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Is your Credit Score >750?
You need to have a profit-making business or a solid business plan if you want to land a good business loan offer. You should also be able to pledge collateral and guarantee to support the loan amount.
Business loans are mostly secured loans. They are high-risk loans for lenders as the income is not guaranteed in any business.
If you need a business loan with a high loan amount and attractive interest rates, you have to ensure the following:
Have a solid business plan – Chalk out a good business plan to impress the lenders. The plan should illustrate your vision for the business in the near future and how you intend to monetize it.
Documents to support the profitability of the business – Lenders don’t want to support loss-making businesses. Show relevant documents to prove that your business has been making a profit. They may seek document proof for the last 2-3 years.
Offer substantial collateral and guarantee – You should be ready to pledge some good value collateral if you want a high loan amount. Collaterals are usually given in the form of company assets like buildings, land or equipment. Secured loans usually get you a good loan offer.
Have a clean tax record – It is important to pay all your taxes on time and have a documentary proof for that. Lenders do not want to lend to borrowers who do not fulfil their duty to the government.
A healthy credit score – Last but not least, ensure that you maintain a healthy credit score of 750 and above to land good business loans.
Points to remember:
Lenders look for only one thing while sanctioning a loan; will the borrower repay the loan on time? That credibility is determined based on factors like your credit score, repayment history, your profit statement and your future vision for the business.
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,
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