your account post-verification.
- Documents required: PAN Card, Aadhaar Card, Bank Statement, Registration Proof.
- Additional for specific entities: Partnership Deed, Company PAN (for Partnership firms, Pvt. Ltd, or LLC companies).
Do’s of Business Loans
- Explore All Options: Before applying, consider alternatives like cost reduction, increasing sales, or using contingency funds to meet capital needs.
- Plan Loan Usage: Clearly define how you intend to use the loan for critical business tasks, ensuring immediate and effective deployment of funds.
- Renewal Opportunities: If possible, opt for lenders like Lendingkart that offer loan renewals upon repayment for continuous project funding.
- Consult with Experts: Discuss with financial planners and operational heads to strategize growth and ensure the loan benefits your business.
Don’ts of Business Loans
- Avoid Excessive Borrowing: Applying for a high loan amount increases EMI, potentially straining finances during low sales or delayed invoices.
- Refrain from Impulse Spending: Avoid using loan funds for non-essential tasks like paying off existing debts or unplanned purchases that can deplete working capital.
- Reconsider Non-Beneficial Loans: If the loan does not contribute to meaningful business growth, reconsider the necessity of borrowing.
General Advice for Business Loan
- Careful Planning: Assess the potential financial impact and repayment capability before seeking a business loan to avoid future financial distress.
- Purposeful Investment: Ensure every capital investment, including loans, aligns with business growth and operational efficiency strategies.
Business Loan FAQs:
Cities We Serve
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
Uttar Pradesh
Lucknow, Agra, Kanpur, Allahabad, Varanasi, Meerut, Jhansi
Punjab
Amritsar, Ludhiana, Jalandhar, Patiala, Firozpur
Uttarakhand
Dehradun, Haridwar, Mussoorie, Roorkee, Kichha
Odisha
Bhubaneswar, Cuttack, 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
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
Karnataka
Bangalore, Mangalore, Hubli, Mysore, Shimoga, Davanagere, Gulbarga, Bellary, Belgaum
Andhra Pradesh
Vijayawada, Visakhapatnam, Guntur, Tirupati, Rajahmundry, Kakinada, Amaravati, Kadapa, Nellore, Kurnool, Anantapur
Tamil Nadu
Chennai, Coimbatore, Madurai, Trichy, Salem, Vellore, Erode
Kerala
Ernakulam, Kochi, Thiruvananthapuram, Kollam, Thrissur, Malappuram
Business Loan Latest News:
Bank Advances Reach Record High Due to MSME Credit
The necessity to satisfy working capital demands and ambitious development plans propelled Micro, Small, and Medium-Sized Enterprises (MSMEs) to a sharp increase in credit offtake in the 2023–24 fiscal year. Bank advances reached a decadal high of Rs 10.16 lakh crore, up 19.98% from Rs 8.46 lakh crore in FY2022-23, according to the State Level Bankers’ Committee (SLBC) of Gujarat.
The amount of credit made to MSME alone was Rs 2.5 lakh crore, or almost 30% of all advances and 19% more than the Rs 2.13 lakh crore advances made the year before. Strong MSME performance and corporate expansion ambitions, particularly in Gujarat’s packaging, engineering, iron and steel, and pharmaceutical sectors, are what drove this rise, according to a senior SLBC official. The Production-Linked Incentive Scheme (PLI) and better balance sheets following the COVID-19 pandemic also contributed to the increase in credit demand. One important factor, according to Pathik Patwari, the former president of the Gujarat Chamber of Commerce and Industry (GCCI), is the increased working capital needs resulting from late payments.
News Updated Date: 26th June 2024
Summary of RBI’s New Guidelines on Loan Charges and Key Fact Statement (KFS)
The Reserve Bank of India (RBI) issued a directive on April 15th that prohibits all banks and regulated entities from imposing additional fees on loans that are not listed in the Key Fact Statement (KFS). This directive is set to take effect from October 1, 2024. The RBI’s move aims to enhance transparency and aid borrowers in making informed financial decisions. According to the guidelines, all new retail and MSME term loans sanctioned from the specified date must adhere to these conditions strictly.
The KFS, a crucial document in loan agreements, must be presented in clear language and include all relevant details like fees, charges, and the computation of the annual percentage rate (APR) and amortization schedule. Furthermore, the RBI requires that borrowers provide explicit consent for any charges not pre-listed in the KFS, ensuring that banks and entities cannot levy hidden fees at any stage of the loan. This policy aligns with efforts to empower borrowers and uphold financial fairness.
News Updated Date: 22th April 2024
