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Is your Credit Score >750?
Businesses have a constant need of funds for maintaining cash flow and other working capital requirements. This ensures that there is no interruption in business operations resulting in increased revenues and profitability.
Finance plays a key role in ensuring all business expenses are met which includes training staff, purchase of equipment, paying salaries, etc. There are various lenders who provide affordable business loans to aid enterprises to tide over urgent financial needs. Such business loans are financially beneficial due to various reasons as cited below.
Benefits of Business Loans
Working Capital Management
Business loans help the businesses to maintain a steady and regular cash flow which aids in meeting their working capital requirements. It thus helps to strengthen your business’ financial position over time especially during lean periods.
Various types of business loans are available to suit your varying business requirements. Short-term and long-term loans are available with different loan amounts, interest rates, tenures, etc.
Attractive Rate of Interest
Financial institutions like banks, NBFCs provide business loans at attractive and competitive rates. The rate of interest on such loans depends on various factors like creditworthiness, business profitability and growth potential, loan amount, loan tenure etc. Also, most loans from NBFCs come with minimal processing fees and no penalty for prepayment of the loan. This helps business owners reduce loan burdens.
Flexible Repayment Options
Easy repayment options are available with business loans. This helps the business to ensure timely repayment of loans. If the business is profitable, then you can even be assured of getting your EMI’s increased or reduced accordingly. To facilitate easy repayment, business loans also come with electronic funds transfer option, which is an auto-debit facility provided by most lenders in India.
Unsecured business loans are collateral-free in nature. This is especially helpful for new businesses which cannot provide security and avail of a secured loan, have no credit history or meet their short-term cash flow requirements. However, such collateral-free loans entail a higher rate of interest
Build Business Credibility
Businesses run on credibility. So, availing of a short-term loan is one way to quickly build up your business credibility. Timely repayment of business loans will help you to improve your credit score and build a credit history, which will help your business to get potential large loans easily approved. Lenders will be convinced of the financial soundness of your business and grant you loans as per your business requirements.
Points to Remember:
Business Loans help businesses to meet their urgent financial exigencies.Repaying business loans in a timely manner improves your credit score and business credibility.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application