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.
The EMI is calculated using the formula:
E = P × r × (1 + r)n / ((1 + r)n – 1)
Where, ‘E’ is the EMI, ‘P’ represents the loan amount availed, ‘r’ represents the monthly interest rate, and ‘n’ is the duration of the loan.
You can available an unsecured business loan upto ₹35 Lakhs.
– To be eligible for a business loan, your business must have been operational for atleast 12 months within the MSME sector.
– Applicants must have a minimum turnover of ₹75,000 in the three months preceding the loan application.
– A minimum CIBIL score of 650 is essential for loan approval.
You can check your application status at your Lendingkart account after login. It will be notified at the dashboard.
You can apply for a business loan on Lendingkart online. The process to be followed is noted in the section above.
