Product Overview of Lendingkart
Lendingkart is a pioneering financial technology company based in India, specializing in providing seamless and efficient access to working capital loans for small and medium-sized enterprises (SMEs), startups, and other micro-enterprises.
What Lendingkart Does
Lendingkart revolutionizes the traditional lending process by leveraging advanced financial technology, big data analytics, and machine learning algorithms. The platform is designed to bridge the credit gap faced by many small businesses, fostering economic growth and innovation by providing quick and hassle-free access to financial resources.
Key Features
Digital Loan Application Process
- Borrowers can apply for loans through Lendingkart’s user-friendly website or mobile app, submitting basic business and financial information. This digital process eliminates the need for physical paperwork and lengthy approval timelines.
Advanced Credit Assessment
- Lendingkart uses proprietary algorithms and machine learning models to analyze over 5,000 data points from various sources, including bank statements, credit history, social media data, and GST data. This data-driven approach allows for a more accurate and inclusive assessment of creditworthiness, enabling the platform to extend credit to a broader range of SMEs, even those with limited credit histories.
Quick Loan Approval and Disbursement
- The platform provides instant lending decisions, with funds often disbursed within 72 hours of application. This rapid turnaround is crucial for SMEs needing immediate access to working capital.
Flexible and Collateral-Free Loans
- Lendingkart offers collateral-free loans with flexible repayment options tailored to the business’s cash flow and financial situation. Loan amounts range from Rs 50,000 to Rs 1 crore, with repayment periods of 1 to 36 months.
Transparent Interest Rates and Fees
- The platform ensures transparency in interest rates and fees, providing competitive rates that cover the costs of funding, default risks, and operational expenses while maintaining profitability.
Personalized Customer Support
- Lendingkart offers personalized financial advisory services, automated communication and reminders, a customer support helpline, and a user-friendly mobile app. The platform also engages with customers through social media and implements loyalty programs and a customer feedback system.
Tech-Based Solutions
- Lendingkart employs innovative technologies such as zero-touch loan applications, algorithmic underwriting, and a robust credit intelligence platform (Cred8) to enhance the lending process. Additionally, the company’s collection engine (Collec10) uses advanced capabilities like skip-tracing and geo-tagging to manage repayments efficiently.
Functionality
Efficient Loan Processing
- The entire lending process, from application to disbursement, is streamlined and automated, reducing overhead costs and enabling Lendingkart to offer competitive interest rates. This efficiency also allows for repeat borrowing, helping businesses build a positive credit history and access more capital as needed.
Data-Driven Decision Making
- Lendingkart’s use of big data analytics and machine learning algorithms ensures that credit decisions are made quickly and accurately, minimizing default rates and optimizing revenue channels.
Wide Geographical Reach
- With offices in several major cities in India and a service reach across all 29 states and union territories, Lendingkart has the largest geographical footprint among non-banking financial institutions (NBFCs) in the country.
In summary, Lendingkart’s innovative platform combines advanced technology, data analytics, and a customer-centric approach to provide SMEs with quick, efficient, and transparent access to working capital loans, thereby fostering financial inclusion and economic growth.