Step-by-Step Guide on How to Get a Business Loan

Any business requires capital to lay the base, implement the ideas, market their products and ultimately expand across boundaries. A business loan is provided to help the business set up and grow. These loans are now provided through simple online applications and quick approvals. Read on to find a step-by-step guide on how to get a business loan.

Funding innovative ideas is the dream Lendingkart was started with and over the years through seamless business loan facilities, over 3,00,000 businesses have created a strong base across 4100+ cities.

Business Loan with Lendingkart

A business loan at Lendingkart is more than just providing funds. It is about adding wings to innovative ideas and helping entrepreneurs live the life they always dreamt of. At Lendingkart, business loans up to ₹2 crore are provided with minimal document verification and quick disbursal.

With flexible financing principles and attractive interest rates, more and more entrepreneurs are finding business loans with Lendingkart reliable and trustworthy.

When preparing to submit your application, it is vital to remember that each financial institution maintains its own unique set of standards for risk assessment. While traditional banks might emphasize historical tax returns and long-term profitability, alternative lenders often prioritize consistent monthly revenue and current debt-to-income ratios. Having the right business loan criteria explained in detail can help you identify which specific documentation will be most impactful for your chosen loan type. By organizing these records in advance, you can proactively address potential concerns regarding credit history or cash flow. This strategic preparation not only streamlines the approval process but also positions your company as a reliable and well-managed candidate for funding.

Business loan plans are designed to meet varying requirements by providing:

  • Commercial loans for small businesses 
  • Business loans for women
  • MSME/SME loans
  • Working capital loan
  • Short-term business loan
  • Business loans for startups
  • Line of credit loans
  • Term loan
  • Corporate loan 

Lendingkart Business Loan: How to Apply 

Before you move ahead with the process of making an online application, here are the business loan eligibility criteria that you must meet: 

  • Private Limited or Limited Companies

    If a loan up to ₹15 lakhs is required then a net annual income of ₹1.5 lakhs is required and a net annual income of ₹3 lakhs for a loan amount exceeding ₹15 lakhs. 

  • For Self-Employed Professionals

    Provide proof of employment. For instance- A certificate of practice if the applicant is a doctor or lawyer. 

  • For Proprietorship or Limited Liability Partnerships

    A statement of profit and loss is mandatory.  

  • For General Criteria

    Requirements:

    • Applicants must be aged between 21 and 65.
    • Cash profits through the business for the past two years.
    • An audited balance sheet by a registered chartered accountant. 

List of Business Loan Documents You Must Keep Ready

  • Photo ID proof and passport-sized photographs.
  • Aadhaar card, Voter ID, or Passport.
  • Bank statements from the past 6 months.
  • Trade licence, sales tax certificate, and ownership documents.
  • Income tax returns and profit and loss statements for the past 2 years.
  • Balance sheets from previous years.

Note- The list is subject to changes depending on the loan type and updated policies. 

Step-by-Step Guide to Apply for a Business Loan

Here’s how you can apply for a business loan with 4 simple steps: 

  • Step 1- Online Application: 

Visit the official website of Lendingkart to file an online application form with relevant details of your business.

  • Step 2- Document Uploading: 

The next step is to upload all the necessary documents. 

  • Step 3- Verification by Lendingkart: 

Your application and documents will be verified by the lender to determine eligibility.

  • Step 4- Loan Approval and Disbursement: Once your loan is approved you will receive a sms and email and the loan amount will be disbursed within the next 72 hours.

What is the Repayment Process?

Repayment of a business loan at Lendingkart is designed to promise flexibility where the applicant can easily choose a convenient tenure along with the option to make monthly or bi-monthly payments. To make the payment, the lender can simply rely on the National Automated Clearing House (NACH) for an automatic deduction to take off the stress of facing a penalty due to missed dates. 

Wrapping Up

Business loans with Lendingkart have been kept simple, streamlined and straightforward. Additionally with no-collateral and flexible repayment methods, young entrepreneurs can implement their business ideas without worrying about capital. Lendingkart promises a smooth capital flow for every idea that has the potential to shape the country’s economy. Now that you have an answer to how to get a business loan, apply soon. 

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