If you are a small or medium business owner in India, you will know how cumbersome the process of acquiring short term working capital can be. Quite often you might have to rely on the local financiers, who not only charge a higher interest rate but may also impose arbitrary restrictions on the financing. The fact that India has more than 5.5 crore SMEs at present, and most of them are facing the same issues related to small & medium enterprise loans, equates to a reality check of its own. Is your business growth being hindered by the unavailability of quick and easy finance options?
Well, you can now avail risk free short term loans for your business with LendingKart. A fintech startup, LendingKart promises verification of documents and approval of loan application within 3 days. And the best part is, you do not need to stand in a queue for application and submitting your documents, everything is online. Read on to learn more.
LendingKart’s aim is to make the life of small and medium business owners easy by providing quick loans starting from Rs 50000 upto a value of 1 crore Indian rupees. The EMI schedule is also flexible and the rate of interest you pay is personalised according to your credit score and business requirements. Here is all you need to do to get and instant loan for your business.
Apply Online for a Business Loan
Visit the LendingKart website and register for a free account. Once you verify you email and other details, you can start the application process. You are required to input basic information about yourself and your business and move on to the documents upload screen. Here again, the document requirements are kept limited to bare necessities.
The documents required for your Small & Medium Enterprises Loan are:
- Bank Statement of your business for past one year (till date)
- A proof of registration of your enterprise
- Income Tax Returnsstatement (only if your annual revenue exceeds INR 1 Crore)
And yes, that is all. Once you have uploaded your document, they are sent to LendingKart’s group NBFC for verification. The company guarantees processing of all documents within 3 working days of reception. Upon successful verification of your documents, you will be offered the terms of loan by the company. These terms are determined based on your credit history, credit score and annual revenue.
If you choose to accept the terms of your Small & Medium Enterprises Loan, LendingKart will initiate the transfer of funds within 24 hours. You will be charged a one-time processing fee and that’s that, no hidden charges whatsoever afterwards. You can also choose to renew your sanctioned loan amount after repayment without paying any additional charges.
The benefits of Small & Medium Enterprise Loans by LendingKart
While there are banks and other finance companies offering loans for businesses, the specific requirements of small businesses are not being effectively catered to by these institutions. Your short term working capital needs can arise any moment and the process of getting a loan through the above-mentioned channels can take weeks.
LendingKart offers you a quick business loan and flexible repayment schedule (monthly or biweekly), making it easy to settle your loans quickly and escape credit loops. Moreover, there is no charge or foreclosure fees if you wish to settle your dues early.
The convenience of availing a Small & Medium Enterprise Loan with LendingKart is but the beginning of a success story in making as you can now focus entirely on managing your business. The company also offers cash back and other promotional offers from time to time. Once yourealize the ease of doing business with LendingKart, you will be hard pressed to revert to your bank or local lender for business finance.