CIBIL score pays a vital role in getting a business as it does not involve any collateral. Interest rate is determined mainly based on the CIBIL score. Maintaining a high CIBIL score is very much essential as the risk of getting a business loan will increase with low CIBIL score. Hence, it is very much essential to improve your CIBIL score.
Wondering how to get a business loan in Chennai with your low CIBIL score?
Implement the following measures despite your low CIBIL score to avail business loan in Chennai:
- – Make the financier believe that your income is sufficient to pay your EMI
- – Despite your low CIBIL score, your loan application will get approved if you could produce any additional source of income or hype in the pay sufficient to support your EMI payment. RG Enterprise is one such lender that offers you a business loan irrespective of the CIBIL score. If your business has a turnover of 20 lakhs per month, RG enterprises is ready to provide 5 lakhs to 5 crores instantly.
- – Go for a private finance
- – Private finances in Chennai such as RG enterprises will have will have lenient policies for applicants seeking loans with low CIBIL score. Hence, it is considered a best option to go for a private finance if you have a low CIBIL score.
- – Choose a guarantor with high CIBIL score
- – If your choice of guarantor is having a high CIBIL score, then your chance of getting a business loan in Chennai with low CIBIL score is very high.
- – Choose to apply for a joint loan
- – You can opt for a joint loan with a person having a high CIBIL score. Then your chances of getting a business loan with low CIBIL score will be very high