Why does your credit score matter?

In the world of personal finance, few things wield as much influence over your financial well-being as your credit score. It is a three-digit number between 300 to 900 that portrays your creditworthiness and how effectively you manage a loan. Your credit score plays a pivotal role in various aspects of your financial life. When you apply for a personal loan, banks consider your credit score as an essential eligibility requirement, the higher the score the better your approval chances.

Having a remarkable credit score opens the door to securing preferential loan terms as well as unique financial products such as IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is a smart personal loan that offers flexibility to withdraw any amount you need from your approved credit limit instead of a lumpsum amount which is often hectic to manage and repay.

Go through this blog to learn more about a FIRSTmoney loan and how your credit score is key in securing one.

What are the eligibility requirements for a FIRSTmoney smart loan?
 

FIRSTmoney loans are available to those individuals with strong credit scores of 730 or above, offering credit limits of up to ₹10 lakhs based on each borrower’s creditworthiness. The approved limit may vary from person to person based on their credit profile. These are the basic eligibility criteria to apply for FIRSTmoney smart loans:

• Employment:

FIRSTmoney loans are available to both salaried and self-employed individuals. 

• Age:

Anyone aged between 21 to 60 years can apply for this smart personal loan.

• CIBIL score:

To obtain a FIRSTmoney loan, applicants need to have a good credit record and a CIBIL score of 730 or above.

Borrowers ONLY need to present their physical PAN card at the time of completing the video KYC process.

Benefits of applying for FIRSTmoney smart loan

• ZERO foreclosure charges

FIRSTmoney offers zero-foreclosure charges on your loan, which lets you utilise funds as needed, and prepay the loan in full, without incurring any additional costs.

• One time setup of sanction limit with no maintenance charges

Once you have applied for your FIRSTmoney loan, you will get a sanctioned limit based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned credit limit.

• Multiple withdrawals from your sanctioned limit

FIRSTmoney offers you the flexibility of unlimited fund withdrawals. You can make multiple withdrawals up to your approved limit without any restrictions in multiples of ₹5000, allowing you to meet your financial needs whenever required.

• Instant approval & quick disbursement of the loan into your bank account

You can apply for a FIRSTmoney smart personal loan through a paperless application process. The approval and disbursal processes are quick and once your documents are successfully verified, you can get your FIRSTmoney loan sanctioned. Once this is done, you can immediately start withdrawing funds to deal with your expenses.

How to apply for FIRSTmoney smart personal loans?
 

With a decent credit score of 730+, you can easily apply for FIRSTmoney smart loans anytime. Here are the 5 easy steps to apply for FIRSTmoney smart personal loans online.

• Start by scanning the QR code or clicking loan from your smartphone.
• Register using your mobile number and confirm basic/personal details to check your eligibility.
• Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms.
• Link your bank account where you wish the funds to be disbursed.
• Complete the video KYC verification process with your physical PAN card.

Once you get approved of your credit limit, start using the funds right away as per your needs and withdraw money in parts or at once.

Moving towards the smarter choice
 

Your credit score is a deciding factor in getting a loan approved with preferential terms. So, it is crucial to maintain a healthy CIBIL score if you are looking to get a personal loan with suitable terms and conditions. Timely repayments, avoiding multiple loans at a time, and controlled utilisation of funds well within your credit limit can help you improve your score and access unique loan products like FIRSTmoney which gives you instant approvals, flexibility, and affordability to meet your financial requirements with ease. Both Salaried and Self-Employed Individuals can apply.