Given a free module with a well-defined finite rank, are all of its linearly independent sets finite?

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Given a free left $R$-module $M$ over a ring $R$ with Invariant Basis Number, does every linearly independent subset $L \subseteq M$ have cardinality at most $n$?

Over integral domains like $R=\mathbb Z$, the answer is yes, by an adaptation of Gaussian elimination. But I don't know if it's true in general.