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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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MSMEs could need funds at any time and they have to be loan-ready. Receiving the right amount of investment at the right time is crucial for the success of any business. MSMEs are no exception.
If you are an MSME business owner and want to avail loans when you need them, adopting these 3 points will make you loan-ready:
1. Pay your lenders on time, every time: Ensure that all your existing loans are serviced without any defaults or late payments. This greatly boosts your credibility and credit score, and lenders would be willing to lend you money any time without thinking twice. You should take all necessary steps to pay the monthly EMIs on time. A healthy repayment history ensures future loans at cheaper interest rates.
2. Where you apply for credit, matters: Due to the unavailability of finance, some MSME owners might go to informal lenders and end up in a debt trap. This should be avoided at all costs. Opt for formal lending avenues and go through official channels for your MSME loans. This way, you can create a good record for your credit history. This will in turn help you in getting better loans in the future.
3. Check your Credit Score and Credit Report regularly: This simple step can save you a lot of time and energy during your next business loan application. You can check the credit health of your business at CreditMantri. Ensure that your report is accurate. If you find any discrepancies, try and get them resolved soon. Errors in your credit report may decrease your credit score hampering your loan eligibility. If you find that your credit score is low, you can take a few simple steps to improve them. Check out this helpful article on “How To Build Good Business Credit”
Conclusion
Achieving and maintaining a healthy credit history is very important for MSMEs to be Loan-Ready. Though it takes time, opt for formal lending channels to avoid any unpleasant experience. Most importantly, be up-to-date with your credit score and credit report so that you can take the necessary steps to keep it high and healthy.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application