How a Good CIBIL Score Can Help You Celebrate the Festive Season Better

Wondering how a high CIBIL score can help you enjoy the upcoming festive season? Read on to find out.

What Are CIBIL Scores

For the unversed, a CIBIL score is the credit score provided by CIBIL (Credit Information Bureau (India) Limited) and is an indicator of your creditworthiness. A three digit number ranging from 300 to 900, your CIBIL score is a major factor that decides your loan eligibility. Check out this article to know more about CIBIL scores.

How Does a CIBIL Score Help You?

Festive celebrations involve quite a bit of spending and unless previously planned for, these expenses can make a dent in your budget. But what if you didn’t have to spend a bulk of your money in one go? What if you only had to pay an affordable amount for a few months?

We’re talking about using a personal loan for all your festive expenses and repaying this through affordable monthly payments. Not only can you avoid using all your savings, you can also enjoy a higher amount than what your savings would have provided.

This is where your good CIBIL scores come into play. A high CIBIL score can help you get the best personal loan offer in the market. Here’s how –

1. Better Rates

As mentioned previously, your CIBIL score is an indicator of your creditworthiness. A high CIBIL score means that you are capable of repaying the loan on time. This allows the lender to have more faith in your repayment abilities so they can offer you a loan with better rates, i.e., lower interest rates.

Additionally, flexible repayment terms are also offered.

2. Higher Loan Amount

Sometimes the amount we want is not the amount we already have. Expenses may be much more than planned. In such cases, most individuals use their savings or sell their assets. But a personal loan will be much more beneficial in these circumstances especially if you have a high CIBIL score. You can get loans of up to Rs. 5 lakh which can be repaid effortlessly over a few years.

3. Easy to Use

Personal loans are one of the easiest forms of credit to avail and use in comparison to credit cards which are quite restrictive with respect to their usage. Not only are credit cards not accepted everywhere, certain merchants also levy an additional fee on credit card usage.

A personal loan on the other hand can be used everywhere in the way you wish to, without restrictions. Having a high credit score will only ensure that you get the best personal loan offers in the market.

4. Instant Approval

We’ve saved the best for the last. How great is it to get financial help without delay as and when you need it, especially in cases of emergency? 

Thanks to personal loans, not only will you not have to worry about arranging financial assistance from different sources, you can get the amount you need within hours from the comfort of your own home.

Certain lenders such as Money View disburse loans within just few hours of application approval. If you have a high credit score, this process becomes a lot easier. If your credit score is low, the lender may ask for additional proof to show your repayment ability which will only delay the approval.

In Conclusion

While there are many forms of credit available in the market, personal loans are definitely one of the more advantageous ones. Not only are they easy to avail, you can use them for any purpose. 

However, having a good credit score is key as you can enjoy better rates, a higher loan amount, and better repayment flexibility. This festive season, don’t let finances hinder your celebrations. 

Work on building a high CIBIL score if you don’t have one and get an advantageous personal loan from Money View.