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CIBIL score reflects how likely you are to pay your loan or debts back on time, making it an important criterion for loan eligibility.
750 or above is generally considered to be a good CIBIL score, depending on the rating model or lender’s criteria.
Let us explore some effective ways to improve your CIBIL score with consistent practice and financial discipline.
Always pay credit card dues, loan payments, and utility bills on time, which will reflect positively on your score.
Maxing out credit cards can lower your score. To improve CIBIL score, aim to use less than 30% of your card limit.
Avoid multiple credit applications in a short period, as each hard inquiry initiated can temporarily lower your score.
Regularly check your credit report for errors. Raise a dispute for any inaccuracies with the credit bureau to improve CIBIL score.
A mix of secured loans and such as personal loans, if managed wisely, can help build a strong credit history.
Eligible applicants can avail of personal loans up to INR 30 Lakhs* with interest rates starting at 13% p.a* and a tenure of up to 60 months*.
* Please note that this webstory is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us