How to improve your CIBIL score to get a business loan?

2 min read

Your CIBIL score is an essential indicator of your creditworthiness. In fact, a good CIBIL score is a key to improving your chances of getting fast approval on your unsecured business loan. It also helps in getting a loan with better terms and conditions. Generally, lenders consider a score of 685 and above to be good.

Lenders like Bajaj Finserv consider a score of 685 or higher as ideal.

If you have a low credit score or are planning to avail of a loan in the future, follow these simple tips to improve your CIBIL score:

  • Avoid defaults on your credit card bills and other payments
  • Clear all your existing debt on time
  • Lower your credit card usage to 50% of the credit limit
  • Avoid applying to multiple lenders for a loan simultaneously
  • Aim to borrow a mix of credit options, such as secured and unsecured loans
  • Ensure that your credit report has accurate and updated information

Follow these simple steps to improve your credit score. But remember, on average, it takes between 4 and 12 months to improve your CIBIL score.

If you are unsure of your score, you can check your CIBIL score for free with Bajaj Finserv.

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