Every individual in India who has availed loans or credit cards holds a credit score. Out of the 4 credit information bureaus, CIBIL’s score is accepted by the majority of financial institutions. It’s more so because this organization has more than 2400 financial companies as their associate members.

Credit score of an individual range from 300 to 900. The higher the score, the more creditworthy an individual is. The ideal CIBIL score to avail an unsecured loan is 750. It ensures that you have the capability to repay the loan without defaulting.

You need a similar credit score to apply for a personal loan for doctors too. Opting with a low CIBIL rating is one of the major mistakes doctors make when applying for a loan. It leads to your application’s rejection, thereby, ruining your chances to avail it.

So, you must increase your credit score before you opt for a personal loan. There are various ways you can do so. Some of these include:

1. Opt for a credit card

Your credit score increases when you avail and repay credits. A credit card is one of the ideal ways to improve your score.

However, some lenders might require a high CIBIL score when you apply for a credit card. In that case, you can go for a secured credit card. Financial companies usually provide these against a fixed deposit. The credit limit you receive will be equal to or less than the FD value.

2. Never apply for multiple credits

Lenders conduct a credit enquiry whenever you apply for a loan or a credit card. Your CIBIL score goes down with every such check. Several such applications, therefore, bring down your score drastically. Hence, you must keep your credit applications limited.

3. Refrain from immediately applying for credit if once rejected

Financial institutions add a note in your credit report when they refuse your application. If you immediately apply with another lending institution, it will come across this note during a credit enquiry and may deny you an application.

Hence, do not apply for new credit instantly after facing rejection. Seek other ways to improve your CIBIL score before you apply for a personal loan for doctors.

4. Pay the total payable amount

A typical credit card bill comes with these two payable amounts –

• Total – The full amount that you have spent using your credit card.
• Minimum – A particular percentage of the total amount which might also include interest.

Paying the minimum amount eliminates the need to pay the full amount due if you have a cash shortage. However, it also lowers your CIBIL score. Hence, always pay the total amount due to increasing your credit score and avail for a personal loan for doctors successfully.

Bajaj Finserv as a prominent NBFC offers customized loans with exclusive benefits for doctors. The company provides up to Rs. 30 Lakh within 24 hours. Also, you need to produce only a few documents for processing.

5. Pay your dues in time

You must pay your existing loan EMIs and credit card debts in time to see a positive effect in your CIBIL score. Failing to do so will have an opposite effect on the score.

One of the ways to pay your dues timely is to automate them. Lenders offer two option to do so:

• Standing instruction

Standing instruction aids you to connect your account with your credit card. This enables your credit card provider to debit the amount at a particular day of the month automatically.

• ECS

ECS is almost similar to standing instruction. You can opt for ECS if your account lies at another source. This facility connects your account and credit card to pay the latter’s debt.

6. Keep your credit utilization low

Using only 30% of your credit limit also increases your CIBIL rating. Going overboard makes you look credit hungry and lowers your score.

Follow these simple tips mentioned above to increase your CIBIL score and meet the eligibility for a personal loan for doctors. These advances help you meet all your financial goals and justify all the reasons why you should go for such a personal loan for doctors.