Loan foreclosure (or prepayment) means repaying your entire outstanding loan amount before the end of the loan tenure. You can choose to close the loan early instead of continuing with monthly EMIs. A small foreclosure charge may apply as per loan terms.
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.
Lendingkart offers unsecured business loans of up to ₹35 lakhs, based on your business eligibility and credit assessment.
To be eligible for a business loan, your business must have been operational for atleast 12 months within the MSME sector.
You can check the status of your loan application by logging in to your Lendingkart account. The latest update on your application will be displayed on your dashboard, along with any next steps or notifications.
You can apply for a business loan on Lendingkart through our simple online process. TFill out the form, upload your documents, and submit your details – it’s completely digital, quick, and hassle-free. Once approved, the funds are disbursed directly to your account within a few days.
