Tips to Improve your Credit Score for better Personal Loan

What is Personal Loan Visakhapatnam?

Financial constraints are part of life, and it is difficult for a common man to overcome these with limited income. A personal loan is an offer that provides financial support to people in times of need. It allows the person to acquire money without placing any collateral. Click to apply for Personal Loan Visakhapatnam.

What is CIBIL Score?

CIBIL Score is the history of your payments that you have done to the bank. Depending on your bank statements and payments, the bank decides how your CIBIL Score level is. The CIR (Credit Information Report) is the history of your credit score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have).  It is essential to maintain your CIBIL Score while taking a loan because your loan sanctioning depends a lot on your credit history.

If my CIBIL score is not maintained then can I get a rejection for the loan?

Yes, if the bank feels that you do not have a stable background, then you might get rejected. CIBIL Score is the credit history that displays all your loans. It keeps track of all your payments (if you have a credit card) and your bank statements to ensure that when you take a loan, then you are capable of repaying the amount to the bank.

Tips to improve your CIBIL Score

  1. Payments: Make sure to pay your credit amount on time. Do not skip any payment as it will show your instability regarding finances.
  2. Credit History: Maintain your bank account as it is a vital part in your loan process.
  3. Too Many Loans: Avoid taking more than one or two loans at a time. Do not put too much pressure on yourself.

A personal loan enables the streetlight as you to walk on the road that leads you to your goals when you were thinking of stopping in between. It assists you when you are walking through a never-ending tunnel of financial needs. It helps you stand straight when the burden of financial obligations is trying to crush you down. Do not let your current financial demands force you to walk down a path of regret instead chose to stay and fight against all of them with personal loans.

The Eligibility Criteria for a Personal Loan Visakhapatnam are described in detail below:

  • Primarily, your minimum age should be 21 years, and it can go up to 60 years if you are salaried, to apply for a Personal Loan.
  • Additionally, the minimum eligible age if you are self-employed is 25 years, and the maximum is 65 years in which you can apply for the personal loan.
  • Moreover, you should be a permanent resident or a citizen of India.
  • Also, your CIBIL score where CIBIL stands for ‘Credit Information Bureau of India Limited’ should be at least more than 720.
  • Besides, you must have a steady source of income.
  • Furthermore, if you are salaried, you should have a salary account.
  • And if you are self-employed, then you should submit a supporting document which indicates that you have filed an ITR of 2.5 Lakhs Rupees.
  • Last but not least, if you are salaried, then your monthly income should be Rs.18000 or more.

Leave a Reply