It was Sidhi’s dream to open her own boutique. To expand the boutique, she needed to get a Loan. Like all others, she went to the bank to apply for a loan. However, after doing so, she realized that there are so many formalities and documentation involved in the process. It was extremely difficult for her to get a loan through the bank due to the high wait timings, complexities and delays. After dealing with these hassles, she came to the conclusion that she would have to search for an alternative if she wanted to get loan fast. This led her to Google, where she searched for quick business loans and found Lendingkart.
The application form on their website was relatively simple, and required the entry of certain basic details like the age of my business, the turnover and so on. So she filled in all the details and applied for the loan. Just a few hours after doing so, she got a call from Lending kart. They simply asked for three documents, i.e. PAN card, bank statement and business registration proof. Surprisingly, she got a call from their customer care department the very next day and they said that she was eligible for the loan. They had a bit of a discussion over her loans, such as its tenure and interest rates. Lendingkart also did her KYC. Just two days after that, she received the copy of the agreement, which she signed on the same day and returned it back. The loan money was credited to her account the very next day. Now she is absolutely stress-free and relaxed, as she knows that she would get help from Lendingkart whenever she needs it.
Like Sidhi, 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 that 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 the expansion of your venture. Sidhi had applied for a Rs 10 lakh loan for which he pays a monthly EMI of around Rs 91K for a 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 the 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?
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 what stage of your business you are in, Lendingkart gives wings to your dreams.
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