The CIBIL score has long been established as the benchmark by which the creditworthiness of most people is judged. Compiled by the TransUnion CIBIL, the CIBIL report includes details on all of an individual’s financial activities, such as the loans they have taken, the frequency with which they have taken loans, and even how quickly they have repaid the loans.
The CIBIL score is a computation of these details denoted by a 3-digit number, ranging between 300 to 900. The higher your score, the more favourable lenders are towards giving you loans and it is much easier for you to gain credit in the form of credit cards. To check CIBIL score, you can easily avail your CIBIL report by submitting your personal details on a website. However, Transunion CIBIL has now made the process easier by sharing alerts directly with the customer each time their rating changes. If you were to avail a personal loan which could significantly affect your CIBIL score, you would receive a real-time alert regarding the same. Apply for the Bajaj Finserv Personal Loan from Finserv MARKETS, and easily cover a range of expenses including a family vacation or even to pay for your children’s education. Owing to a flexible repayment tenure which can range from 12 to 60 months as per your convenience, this personal loan empowers you to fulfill your dreams without any hassles.
Availing a personal loan can actually impact your CIBIL score. Based on how regularly you make your repayments and also the loan amount, the score can alter.
Different Factors Impact your CIBIL Report
Your payment history has to be impeccable in order for your CIBIL score to remain on the higher end. To ensure your CIBIL score stays high, make sure to pay your credit card bills and loan EMIs on time. Even a delay of 30 days in making these repayments can result in a depletion of 100 points from your CIBIL score. Especially if you have multiple credit cards or loans you need to repay, it is important that you take care to ensure you are making your repayments on time. Thanks to CIBIL Alerts, you will now receive real-time notifications if there is a significant drop in your CIBIL report.
Credit Utilization Ratio:
Credit utilisation ratio refers to the amount of credit you utilise, as a proportion to the credit limit available to you. If you utilise the entire credit available to you, you are more likely to have a lower CIBIL score. Most experts suggest that a credit utilization ratio of 30% is ideal, and it will keep your CIBIL score low enough that lenders don’t consider you at a risk of default.
Lenders check your CIBIL score when you apply for a loan to check how reliable you are in terms of repaying your loans. It is best to clear off all outstanding dues at the earliest, since that way it won’t result in your CIBIL score dropping. This is why availing the Bajaj Finserv Personal Loan from Finserv MARKETS will help you maintain your high CIBIL score. You can avail loans of up to Rs. 25 Lakhs and repay it at your convenience and enjoy flexibility with a repayment tenure ranging from 12 to 60 months, which will enable you to ensure that you have the time to comfortably repay the loan. The loan process can be completed online and you can have the loan amount in your bank account within 24 hours, thereby saving you a considerable amount of time.
Your credit history, specifically the length of your credit history and even details such as how frequently you have applied for credit, make an impact on your CIBIL score. It helps to have a detailed history of your credit since it can help demonstrate to potential lenders that you are reliable at repaying credit dues. However, it is important to not make too many credit applications since that can have a negative impact on your score.
Mix of Credit:
When you check CIBIL score, you will notice that it indicates the type of credit you have availed over time, including whether the loans you have taken are secured or unsecured. A healthy balance of both ensures that your CIBIL score stays on the higher end. It is also important to clear these loans at the earliest. Additionally, you should make sure to close all credit cards that you are not using anymore.
With the CIBIL Alerts, you will now be able to understand in real-time if there are any significant changes in your credit score. Make sure to maintain a high enough CIBIL score that allows you to maintain your creditworthiness for times when you need to avail a loan. You can avail the Bajaj Finserv Personal Loan, available on Finserv MARKETS and get up to Rs. 25 Lakhs within 24 hours with a simple online application. The loan approval takes barely 3 minutes, and you can flexibly repay the loans with a repayment tenure ranging from 12 to 60 months.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.