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How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

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Introduction

If you’re an active loan seeker or a person planning to take a loan sometime in the near future, it is really important for you to know just how your credit profile and credit score can impact your ability to obtain a credit facility.

It is easy to underestimate the need for a positive credit profile and a high credit score. But, as a matter of fact, lenders assess your ability to repay the loans that you’ve taken from them by looking at your credit profile and score. These two factors act as a track record of sorts and influence the lenders’ decision to approve your loan application.

That’s not all. There are many other benefits that you get to enjoy by simply having a positive credit profile and high credit score.

Here’s a quick look at some of the most important benefits of High Credit Profile

  • Faster Approvals

One of the major benefits that you get to enjoy is quicker approvals. For instance, if you’re someone with a long and positive credit history and a high credit score, lenders tend to view you as a creditworthy individual capable of repaying your loans on time.

And this reassurance encourages them to approve your loan applications much faster. If you’ve previously taken a loan and successfully repaid all of the EMIs on time without any delay, you’re even more likely to get your new loan application approved faster.

  • Lower Interest Rates

This is something that many people are unfortunately unaware of. The interest rates on loans tend to vary from person to person based on their credit score and profile. For example, a person with a low credit score and a not-so-good credit profile may be charged a higher rate of interest than a person with a stellar credit profile and high credit score.

This is simply because of the fact that people with good credit history are viewed as low risk individuals, and are therefore likely to get lower interest rates. That’s not all. Some lenders even offer lower processing charges on loans for individuals with positive credit history.

  • Loan Pre-approvals

Generally, when you want to apply for a loan, you fill up an application form online, attach a few scanned documents, and submit them to the lender. The lender would then scrutinise the application, process it, and make their credit decision known to you. The entire process typically takes a few days. However, of late, lenders have been offering their credit-worthy customers pre-approved loan offers.

With these pre-approved loans, all it takes are a few clicks, and the loan is disbursed to you almost instantaneously without any delays whatsoever. That said, these pre-approved loan offers are only provided to individuals with high credit ratings and good profiles.

  • Extended Loan Tenures

Longer loan tenures come with an increase in the perceived risk of default. And so, lenders typically only offer loans for a short period of time say 5, 10, or even 15 years in some cases.

However, a positive credit profile and a high credit rating gives you better negotiating ability. And you could use this negotiating ability to get your lender to agree to longer loan tenures such as 20 years or even longer . An extended loan tenure can help reduce your EMIs and therefore, minimizes your credit burden.

  • Better Credit Card Benefits

Loans aren’t the only things that are classified as credit facilities; Credit Cards are also considered as such. And so, when applying for a Credit Card, lenders typically examine your credit rating and profile before approving your application.

If they find that you have a positive credit profile and a high credit score, the chances of you getting a better deal on your Credit Card tend to be higher. You might even receive several other benefits such as an enhanced credit limit, cashbacks, and other reward programs.

Conclusion

As you can see, there’s so much that you get to enjoy by just maintaining a positive credit rating and profile. And so, the next time your Credit Card bill or your loan EMI falls due, ensure that you pay them in full within the due date. This would help enhance your credit score a bit. Wondering what your current credit score is? You can check it out on Finserv MARKETS. Simply head to the site and fill out the relevant details, so you can get your credit report free of cost.

Credit Score Video

CIBIL Report

Ever considered quantifying your financial health in specific parameters? With the Financial Health Check Report (FHCR) on Finserv MARKETS.

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