How Can I Check My Credit Score Before Loan Applications?

-

A person's credit score predicts their chance of paying loan EMIs on time. A credit score is produced by a scoring algorithm using information from a credit report. Credit Bureaus like Experian provide credit scores based on credit matrices and mathematical algorithms such as scoring models. 


Lending institutions use credit scores to determine whether or not to offer a customer a credit card, auto loan, or other credit product. In addition, they are frequently used to determine the credit limit and the interest rate for loans and credit cards.




So, you must check your credit score before applying for any loan. You can check your credit score for free on the websites of top lending institutions like Clix Capital. All you need to provide is your name, mobile number, email ID, pin code, employment type, and current monthly take-home salary. 

Popular posts from this blog

How to Get the Best Personal Loan in Bangalore?

-
Image
Karnataka's capital, Bangalore, is home to more than 1 Crore of people leading a modern lifestyle. However, sudden financial crunches are typical, with increasing expenses. However, people handle them conveniently with the help of a personal loan in Bangalore . Personal Loans help finance urgent needs without pledging collateral, from big purchases to medical emergencies. The most attractive features include flexible repayment, fast approvals, minimal documentation, and competitive interest rates. Here is a stepwise procedure to apply for an instant Personal Loan in Bangalore and finance your capital goals without adding a burden on your finances. Start with the application process by filling out an online application form on the website of your preferred lending institution. Furnish the documents required to verify your details. Submit the application and wait for a loan offer. You can accept the loan offer and receive the amount in your savings account within a few hours. Pers
Read more

What are the types of Personal Loans for Approved Borrowers?

-
Image
If you are an approved borrower with a good credit history, you may be able to qualify for a personal loan . Many companies approve instant loans online . The types of personal loans available include: Secured Personal Loan : Secured personal loans require collateral, such as a car or home equity. If you default on the loan, the lender can seize the collateral. Unsecured personal loans : These loans do not require collateral and consider your creditworthiness. If you default on the loan, the lender can take legal action against you but will not be able to seize any assets. Consolidation loans : These loans can assist you with paying off the high-interest debt by consolidating it into a single loan with a lower interest rate. Home Improvement Loan : Home improvement loans can help finance house renovations or repairs. need money for renovation just apply for personal loans online . Wedding loans : These loans can help you cover the costs of a wedding, including the venue, catering, flo
Read more

Why Ignoring Your Credit Score Can Cost You Money?

-
Image
A credit score is one of lending institutions' most crucial parameters to determine an applicant's eligibility. A high score means consistent repayment history and responsible credit behavior. As a result, NBFCs sanction bigger loans at lower interest rates to high-score individuals.  Ignoring the credit score can cost money, as those with low credit scores end up paying a higher interest rate. A higher interest rate eventually leads to bigger EMIs and more considerable interest outgo, increasing the total loan cost by the term-end.  Moreover, NBFCs approve their loans for shorter repayment terms due to the higher risk involved. As a result, their EMIs are bigger, making them less manageable. Consequently, they struggle to pay their EMIs consistently, leading to more late payment charges and penalties. Therefore, improving the credit score is essential to get the best interest rate and save money.
Read more