CIBIL Score: If you want to take a loan from a bank or any financial institution, then first of all, check the CIBIL score. Because banks check the CIBIL score while giving loans. A CIBIL score represents your credit history. Having a good CIBIL score gets the loan passed quickly. On the other hand, due to a low credit score, your personal loan does not get passed. In such a situation, you do not need to panic. You can easily take a loan wisely. Here we are going to tell you one such great way by which you can easily get a loan.
Let us tell you that for this, first contact the bank where you have an old relationship of account and transaction relationship. The bank, especially trusted customers, gets loans more easily than external customers.
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Know about Fintech vs Bank
On the other hand, as another option, the Fintech platform gives loans at cheaper rates than the bank. However, the interest rate may be slightly lower, but this can prove to be the second option for an interest loan.
Know about small loans
Try to take a loan for a small amount; there is a higher chance of getting a loan approved for a small amount, because this reduces the risk of the bank or lender.
On the other hand, if you have any property or guarantee, such as an FD, gold or insurance policy, then it can be very easy to take a secured loan against it.
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What is income proof?
Along with this, you should show your income proof, such as a salary slip, side income, or extra assets. This will also give confidence to the lender. Because you will have repaid the loan on time.
What is a secured credit card?
Apart from this, if you are thinking of improving your credit score in the future, then a secured credit card can be a great option. This card can be obtained in exchange for FD, and by making regular payments, your score can improve quickly.