Does enquiry for loans at different banks or NBFC impact eligibility
Answer is YES.
Window shopping in lending world is not considered as good practice.
You as business owner have applied at 10 places for example and took loan at one places and said no to 9 offers may get your score down.
Generally in unsecured world of Lending, 6 enquiry in last 30 days on or before your application is considered as good. Enquiry above 6 show a business owner desperation for funds.
Following are advisable to negate the above impact:
Apply for loan only when required. General enquiry for offer check for future months or year is not advisable as your offer generally lapses within 30 days of offer date
Check the Product feature like Tenure , ROI , Processing fees before you apply so that offer once generated is suited to your requirements and budget
Apply for right product. Somtimes, Business owners apply for OD limit and end up getting term loan.
