FAQs

Frequently Asked Questions

There are no specific academic qualifications required to become a Lendingkart Business Partner. Any individual or business entity with a good network and a basic understanding of business loans can join the program.

If you have the ability to connect with MSMEs, understand their financial needs, and guide them through the loan process, you are eligible to become a Lendingkart Business Partner by completing the due diligence process. Prior experience in financial services, sales, or MSME engagement can be an added advantage but is not mandatory

Yes, we have a very fast loan-lending process with three steps. Application submission, Approval and Disbursal. This process takes a maximum up to three days while banks may take 8-10 working days.
On the other hand, we have very reasonable and lower interest rates. Also, we don’t require any collateral or property for security. It makes our loans unsecured and less risky for you.
We do not take any additional penalty for a loan foreclosure and there are no hidden payments and charges with our business loans.

Lendingkart’s Partner Dashboard powered by XLR8 is a smart digital platform that lets business partners easily create, track, and manage customer loan applications sourced by them. It also offers real-time insights and performance reports, helping partners grow their business efficiently.

No, the entire process of taking loans is automated online. Document verification also occurs online, providing a hassle-free loan application process.

Even though our loans are faster than banks, we urge you to provide correct documents and follow the online application process thoroughly to ensure no delays in loan approval.

You can apply for a business loan on Lendingkart online. The process to be followed is noted in the section above.

You can check your application status at your Lendingkart account after login. It will be notified at the dashboard.

– To be eligible for a business loan, your business must have been operational for atleast 12 months within the MSME sector.
– Applicants must have a minimum turnover of ₹75,000 in the three months preceding the loan application.
– A minimum CIBIL score of 650 is essential for loan approval.

You can available an unsecured business loan upto ₹35 Lakhs.

The EMI is calculated using the formula:
E = P × r × (1 + r)n / ((1 + r)n – 1)
Where, ‘E’ is the EMI, ‘P’ represents the loan amount availed, ‘r’ represents the monthly interest rate, and ‘n’ is the duration of the loan.

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