How to Improve Your CIBIL Score Before Applying for an Engineer Loan

Is your CIBIL score up to the mark? This is an essential question which needs to be answered before taking any loan, especially if it is an unsecured loan. The approval of loan for engineers and other such unsecured loan facilities largely depend on the applicant’s CIBIL score. Hence, the same needs to be up to the mark, at least above or equal to 750. On that note, check your CIBIL score before applying for a engineer loan. Check out the below-mentioned tips to improve your score if it is not up to the mark already.

• Use your existing debts prudently: Taking a loan to meet the different financial emergencies has become a common practice these days, and hence, you are likely to be subscribed to existing loans already. If that’s true for you, make sure you’re putting the borrowed capital to good use. The potential loan applicants must make sure they are maintaining a mixed credit portfolio instead of just applying for a single category of schemes. 
• Ensure a safe credit utilization ratio: Moving ahead, always ensure your credit utilization ratio is within the limits. Though the limits can be exceeded in case the requirement is more, but in all the other cases the credit utilization ratio should be less than or equal to 40%.
• Ensure timely repayment of the EMIs: Also, make sure you are paying the EMIs and your credit card outstanding bills in a timely manner.
• Check your credit score and history regularly: Last but not the least, check your CIBIL score at least once in a year for any incorrect listings on your credit report.

Also Read: Tips to Improve Your CIBIL Score Before Taking an Engineer Loan