How to Improve CIBIL Score for Business Loan?

How to Improve CIBIL Score for Business Loan?

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 for being qualifying for a Business Loan. Here are some ways in which you can strengthen your score:

1. Don’t default on your credit payments

2. Pay your debts on time

3. Lower your credit card usage to 50% of your 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 all accurate and updated information

On an average, it would take you between 4 to 12 months to improve your CIBIL score.