To apply for the personal loan in Delhi NCR or any other parts of the country, the first and the foremost thing you need to consider checking is your Credit Score. Yes, it is the most significant criteria, if you are applying for personal and business loan in Delhi. Before you jump onto any conclusion, let us first understand what is a credit score, and why is it so important for the lenders and borrowers in India. In this blog, we will answer all your queries related to the credit ratings. Take a look:
What is a credit score or rating?
First of all, credit score or credit rating is the same thing. If you want to know what credit rating is, you need to know that it is basically a three-digit number that points out how good you are at repaying debts. It is checked by almost all the top banks and NBFCs before sanctioning the loan amount to the borrower. So, of course, your credit score has an important role to play, if you are applying for business or Personal loan in Delhi, Mumbai, Chennai, or in any other cities of India.
What is a good credit score?
Now, after you have understood the concept of credit score, it is the time for you to know the answer for “What is a good credit score?” It is calculated on the scale of 300 to 850 or 900. And, the more your score is closer to 850, the easier it will be for you to get approvals for the loans that your are planning to take, and vice versa. So, make sure that you own a good credit score, especially if you are applying for personal or business loans in Delhi NCR.
What is the highest Credit Score?
As per the rating, if your score is 499 or less, it is considered to be very poor. Similarly, if your score is between 500 to 549, it is said to be ‘Poor,’ and between 550 to 639, it is just ‘Fair.’ But, if your credit score is between 640 to 719, it is considered to be ‘Good,’ and if it is more than that, then your credit score is ‘Excellent.’
How to increase the credit score?
If you want to increase the credit score and willing to apply for personal loan in Delhi from top-notch banks, make sure that you are following the given tips:
1. You need to repay the bills on the given time, and should never delay
2. You need to know that paying off altogether the due amount will not remove the old data from your credit report
3. Keep checking your report and manage your repayment calendar accordingly
4. Apply for a new credit card account, only if it is urgently needed
Apply for Personal & Business loan in Delhi!
Now, if you have gone through the detailed analysis of the credit rating, it is the right time for you to apply for personal and business loan in Delhi NCR. Now, if in case, your credit score is low, you should apply for loan with Rupee Station. Yes, it is probably a few of the online platform that ensures the borrowers with a bad credit loan instantly in Delhi NCR and other parts of the country. It also promises us with a flexible EMI option and unsecured collateral-free loans.