If your business is thriving and sales are up, full repayments at once are possible. You won’t have to keep paying multiple EMIs every month. This is called loan foreclosure or prepayment. However, you have to pay an extra amount called foreclosure charges if you wish to proceed with loan foreclosure.
All business loans under Lendingkart do not require collateral and hence are unsecured.
Yes, you can available a business loan with a minimum CIBIL score of 650 only, but it inadvertently increases the interest rates. It is advisable to improve your credit score before applying.
No, The due date of the EMI payment can not be changed.
Your CIBIL score might not be directly affected by closing your loan, but timely repayment can improve it. It is advisable that timely repayment is done.
The wide range of ticket-sizes offered by Lendingkart means you have a higher chance of getting a business loan from us than from a bank.
Yes. Lendingkart business loans are all-in-one products which can be used for many short-term functions such as working capital management, inventory management, and purchasing equipment.
There are no pre-closure charges for Unsecured business loans by Lendingkart.
A business loan can affect your personal credit score in different ways, depending on how you manage it. If you make timely payments and maintain a low credit utilization ratio, a business loan can help improve your credit score and demonstrate your creditworthiness. However, if you default on your loan or make late payments, it can hurt your credit score and lower your chances of getting approved for other loans in the future.
You can register as a business partner with Lendingkart on the following link: https://channel.lendingkart.com/dsachannelpartner-xlr8/partner/register
Simply fill in the required details to start the onboarding process. Our team will review your information and get in touch with you for the next steps.
