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Personal Loan Golden Rule: In today's time, taking a personal loan has become much easier than before. Many banks give loans to some people without any documentation (How to get a Loan Easily). At the same time, some people keep going from one bank to another, but they do not get a loan. A big reason for this is the poor credit score, i.e., CIBIL score. Let us know what 5 things should be done to get a loan easily (5 Tips to get a Personal Loan).

1- Maintain a better CIBIL score
If your CIBIL score is above 750, then it will be easy for you to get a loan from any bank. So keep in mind that your score does not deteriorate, and do not make any mistakes that will make it go down.

2- Pay EMI and bills on time
While taking a loan, the bank first looks at your payment history. It is seen whether you pay your EMI and other bills on time or not. If you pay on time, the bank is confident that you will also return its money on time.

3- Keep the credit utilization ratio limited

Do not use your credit card more than 30% of its limit. For example, if your card limit is Rs 1 lakh, do not use more than Rs 30,000. This makes the bank feel that you are not too dependent on debt and handle expenses in a balanced manner.

4- Do not open new accounts repeatedly

When you apply for a loan or credit card repeatedly, a hard inquiry is made by the bank, which reduces your CIBIL score. Therefore, unless it is very important, do not apply for a new loan or credit card, because opening too many accounts hurts your score.

5- Pay attention to credit mix

If you have different types of credit accounts, it shows that you can manage the loans well. This also has a positive effect on your CIBIL score. But this does not mean that you should take a loan even when there is no need or open an account just to create history.

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