Improving CIBIL with Personal Loan

 

You received a call in the morning from your Credit Card issuer to make timely repayments else it will impact your CIBIL negatively. Someone like you also faces the same situation for not paying his EMI ( Equated Monthly instalment) of personal loan which he availed a few years ago and he also fears to hear the same from a Bank telecaller about deterrence of CIBIL Score.

So what does CIBIL do and how it affects your credit history?  CIBIL (Credit Information Bureau India Limited) is a Credit Bureau or Credit Information Company. This company is engaged in maintaining the records of all the credit-related activities of companies as well as individuals including credit cards and loans. This company awards a specific three-digit score to all the borrowers based on their profile and this score ranges from 600 to 900 and commonly called CIBIL Score. 

In the Financial world, we can define the CIBIL Score as a consumer's credit score. It is a 3-digit numeric summary of a consumer's credit history and a reflection of the person's credit profile. 

Means a bad CIBIL Score will provide you with least chance to get debt or a next credit card from any financial institution. So knowing the fact that you are facing financial difficulties and you won't be able to make timely repayments of your debt you should take some wise decision a step further to avoid any degradation of CIBIL Score. 

For this, you will need funds to manage your debt along with making expenses for the lifestyle. So how can this be done? Sure, it can be either arranged by taking the help of a friend or by requesting a financial institution to lend us a required amount. Asking for help from your relative will hurt you if he turns down your request for any reason and you won't love to share your bad financial health with anyone also. So the best option will be to Seek a personal loan from a Financial house and use it for paying the other debt which has a risk of devastating your CIBIL Score. 

In case of paying a debt of a personal loan, you can use refinancing where you need to avail a personal loan at a lower interest rate than the previous loan, by this amount you can pay your previous debt and the new personal loan will ultimately benefit you by calculating your repayments as per new and lower interest rate. That's how your debt will be paid off without denting your CIBIL Score and instead, it will be improved reflecting your better credit profile. 

For paying a Credit Card debt, availing of a personal loan can be the best financial decision of your life because Credit card companies levy high-interest rates, very huge penalties for late-payments and every single day the sum keeps getting expanded leading to a dubious financial burden for a customer. As compared to credit card interest rates the interest rates for personal loans are very less and affordable though. 

Applying for a personal loan is easy as well as very little time taking, once a customer satisfies the eligibility criteria ( terms and conditions predetermined by financial institutions) then all the documentation can be done at his doorsteps by an executive of the bank itself. Eligibility criteria can be checked online.

Here we have brought some key features Jana Small Finance Bank personal loan which will definitely help to get out of any financial burden:

You should have a pan card 

A salary slip for a salaried person 

Proof of Residence 

A strong CIBIL Score - 750 and above 

Age :  21- 60 ( at loan maturity) 

Lower interest rate: 9.99% - 18.00%

Lowest EMI per lakh - Rs 2148 

Tenure: 12 -60 months 

Processing fee: 2.50% ( minimum Rs 1000) 

Repayment Charges: Allowed after 12 Months (2 – 4 %)

Part-payment Charges: Allowed after 12 Months (2 – 4 %)

Minimum loan amount: Rs 50,000

Maximum loan amount: Rs 75 lakh 

For more details please visit us: Re-applying for a personal loan