Can I get a small business loan from Lendingkart?

CreditEnable_Lendingkart

Are you looking to apply for a small business loan with Lendingkart? You came to the right place!

Lendingkart is one of CreditEnable’s 25+ lender partners, and they have successfully given small business loans to many of our SME customers. So, let’s discuss what kind of business loans Lendingkart offers CreditEnable customers and who is eligible to get a small business loan with them.

What small business loan options does Lendingkart offer?

Lendingkart offers CreditEnable’s SME customers the following small business loan options:

1. Unsecured business loans

When you get this type of business loan, you do not need to provide Lendingkart with any collateral. These loans are instalment driven, with an EMI schedule. 

Loan amounts range from Rs. 1 Lakhs – 35 Lakhs, and the duration of the loan varies from 12 – 36 months. 

At CreditEnable, we’ve been able to get our SME customers loan interest rates starting at 14%. However, it is important to remember that interest rates are determined by multiple factors like your credit history, business vintage, business sector, financial health, etc. So, if you match with Lendingkart, the lender will assess your small business loan request and your creditworthiness to decide what interest rate and loan amount they can offer you.  

Learn more about unsecured business loans.

2. Unsecured overdraft facility:

An overdraft facility is a great backup cash reserve for any small business to have access to. 

Lendingkart offers CreditEnable SME customers an unsecured overdraft facility, which you can use revolving debt. Lendingkart will assess your business based on many factors like your credit score, business financial health, past credit history, etc. and sanction an overdraft for your small business with a predetermined upper limit. 

This overdraft facility ranges from Rs. 1 Lakh – 10 Lakhs and is available for 12 months. 

During this time, you can use however much of the overdraft amount within the sanctioned overdraft limit, and you will only be charged interest on the amount used. At the end of 12 months, you can repay the money and interest you owe Lendingkart and close the overdraft facility, or you have the option to renew the facility for another year and continue to have access to the overdraft.

What’s the difference between a secured and unsecured overdraft?

How do I know if I’m eligible for an unsecured business loan with Lendingkart?

To be eligible for an unsecured small business loan with Lendingkart, you need to meet the following requirements:

  1. You are 25 years old or more.
  2. Have a minimum monthly turnover of Rs. 1 Lakh (or Rs. 12 Lakhs per year).
  3. Have a business vintage of at least 1 year, meaning your business needs to have been operational for at least one year.
  4. Provide legal business proof to verify your business vintage. 

The Lendingkart unsecured business loan is a unique product in the formal lending market, as most lenders do not lend to small businesses that have a business vintage under 2 years. Additionally, unlike other formal lenders who offer unsecured small business loans, Lendingkart does not require any proof of property ownership to lend to you. So, they will lend to you even if you rent, as long as you meet all their other eligibility criteria. 

Am I eligible to get an unsecured overdraft facility with Lendingkart?

To be eligible for a Lendingkart unsecured overdraft facility, you need to fulfil the following criteria:

  1. You are 25 years old or more.
  2. Have a minimum monthly turnover of Rs. 1 Lakh (or Rs. 12 Lakhs per year).
  3. Have a business vintage of at least 2 years, meaning your business needs to have been operational and registered for at least two years.
  4. Provide legal proof of business registration to verify your business vintage.  

Why should I apply for a small business loan through CreditEnable and not directly with Lendingkart?

CreditEnable has helped our SME customers get unsecured business loans in just 2-3 days. 

When you apply with CreditEnable, we first check your eligibility for a small business loan but doing a soft pull of your Experian credit score. This pull is not recorded on your credit report as it is not an actual enquiry made by a lender. If your small business is not eligible right now, we’ll tell you upfront. This saves you from applying with the lender and then getting rejected and protects your credit score from also taking a hit because of the rejection. 

What is a soft pull of my credit score?

Our mission is to make small business loans easier to access for SMEs in India. So, CreditEnable will tell you why you’re not eligible right now and how you can improve your eligibility in the future. If you directly apply with the lender, you may get rejected and never find out why your application was rejected. We have close working relationships with our 25+ lender partners, and Lendingkart is no different. 

Alternatively, when you apply for a small business loan with CreditEnable and pass our eligibility check, our proprietary algorithms will assess your business match you with a lender and product right for your business needs. If that is Lendingkart, we will collect your KYC and business documents and share your complete loan application with them. Lendingkart will then conduct its own assessment of your loan application and approve or reject your request. 

If your application is approved, CreditEnable will guide you through the underwriting process and help you negotiate better loan terms (amount, interest rate, duration) if you have a strong application and meet all the other lender eligibility criteria.

Start your small business loan application with CreditEnable today!  

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