Lendingkart Working Capital Loan
Last Updated : Oct. 9, 2019, 4:54 p.m.
Lendingkart Working Capital Loan – Every businessman looks for business expansion but the financial problem always stands tall to restrict it. The problem might affect the working capital or acquiring large machinery or assets. Therefore, leverage from any financial institution would be very helpful. Lendingkart is one of the known financial institution that grant various types of loans. In order to manage the working capital, you can take Lendingkart working capital loan at a low rate of interest.
Details of Working Capital Loan from Lendingkart
| Particulars | Details |
|---|---|
| Minimum Loan Amount | ₹50,000 |
| Maximum Loan Amount | Upto ₹2 Crore |
| Rate of Interest | 1% to 2% per month |
| Eligibility | Turnover for 3 months must be Greater than ₹90,000 |
| Installments | Bi-Weekly/Flexible Monthly |
| Pre-Closure Charges | Nil (if the first EMI is paid in Full) |
| Processing Fee (Only Once) | 2% on Loan Amount |
| Repayment Period | 1 Month to 3 Years |
Types of Working Capital Loan
Bank OD/Credit Facility
Lendingkart offers you with Bank OD facility. If you are having a current account then you can easily withdraw money exceeding the available amount. Lendingkart will charge interest depending upon the working relationship with the business.
Equity Funding
Investors and some personal resources usually acquire equity funded working capital loans. Those types of loans are taken by startups and businesses having low credit scores less than the ideal one.
Short Term-Loan
Short Term-loan are important financial help for managing working capital. Many business organisations and SMEs take short term loan to payout labour wages, purchasing raw materials and many other petty expenses.
Loans on Receivables
You can also get the working capital loans easily on the basis of account receivables. All you need is to mortgage the receivable for a certain span of time and take the necessary amount from the financial institution.
Trade Creditor
Trade creditor working loans are usually given by current and new suppliers. This loan has strict parameters and the borrower has to pay a huge amount of interest. While taking the Lendingkart working capital loan would be less costly.
Advances by Institutions
This loan is given against future credit card receipts. If you accept payment from a credit card as well then this loan would be suitable for you. It is almost as same as receivable loans but you can get a loan without a confirmed sale.
Features of Lendingkart Working Capital Loan
- Super fast processing of working capital loan in just 75 hours.
- No need for any collateral to be secured.
- All the procedure is online and you don’t have to wait in a loan queue.
- The physical appearance of the applicant is not needed as all the formalities are done online.
- Option for flexible repayment.
- Helps in Improving the credit score.
Eligibility Criteria
- The minimum turnover of the company must be more than ₹90,000 in the last 3 months.
- The business must not be blacklisted under SBA Finance.
- Businesses must be 3 months old.
- The locations of the business must be in an appropriate city.
- The non-eligible parties for working capital loans are trust, NGOs and charitable Institutions.
Documents Required
- Partnership Firm – 12 Months Bank Statement, Registration Proof, Pan Card, Applicant’s Aadhaar Card, Copy of Partnership Deed.
- Proprietorship Business – Bank Statement of 12 Months, Business Registration Proof, Proprietor Pan Card, Proprietor’s Aadhaar card.
- LLP, OPC and Pvt Ltd Company – 12 Months Bank Statement, Certificate of Incorporation, Applicant’s Pan Card and Aadhaar Card, Company’s Pan Card.
How to Apply for Working Capital Loan
Now you know all the features of Lendingkart Working Capital loan. If you are willing to apply for the same then you can log in to the official website of Wishfin. You can use Whatsapp for chatting with our customer representative. Our relationship management team will give you best solutions. If you want to calculate the EMI on the above mentioned rate of interest, then you can use the EMI Calculator Online.
Track Application Status
You can track the status of your working capital loan on the official website of Lendingkart. There you’ll see whether your application is approved or rejected. It can also be in a pending state if all the documents are not submitted to the institution. If you want to increase the loan amount then working capital loan won’t work. You have to apply for Lendingkart Business Loan . This loan will help you in purchasing large machinery, buildings and other assets.