Lendingkart is one of the most popular online platforms for small business loans in India. This fintech company is known for its quick and easy lending process that requires minimal paperwork. In this article, we will discuss the Lendingkart Agreement process.
When a borrower applies for a loan on Lendingkart, their application goes through rigorous scrutiny to assess their creditworthiness and repayment capability. Once approved, the borrower is presented with the loan offer, which includes the loan amount, tenure, and interest rate.
If the borrower agrees to the terms of the loan offer, they have to sign a loan agreement with Lendingkart. The agreement lays out the terms and conditions of the loan, which both parties have to abide by. The agreement is a legally binding document that protects the interests of both the borrower and the lender.
Let`s take a closer look at the Lendingkart Agreement process:
1. Drafting the Agreement: Once the borrower accepts the loan offer, Lendingkart drafts the loan agreement, which includes the loan amount, interest rate, tenure, repayment schedule, and other terms and conditions.
2. Signing the Agreement: Lendingkart sends the agreement to the borrower via email or through its mobile app. The borrower has to read the agreement carefully and digitally sign it using their e-signature. The borrower can also print, sign, and upload a scanned copy of the agreement.
3. Verification: Once the borrower signs the agreement, Lendingkart verifies the details provided by the borrower. This includes verifying the bank account details, PAN, and other KYC documents, among others. This is done to ensure that the borrower is eligible for the loan.
4. Disbursement: Once the verification process is complete, Lendingkart disburses the loan amount to the borrower`s bank account. The disbursement process is quick, and the borrower can usually get the loan amount within 3-5 business days.
5. Repayment: The borrower has to repay the loan amount as per the repayment schedule laid out in the loan agreement. Lendingkart offers flexible repayment options, such as ECS (Electronic Clearing Service), NACH (National Automated Clearing House), and RTGS (Real-Time Gross Settlement). The borrower can choose the repayment option that suits them the best.
In conclusion, the Lendingkart Agreement process is simple, quick, and hassle-free. The agreement protects the interests of both the borrower and the lender and lays out the terms and conditions of the loan. Read the agreement carefully before signing it and ensure that you understand all the terms and conditions.