Lendingkart is an online financing platform dedicated to help entrepreneurs and SMEs with Working Capital Loans

Country: India

Year: 2014

Concept

  • Lendingkart is a platform to help small businesses in India get loans. It allows SMEs to apply for funding online, bypassing banks and traditional finance institutions
  • The startup offers technology tools that analyze big data to help the lender evaluate the borrower’s credit worthiness. The founders say they use over 2200 variables in their algorithms to assess the applicant’s credit worthiness
  • Lendingkart provides funds in as little as 24 hours. The company wants to work as a “credit-on-demand”
  • In June 2016, Lendingkart’s growth was at 20% per month. They are backed for a total of $42 million
  • Currently, Lendingkart is lending from its subsidiary NBFC AadriInfin Limited

Consumer Benefits

  • Quick: Users can easily apply, and the entire process is online
  • Flexible: Users can choose the loan amount they need, the tenure they require, and when and how they want to pay back
  • Convenient: Even in smaller towns, financing services are available all across India
  • Simple: Users only need their bank statements and VAT return to apply
  • Transparent: They only pay one processing fee: 1% of loan amount

How to use

  • The businesses can apply to Lendingkart by uploading their background information
  • The documents are handed over to NBFC (Lendingkart subsidiary) that checks and transfers to its analytics team to verify the ability of the applicants to pay back the loan amount
  • If the business passes the verification process, they get a loan within 72H from the time of the application

Illustration