Taking a mix loan is a good thing. This includes secured loans such as home loans, auto loans and unsecured loans such as personal loans and credit cards. Keep a balance between these two. Take short and long term loans so that there is no more pressure on your money.
It is important to have a good CIBIL score to get a loan easily
Your cibil score should be good to get the loan. CIBIL Score If good, then you can get loan quickly and easily. You will not need to give a lot of paper. For those who need a loan urgently and do not have a good CIBIL score, getting a loan may face many difficulties. Banks look at the customer on several parameters to take a loan. But the most important thing in that is the CIBIL score. This shows how trustworthy the customer is in the transaction of credit. So, if your CIBIL score is also not good, then try to increase it. This work is not very difficult and it can be improved in few steps. Let us take information about 5 steps.
1-Pay dues on time
Forgot to pay EMI? Are you not making your credit card payments on time? If this is the case then be careful as it spoils your CIBIL score. EMI or credit card bills should be paid on time. CIBIL score can be better if payment is made on time with discipline in it. If you have taken a loan, then pay its dues on time, otherwise the CIBIL score will get spoiled. Delay in dues means that you will also have to pay interest and there will be a drop in CIBIL score. Pay on time to get it repaired.
2-Use credit cards wisely
Credit card is a means of credit and not debit. Therefore, use the credit card as a loan only. Always keep in mind that credit cards are beneficial for wise spending. If there is a habit of extravagance, then the credit card can become a trap of life. You will always be in debt and you will always be troubled. Spend as much as you can with your credit card to pay your bills on time. If you take multiple loans on the card at once, then you will be under pressure to repay it. If there is any mistake in this, then the CIBIL score will be bad.
3-Keep the loan in sync
There is no harm in taking a loan, but for what purpose, what kind of loan is being taken, it should be given full attention. According to experts, taking a mix loan is a good thing. This includes secured loans such as home loans, auto loans and unsecured loans such as personal loans and credit cards. Keep a balance between these two. Take short and long term loans so that there is no more pressure on your money. If you take more unsecured loans then it will have a bad effect. This should be avoided.
4- Take loan only on need
Loan should always be taken according to the need. Be it medical emergency or child’s education or marriage. You can consider it a big need, but taking a big loan to buy a luxury item and not repaying it on time can be heavy for you. Take loan only as much as you can repay on time. Taking too much debt spoils your credit score.
5-Always check credit history
Do check your credit history every month. This will tell where the waste is being spent which can be saved. Checking the credit history also shows that there is no wrong billing which will put pressure on your pocket. If there is any discrepancy in the bill, then immediately inform the bank so that it can be rectified. If not improved and you do not repay the money, then the credit score can get bad.
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