If you want to apply for an unsecured loan like a personal loan or a business loan, or a credit card, CIBIL score plays a vital role. Lenders will not allow taking a loan if your Credit Score is below 750. But, you cannot ignore the requirement of money in any situation. If you need money, you have to arrange it by any means. So, what is the solution?
If you have a property, be it a residential or a commercial property, you can utilize that to arrange the money. It is an easy way to finance your needs and requirements.
Here, as a self-employed, you can get a loan up to Rs. 3.5 crores and as a salaried employee, you can get a loan up to Rs. 1 crore. Here, Credit Score plays a complementary act. With a moderate credit score, you can apply for a Loan Against Property at Low Interest Rates. But, it is not an applicable situation to have a bad credit score.
Tips to Increase the Credit Score:
>Repay the Loan On Time-
Do not skip or miss any EMI while repaying a loan. EMI miss may lower down your credit score and you may have to pay penalty fees, whereas regular payment of EMI will improve your CIBIL score.
>Apply for Small Loans and Repay them- If you take small loans and repay them on time, it will be reflected on your credit history and your credit score will increase.
To know about the other tips, Read: 6 Tips To Deal with Low Credit Score for Loan Against Property
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health.
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