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Published on Jul 8, 2021Updated on Nov 28, 2022
Be it tiding over an emergency or reaching your long-term financial goals, credit is an integral facet of our lives of today. While the type of credit that you choose to rely on may vary depending on your preference, it is important to know that there are a number of credit facilities that are at your disposal.
The credit facilities available to an individual is greatly influenced by their consumer behaviour. Be it approving a personal loan or a credit card application, most lenders tread cautiously unless the applicant comes with a proven track record of timely payments or a high credit score and report. In cases where the credit score or report drops below the asking point, the lenders are wary to approve any form of credit as the risk of investment is greater in this instance.
Must Read: How to Improve Your CIBIL Score?
The value of good consumer behaviour is immense as it directly influences the credit underwriting and approval process. Therefore, it can also be agreed that having a high CIBIL score can work in your favour to accessing all types of credit facilities.
The top 5 benefits of a high CIBIL score are:
You can check your personal loan eligibility simply by visiting the Fullerton India website prior to making your loan application. General parameters include:
Must Read: How to Build Your Credit Score with a Personal Loan?
The basic documents required for a personal loan to be approved are:
A.) Salary slips for 3 months and banks statements of the past 6 months for salaried employees
B.) Banks statements and income statements for self-employed individuals or business owners
Building a high CIBIL score may be easy but maintaining it is tough. It is important that you remain focused on persisting with good credit behavior by highlighting favorable credit habits. This ensures that you are rewarded for being credit conscious and are eligible to avail credit at the time you need it the most.
*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.