How to Improve Credit Score for Business Loan?

To improve your credit score for a business loan, follow these tips:

Maintain a Long Credit History. The longer your credit history, the better your credit score will be. Try to keep your oldest business credit accounts open, even if you do not use them often.

Limit Your Applications for New Credit. Every time you apply for a new business credit account, a hard inquiry is initiated on your credit report. Too many hard inquiries can lower your credit score.

Dispute Any Errors on Your Credit Report: Make it a habit to consistently monitor your credit report.

Pay Your Vendors on Time. Vendors can report your payment history to credit bureaus, so it is important to pay your invoices on time.

Use a Secured Business Credit Card. If you have a limited business credit history or bad credit, a secured business credit card can help you build your credit.

Shriram Finance offers a variety of business loans, including both unsecured business and secured business loans. The terms and interest rates of your loan will depend on your credit score and other factors. You can also check your credit score from Shriram Finance website or Shriram One application.