Life is unpredictable; there’s no denying that. We apply for a business loan and intend to pay it back completely within a stipulated time. But sometimes, that becomes impossible. The reason could be unemployment, serious injury, or long-term disease. In such cases, repaying the loan is not easy. If you approach your lender with such …
Read MoreIntroduction The primary eligibility criterion for every business loan application is the three-digit CIBIL score. The CIBIL score reflects the creditworthiness of the loan applicant. One must review their CIBIL report before applying for a business loan. Sometimes, discrepancies in the CIBIL score report can affect the borrowing ability of an applicant. Such issues warrant …
Read MoreYour credit report is a detailed account of your financial history, containing information about your credit accounts, late payments, bankruptcies, etc. These agencies collect data from creditors and use it to generate your credit report. Your credit report is an essential tool that lenders use to determine your creditworthiness. Even landlords, employers, and insurers use …
Read MoreFinancial transactions are now more formalised and digitalised – every borrower’s credit history is collected, stored, analysed and used in future financial transactions. The credit report summarises all the financial activities we have undertaken since we first obtained credit up to the time we last paid the credit. A CIBIL score ranges between 300 and …
Read MoreIntroduction Your credit score is the most important aspect in determining whether the lender will trust you when you request any kind of loan, including an MSME loan, business loan, collateral free loan, or an unsecured loan. CIBIL, a TransUnion subsidiary, is an RBI-approved credit score organisation in charge of creating credit ratings for businesses …
Read MoreCorporate financial health is just as vital as personal financial wellness. A good credit score enables a company to obtain trade credit and loans from banks and non-banking financial institutions such as MSME business loans with ease. When it comes to quantifying the financial health of a company, an important metric is the CIBIL rank. …
Read MoreFor those who require credit regularly, having a good credit score is essential. When applying for a business loan or a credit card, the lender will always check our credit rating before granting the loan. The score will determine the terms and conditions of the loan, such as limit, interest rate, and the repayment period. …
Read MoreThe Covid-19 pandemic ravaging the world for the past two years has played havoc on peoples’ lives economically. The government-imposed national lockdown to thwart the spread of the virus has overthrown everybody’s financial plans.The coronavirus mayhem led to the abrupt closure of businesses, loss of jobs, pay cuts, deaths due to the virus, and overall …
Read MoreIntroduction: What is a CIBIL score? The CIBIL score measures your creditworthiness. It is like any other unit of measure that indicates your repayment ability based on predefined parameters. The idea is to quantify your repayment strength. The CIBIL score limit is between 300 and 900, and the higher it is, the better. As long …
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