To improve your chances of getting your Business Loan approved, you need to maintain a good CIBIL score. Generally, a score of 750 is considered to be good to get your Business Loan application approved. Here are some ways in which you can strengthen your CIBIL score:
1. Don’t default on your credit payments
2. Pay your debts on time
3. Lower your credit card usage to 50% of the limit
4. Refrain from applying to multiple lenders for a loan
5. Club your unsecured Business Loan with a secured loan to have the right loan mix
6. Ensure that your credit report has accurate and updated information
On an average, it would take you between 4 to 12 months to improve your CIBIL score.
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