A CIBIL score is important to measure the creditworthiness of the applicant. Most of the bank and non-banking financing companies ask for the credit score during the application of a personal loan. The loan amount depends upon the credit score and the overall credit history of the borrower. Personal Loan Calculator is an online tool for calculating the loan amount. A personal loan comes in the category of an unsecured loan. For an unsecured loan, an applicant is required to provide a good credit score above 750. Banks and non-banking financing companies(NBFCs) monitor the borrower's profile strictly. To get the fast approval of the personal loan one needs to maintain a good credit score. An applicant is eligible for various offers if he has a good credit score. A good credit report can help the individual in more than one way. Lenders ensure the ability of the borrower to repay the loan before approving the personal loan. One can get a personal loan from both a private bank and a public bank. For information regarding personal loans and their different schemes available at different banks check the online website.
Maintaining a good credit score is important while getting a personal loan. Below are the steps mentioned that will help in maintaining a good credit score:-
Pay monthly instalments timely
This is the most important step. Paying all your monthly instalments timely is necessary for getting a personal loan. Try to pay all your EMI on time. Keep a close track of your EMIs. Not paying the monthly instalments timely may decrease your credit score and can also increase your future debts. Make sure to pay all your monthly instalments on time to maintain a good credit score. Many banks and non-banking financing companies charge late repayment fees on personal loans, so the applicant must make sure to clear all the monthly instalments timely to avoid unwanted loss.
Check your credit score
Monitoring your credit score is important to get a personal loan. Try to keep a close track of your credit score. Your credit score may also impact your overall credit report. One should make sure to keep a close look at credit scores. One can check the credit score online with convenience.
Pay your credit card bills
Paying your credit card bill timely is important to maintain a good credit score. Try to avoid buying unnecessary things from your credit card. Buy only needed items. Clearing your credit card bills timely can help you in maintaining a good credit score. An applicant can easily pay the credit card bills in the form of monthly instalments. Paying credit card bills through EMI is a convenient and smart option.
Avoid taking several loans
It is recommended to the borrowers to avoid taking several loans at one time. Taking several loans at one time can increase the debt leading to the financial burden. Taking several loans may also decrease the credit score. A borrower is requested to take one loan at a time to avoid any extra loss and debts.
In the above article all the points are mentioned which can help in maintaining a good credit score. An applicant can apply for personal loans across the country at any preferred bank. HDFC Bank Personal Loan can be applied easily online as well as offline. The bank offers several schemes for personal loans. An applicant can submit an application for a personal loan easily at the bank by submitting documents that include identity proof, residence proof, age proof, employment proof and others as requested by the bank.
Conclusion
A Personal loan can only be applied if an applicant has a good credit score. An applicant with a good credit score and report can easily apply for a loan at any bank or non-banking financing institution.
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