If your general reserve does not meet this requirement, then you might be considering applying for a suitable business credit facility such as term loan, working capital loan, CC Limit, OD limit, etc…
How to access your credit report?
To download your free credit report from any of the credit bureaus, you must log-on to their website, verify your identity, and complete the specified process to download your credit report.
You must analyse your credit report before applying for a Business Loan. This will help you identify any potential issues with your credit report and take corrective actions, improving your eligibility for a Business Loan. In India, the credit bureaus rate the creditworthiness of individuals out of 900.
You should try identifying any possible errors in your credit report. As credit reports are prepared by software, the probability of errors creeping in is always there. The credit bureau will forward the dispute to the lender, and if your claim is found correct, the entry will be removed from your credit report, thereby boosting up your credit score.
Different types of Business Loans that you can apply for
Depending on your requirements, you can apply for any of the following business loans/credit facilities from the financial institutions in India:
- Unsecured business loan
- Secured business loan / Term Loan
- Overdraft Facility
- CC Facility
- Working Capital Limit
Download your credit report:
You must log on to the official website of the respective credit bureau to download your credit report. Verify your identity and download your credit report. Once you complete the process, the report will either be downloaded directly on your computer or sent to your registered email id.
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Check your credit score:
Your credit score is mentioned at the top of the first page of your credit information report. In India, the credit bureaus rate the creditworthiness of individuals out of 900. The interpretation of credit scores, as followed by most financial institutions, is:
- 750-900: Excellent
- Between 700-750: Good
- Between 650-700: Satisfactory