At the time of taking Muthoot Finance Personal Loan, all the information about the credit behavior and records from the previous moneylenders and the credit card workers gets stored in your CIBIL score record. CIBIL score is one of the most important points to look after when it comes to the eligibility factor for getting a Muthoot Finance Personal Loan. The bank at the time of loan checks your credit report which includes all your past EMI’s, past running records of all your loans, and credit card. Muthoot finance bank will approve your loan only if you have good credit and a CIBIL score. A minimum requirement of a 650 credit score is required for getting a Muthoot Finance Personal Loan.
Now, there are a few factors that disturb the credit and CIBIL score:
- Late payments – A delay in payments would leave a negative impact on your credit score and affects the CIBIL score. This might give the bank a chance to think about the approval or even they can disagree on giving you a loan.
- A high number of unsecured loans – Never take too many secured or unsecured loans, the ratio between both the loans should be equal. The higher part of any one of the loans would leave a negative effect on the credit score.
- Usage of credit limit – More withdrawals or spending a huge amount of credit card money are the signs of financial issues, credit unruliness and thus pulls down the credit score. Everything has to be done by keeping the future in mind. The credit card bills and the use of credit limit control your credit behavior.
- Multiple loan applications – Applying for a personal loan in more than one place will affect your credit score in a very bad way. I t also reduces the CIBIL score. If a person doesn’t get approval for Muthoot Finance Personal Loan, he/she must improve the negatives to get a good score.
Dialabank helps in building a connection between the bank and the person in need of a loan. No matter whatever be your requirement it helps you in connecting with the bank in just an easy step. Just fill in all your details and add your documentation to get a loan. Visit our website www.dialabank.com or call us at 9878981166.