How To Get A Loan Using Creditfit

CreditFit is a product launched by CreditMantri. You can enhance your credit score and get loans at best market interest rates using CreditFit. We have a team of experts who will give valuable tips for these. Let us now read on to find out more about how to get a loan and the role of CreditFit in getting a loan. 

Five Steps to Follow To Get A Loan With Ease

Step 1: Compare the interest rates of various lenders:

Compare the interest rates offered by various lenders in the market. The interest rate will have a great impact on the monthly EMI that you are going to pay. If the interest rate is higher, the EMI will be higher. So, choose the lender who gives you the most affordable interest rate. Also, before you choose a lender, check the credibility of the lender. 

Step 2: Check the eligibility requirements and documentation process:

Check the documentation process and the eligibility criteria set by the lender. Lender criteria include age, credit score, income, employment history, and a few other factors. The lender criteria are listed online on the lender’s website nowadays. Also, the documents can be uploaded digitally on the lender’s website. 

Step 3: Check the Monthly EMI

Enter the loan amount, interest rate, and tenure of the loan to instantly compute the loan EMI. The result will be displayed instantly. This will help you know the monthly EMI that you would have to pay. Knowing the monthly EMI will help you choose the right combination of the loan amount and the loan tenure. This way, you can be confident about repaying the loan and it will also help you manage your finances better. 

Step 4: Loan application process

The bank will approve your loan application if you have fulfilled all the eligibility criteria. You should also upload all the documents while applying for the loan. If the bank requires some additional information or some documents, then you will have to provide the same before loan processing starts. Once the loan is approved, you will receive an email or a call from the bank. The loan is usually disbursed within one day for personal loans and with home loans and auto loans, the approval and disbursal will take 2 to 3 days. 

How Does CreditFit Help in Taking A Loan?

1:Before you take a loan, it is essential to check your credit score and improve it. If you don’t have a credit score, build it. The credit score is crucial for loan sanction. You will get the best interest rates and easy loan approvals if your credit score is high. 

Credit Score Range and Interpretation 

CreditFit of CreditMantri helps in building, maintaining, tracking and enhancing your credit score in the following ways.  

 

• What Credit Products To Take: We give you valuable insights on what credit products to take for building your credit score.  

 

• Identify accounts that pull down your credit score: We examine your credit report completely and pull out the negative accounts that bring down your credit score. We then guide you on how to resolve these accounts. We help you follow up with a credit bureau and get them fixed. 

 

• Credit Mix Analysis: We analyze the current mix of credit products in your credit report. We then tell you what the required split of secured and unsecured credit products should be to enhance your credit score.  

 

• Helps to Track Your Credit Score: It is important to check your credit score and report regularly. This way, you can easily find out why there is a dip in your credit score. Also, if you find any inaccuracies, you can raise a dispute with one of the credit bureaus and get them corrected. We at CreditFit help in doing this. On subscribing to CreditFit, you can raise a one-time free account dispute with the Equifax Bureau.

 

• Analysis of Past Repayment Cycles: We analyze your past repayment trends, credit card bill payments, and history of EMIs for all your credit products. We then tell you about what affects your credit score. Ultimately, we guide you on how to improve your payment cycle and thus increase your credit score. 

 

• Spend Analyzer feature: CreditFit comes equipped with a spend analyzer feature that helps in sending you alerts for your payment due dates, track your daily spends etc. If you make your payments on time, your credit score does not get affected. By tracking your daily spends, you can determine what should be done to maintain or increase your credit score. 

 

• Examine Past Repayment Cycles: We analyze your past repayment trends  - history of EMI and credit card bill payments etc. for all your credit products. We then throw light on what affects your credit score. Ultimately, we give you tips on how to improve your payment cycle and thus boost your credit score

 

• Helps to Track Your Credit Score: It is important to check your credit score and report regularly. This way, you can identify why your credit score has gone down. Also, if you have any discrepancies, you can raise a dispute with one of the credit bureaus and get them rectified. We at CreditFit help in doing this. On subscribing to CreditFit, you can raise a one-time free account dispute with the Equifax Bureau. We will update you with your latest credit report every month for a period of 12 months to help track your credit score.    

 

2. CreditFit Helps in Getting Loans At The Best Interest Rates: We help you in getting the best deals for loans with low interest rates by comparing among our 30 plus lenders. 

 

3. To Reduce Your Monthly EMI Costs: We check if your loans are at the best interest rates in the market. If not, we guide you on how to get better interest rates on your loans and reduce your monthly EMIs

 

Conclusion     

If you want to stay atop with respect to your credit score and get the best interest rates on loans, then subscribe to CreditFit and get valuable insights from our team of experts.

 

FAQS How To Get A Loan Using CreditFit

1:What are some of the benefits and features of CreditFit?  

CreditFit is an application that primarily helps in improving your credit score and procuring loans and credit cards at the best interest rates. Some of the benefits and features of CreditFit include tips to select the best credit products to enhance your credit score, reminders on due dates, tracking your daily spends, identifying accounts that affect your credit score, expert guidance to improve your credit score, and getting the best loans and credit cards, actionable insights to resolve negative accounts, suggestions to reduce monthly EMIs, and one-time free account dispute with the Equifax Bureau. 

2:Does Applying for loans cause a dip in the credit score?

Whenever you apply for a personal loan, lenders will make a hard inquiry into your credit history. It can cause your credit score to drop by about 5 points.