Yes, prepayment or foreclosure of a LendingKart business loan is allowed, subject to the applicable terms and conditions shared at the time of loan sanction. Borrowers can also use a foreclosure calculator to estimate the payable amount before opting for early closure.
Yes, repayment behaviour impacts your credit profile. Timely repayment of your LendingKart business loan can positively influence your credit score, while delayed or missed payments may have a negative effect on your overall business loan eligibility in the future.
Yes, you may apply for another loan, provided your repayment history is satisfactory and you meet the LendingKart business loan eligibility criteria. Factors such as current liabilities, cash flow, and credit behaviour are assessed before approval.
GST registration is not mandatory in all cases for a LendingKart business loan. However, having GST registration often strengthens your business loan eligibility by providing clearer financial records and supporting faster assessment.
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.
There are no pre-closure charges for Unsecured business loans by Lendingkart.
