How to Build Your Credit Score to Get a Personal Loan in Delhi?

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Personal loan in delhi



Delhiites are enthusiastic and lead a vibrant life full of energy and variety. Everything about them is classy, but not everyone has sufficient funds to make all their dreams come true. That is when they take Personal Loans to cover various expenses. However, lending institutions largely rely on the applicant's credit score to determine their creditworthiness. 

Most NBFCs have a minimum credit score requirement of 630 that loan applicants must fulfil. Those looking for a Personal Loan in Delhi but have no credit history must follow these steps to build credit over time:

  • Take loans and credit cards to begin the credit-building process.

  • Pay all loan EMIs and credit card bills on time to build a consistent repayment history.

  • Diversify the credit profile with different credit lines - secured and unsecured, short-term and long-term.

  • Maintain a credit utilisation ratio of less than 30% to avoid being projected as credit hungry.

While building credit, check the credit report regularly to see how it's going and make any corrections if necessary. Over time, the credit score will reach enough threshold to qualify for a Personal Loan in Delhi.

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