Tips to Improve Your CIBIL Score to Get Approved for an Engineer Loan - Loan Trivia

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Friday, 27 July 2018

Tips to Improve Your CIBIL Score to Get Approved for an Engineer Loan

Given the benefits associated with a business financing for engineers: affordable engineer loan interest rates, a longer repayment tenor, and a higher borrowing limit; a large number of engineers are opting for engineer loan over the regular business loans. However, as we all know the engineer loan schemes available in India falls under the unsecured loan category - not having a good CIBIL score might lead to rejection of the engineer loan application. Owing to that, if you are also planning to make a credit request with a poor CIBIL score, you are making a mistake and your loan application will meet the same fate shared above. Therefore, it is advised to build up your credit score even before applying for credit and ensure the highest chances of approval. You can resort to the below-shared steps/suggestions to boost your credit score and your loan eligibility for an engineer loan.

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  1. Refrain from overusing your credit cards

Credit cards come with a certain usage limit, try not to use more than 40% of your available limit. Even if you do so, make sure you have a genuine reason for the same, otherwise, you’ll be damaging your credit score for no good. In addition to that, keep your credit card outstanding dues clear before the due date.  
  1. Take small loans and promptly repay it promptly

“Fight fire with fire” the idiom is absolutely valid and true talking of how to improve your loan eligibility. Only a loan can improve your eligibility to take out another loan, and thus, take small loans frequently to meet different small ad big cash needs and pay them in a prompt manner. Having said that, refrain from displaying a credit hungry behaviour to avoid from being blacklisted by the financial institutions.  

  1. Keep a neat and clean credit history

Maintaining a neat and clean credit history is also a very crucial part of boosting your credit eligibility. Avoid from doing something negative: bad financial decisions which can affect your score. Every financial move is recorded by credit rating agencies and bad financial decisions reflect in your report for a very long time.

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