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When you take a loan from KreditBee and pay it on time, your credit score improves. Whereas, if you default on your EMIs, your credit score dips. To maintain a good credit score is very important. It is a measure of your creditworthiness for lenders. Based on your credit score, lenders decide whether they should sanction the loan or not. Even if they give you a loan inspite of a low credit score, the interest rate may be very high or you may not receive the loan amount required. Also, the terms of the loan may not be favorable.
What are some of the ways in which you can improve your credit score?
Clear off existing debts:
Payment history is one of the factors that is considered when you calculate the credit score. So, pay any outstanding bills or loan EMIs immediately to boost your credit score
Pay your EMIs regularly:
When you pay your EMIs on time, the outstanding debt keeps reducing and it helps in maintaining or repairing your credit score.
Check your credit report:
when you check your credit report regularly, it will help you in identifying discrepancies and you can raise it immediately with one of the bureaus to get it corrected.
Set up auto bill payments:
This way, you will not forget to pay your bills or EMIs, thus keeping your credit score intact.
Limit your credit utilization ratio:
The amount of credit you use divided by the total amount of credit available shows your dependency on credit. It is advisable to keep it below 30%
Self-employed as well as salaried professionals can apply for loans on the Kreditbee app. The application process is quite simple and the documentation required for getting the loan is also very less. The applicant can upload the compulsory documents such as adhar card and PAN card and apply for the instant loan. The repayment tenures offered are also many and the interest rates are according to the tenures selected by the applicants.