- What is the impact of my reason to utilize a loan on the loan types?
For the purpose of choosing the most favorable option among various loan types and utilizing the available campaigns, you should clarify your reason to utilize a loan.
For instance, if you wish to buy a house, then you may chose the most favorable one among the housing loan options and campaigns, or among the vehicle loan options and campaigns, if you wish to buy a vehicle.
- What is the loan limit as per the credit score and corporate policies?
If you are credit card user, or if you have utilized any loan previously, then a credit score has been originated for you by the Credit Bureau (KKB). Your credit score will be affected by the factors such as your payment habit, your loan utilization concentration, etc.
Any bank will accept your loan request as based on your credit score and the corporate policies, and your loan limit will be determined also as based on such criteria.
You may find out your KKB credit score in consideration of a low fee through the Findeks, and, accordingly, you may estimate that whether you would be granted with the loan, before submitting a loan application, since you will be aware of your score.
- Why it is important to make the payments on regular basis?
Any delayed payment might give rise to the decrease of your credit score. By building up your repayment schedule accurately, you may make the payments on a regular basis, and keep your credit score high.
- What is the impact of the maturity period on the interest?
You should take into account the maturity period when making up your loan repayment schedule. The amount you will pay on monthly basis may decrease as the maturity period gets longer, however, the amount of the interest you will pay will increase. You can determine the loan amount and the maturity period, which would be most favorable for you, by making use of the loan calculation tools before submitting a loan application.
- How can I upgrade my KKB credit rating/score?
The credit score will demonstrate your liabilities to the banks and financial institutions, as well as your payment habit.
The credit score, calculated by the Credit Bureau (KKB), will vary from 1 to 1.900, and the higher your credit score is, the higher your probability to obtain a loan will be.
Having a high credit score will affect your loan application, interest rates and maturity period, positively.
The credit score of an individual, who has utilized a loan and has a regular payment history, will be higher as compared to that of an individual, who has not utilized any loan at all, or has utilized less.
For the purpose of improvement of your credit score, you have to make your payments on a regular basis and without any delay. Performance of any of your payments after the respective due date is one of the most important factors to affect your credit score negatively.
- How is my credit score calculated?
- Habits of payment of the personal loans and credit cards (30%)
- Available account and debt status (25%)
- Extension of any new loan (20%)
- Loan utilization concentration (15%)
- Other factors (10%)
- What should I do if my KKB score is 0?
Your credit score might have not been generated if you have not utilized any loan or loan product before. You may ensure the generation of your credit score by starting to use the loan products such as the credit cards and Support Account.
You may also utilize a loan in return for cash for ensuring that your credit score is generated.