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Bad Credit may affect you financially. The following are some of the disadvantages of having a bad credit score :-
Banks/NBFCs see borrowers with poor credit as high risk, which means they will be less inclined to lend you the money you need.
If you get approved for a loan, you will mostly end-up being stuck with a really high interest rate.
Many new businesses need the assistance of a bank loan to get started. With a low credit score, banks will be less likely to approve your loan application, even if your business idea is a great one.
Insurance companies believe in indirect relation between a bad CIBIL score and claims filed. Lower the CIBIL, higher is the ratio of claims made. Hence, insurance providers always charge higher premium on entities that have a bad CIBIL count to account for their risk.
A person with a bad CIBIL score might also face a lot of problems while renting a property since the landlords usually run a creditworthiness check before renting out. In case of an extremely low score, the tenants may be asked for a hefty security deposit to cover for the risks of a bad score.
The following factors are to be considered in case to improve your Credit Score:-
FundsTiger can arrange loans from almost all the banks. You can apply for an attractive offer with best possible rate of interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.