Why It Is Important to Maintain a Good Cibil Score While Applying for a Personal Loan

As salaried professionals like chartered accountants and such, personal loans become a savior when you need to push your business in the right direction. But there are a few things you need to know before applying for a personal loan for chartered accountants. Every trustworthy finance company like Peerless Finance has a few eligibility criteria that every individual needs to fulfill to get a personal loan. But apart from these criteria, a few other things can help you get a loan easier.

Having a good CIBIL score or credit score is one of those things that can help you get a loan easier. But why is having a good CIBIL score this necessary for getting a personal loan? Let us discuss the same below.

• Lower Interest Rates

Almost all of us know how high-interest rates can make borrowing pretty expensive, which in turn can create a significant dent in your monthly finances. But with high CIBIL scores, lenders are ready to offer you a lower interest rate on your personal loan. It can help you pay back quicker and have a more seamless borrowing experience.

• Ease With Loan Approval

With a higher CIBIL score, you have higher credibility, which can enhance your chances of getting a loan faster. Lenders will reach out to you faster, and that can be helpful when you are looking for a loan for chartered accountants. It is especially better if you are having a crisis in your practice.

• Increased Loan Term

With a higher credit score, you have higher credibility which makes lenders trust you to return the borrowed sum easier. If this is the case, finance companies will be more ready to lend you money for longer periods. This can help you get pay the borrowed sum of money more easily because you can return the money over a long period enabling you to clear your personal loans more easily.

• Credit Card Approval

Along with fast loan approval, high CIBIL scores also ensure you get fast credit card approvals. People with high credit scores get additional advantages and incentives over regular users. In addition to this, people also get other card advantages with high credit scores. People with high credit scores can enjoy a higher credit limit which can allow them to spend more.

Now that you are equipped with the importance of a high CIBIL score, you must be wondering what is the eligibility criteria for applying for a personal loan for chartered accountants.

Here are the eligibility criteria for a personal loan at Peerless Finance:

• Field of Specialization: Salaried / Self-employed CA operating as a practitioner.
• Post Qualification Experience: CA Practice / Service with Post Qualification Experience of 3 Years.
• Regulations Regarding Age: Minimum 24 years - Maximum 60 years
• Citizenship Requirements: A ‘Resident Indian’ of minimum 1 Year at the current residence including rental arrangements, if any.

Apart from these, there are a few basic KYC documents like a Pan Card and address proof that you will need to get a personal loan.

Today, getting a personal loan is getting easier and easier with many finance companies like Peerless Finance coming up. The company allows you to get a personal loan as a salaried individual so that you can further your practice and become more stable in life. At zero collateral and an affordable interest rate, Peerless allows a personal loan for chartered accountants at feasible rates to help them become independent without having to borrow from family and friends.

Want to know more about the documents required for a personal loan for chartered accountants at Peerless? Visit the Peerless website today and get in touch with the team today!