To help safeguard your CIBIL score and minimise the impact of a financial crisis on your overall financial health, you need to communicate with your lender, prioritise your payments, and try to pay at least the minimum payment on your credit cards.
During a financial crisis, effective communication with lenders, prioritising payments, and maintaining at least minimum payments on credit cards are essential to safeguarding your CIBIL score and overall financial well-being.
While many personal loans offer flexibility in fund usage, opting for this route is generally not the most advisable choice. Prospective borrowers should prioritise exploring business loan options first.
A high CIBIL score (indicating good financial history) can lead to lower insurance premiums, especially for car insurance. Insurers view you as a reliable policyholder less likely to miss payments.