India’s startup ecosystem is thriving, and with it, the demand for flexible and quick financing solutions has skyrocketed. Lending startups have emerged as key players, offering tailored loans to meet the diverse needs of startups. Below is a list of the best lending startups in India, along with details on how to apply, eligibility criteria, and interest rates.
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Top Lending Startups in India
1. Lendingkart
- Overview: Lendingkart specializes in providing working capital loans to startups and small businesses. The application process is fully digital, and loans are disbursed quickly.
- Loan Amount: Up to ₹2 crores
- Interest Rate: Starting from 12% per annum
- Repayment Tenure: 6 to 36 months
2. KreditBee
- Overview: KreditBee offers short-term personal and business loans with minimal documentation. Ideal for startups in need of quick funds.
- Loan Amount: Up to ₹1 lakh for individuals and up to ₹10 lakhs for businesses
- Interest Rate: 15% to 24% per annum
- Repayment Tenure: 3 to 24 months
3. Indifi
- Overview: Indifi connects startups with tailored loan options, focusing on sectors like travel, retail, and e-commerce.
- Loan Amount: Up to ₹50 lakhs
- Interest Rate: Starting from 16% per annum
- Repayment Tenure: 12 to 36 months
4. FlexiLoans
- Overview: FlexiLoans provides unsecured loans, making it easier for startups to get funding without collateral.
- Loan Amount: Up to ₹50 lakhs
- Interest Rate: Starting from 15% per annum
- Repayment Tenure: 12 to 36 months
5. Rupeek
- Overview: Rupeek is a gold loan provider, offering loans at competitive rates to startups and small businesses.
- Loan Amount: Up to ₹1 crore
- Interest Rate: Starting from 9% per annum
- Repayment Tenure: 6 to 24 months
How to Apply for Loans with Lending Startups
The application process for these lending platforms is typically simple and digital. Here are the general steps:
- Visit the Official Website or Mobile App: Navigate to the lending startup’s official website or download their app.
- Register: Create an account using your email ID and phone number.
- Fill Out the Application Form: Provide details like your business’s financials, purpose of the loan, and personal details.
- Upload Documents: Submit required documents such as:
- PAN card
- Aadhar card
- Business registration certificate
- Bank statements (6-12 months)
- ITR filings (if applicable)
- Loan Evaluation: The platform will assess your application based on eligibility criteria.
- Approval & Disbursement: Once approved, the loan amount is credited to your account within a few days.
Eligibility Criteria
While each startup has its own specific criteria, here are the general requirements:
- Age: Applicant should be at least 21 years old.
- Business Vintage: The business should be operational for a minimum of 6 months to 1 year.
- Turnover: Minimum annual turnover of ₹12 lakhs (varies by platform).
- Credit Score: A credit score of 650 or higher is preferred.
- Documents: Valid ID proof, address proof, and business financials.
Interest Rates and Key Features
| Startup | Interest Rate (p.a.) | Loan Amount | Tenure | Collateral Required |
|---|---|---|---|---|
| Lendingkart | 12% onwards | Up to ₹2 crores | 6-36 months | No |
| KreditBee | 15% to 24% | Up to ₹10 lakhs | 3-24 months | No |
| Indifi | 16% onwards | Up to ₹50 lakhs | 12-36 months | No |
| FlexiLoans | 15% onwards | Up to ₹50 lakhs | 12-36 months | No |
| Rupeek | 9% onwards | Up to ₹1 crore | 6-24 months | Yes (Gold) |
