Trading & Online Business


How to Apply for an SME Loan in 4 Steps – Things That Matter

Getting a loan for your small or medium business enterprise can be a task in itself. The reason – most banks and financial institutes are quite rigid in their procedures and require a credit score. Two things can happen here,

  1. As an entrepreneur you may have the requisite credit score but not the time the bank takes to process your SMB loan request (usually 2 weeks or more), or
  2. You may have the time to wait for a loan disbursement but not the requisite credit score.

In a third and not the most unlikely of scenarios, you may not have both of the above requirements for getting a working capital loan for small business. Now, the process of acquiring a good credit score requires a long association with the bank, healthy balance sheets and a number of other documents. Pending any one of these documents your loan request can be denied – incidentally, to acquire credibility you need credit and to acquire credit your need credibility. So, how do you overcome your funds shortage?

Apply for a loan from an NBFC

Non banking financial companies are RBI approved lenders who use technology as a tool to assess your SME’s credit worthiness. NBFCs in the market use different techniques for this assessment and have different turnaround times – Lendingkart Finance has one of the fastest loan approval and disbursement processes in the country today. You only need a few documents in digital format (scanned copies) and a free account for applying.

Here is how to get an SME loan in 4 simple steps,

  1. Check Eligibility – Visit and click on the “Check Eligibility” button link. You will be redirected to a form. Fill in your details as per the form fields, accept the terms and conditions and check your business’s eligibility to get a small business loan. You will be instantly notified of your eligibility status.
  2. Apply Online – Once your eligibility is confirmed, just create a free Lendingkart account and fill in the application form. Also, upload your documents for further evaluation here.
  3. Get a Sanctioned Loan Amount – Lendingkart will offer you a sanctioned amount for your SME loan, along with interest rate and re-payment options.
  4. Receive Funds – Accept the sanctioned loan terms for your business and Lendingkart will disburse funds within 3 days of your acceptance of their loan terms. Now you can go on expanding your business as you envisaged.

If you are looking for short term credit up to 1 crore, Lendingkart loans can be a better option than bank loans. You get fast approvals and disbursals, flexible repayment options and waiver of processing fees when you re-apply. Lendingkart has disbursed more than 11,000 SME loans across 650 cities in India. Apply for yours now.


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