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ZestMoney is an easy-to-use online loan provider app for anybody or everybody who is looking for a way out to get financial support for their business/ personal commitments instantly. As and when, in the search for answers to a ubiquitous question, ‘How to increase my credit limit,‘ ZestMoney users have struggled several times.
Raising your credit limit might have various benefits if you manage your credit well. You could use credit to deal with an emergency, conveniently make significant purchases, or rebuild your credit.
To mention a few pros, improving your credit limit may improve your credit score by reducing your credit utilisation; lenders use an essential indicator to assess a borrower’s capacity to repay, an effective strategy to make significant purchases, and act as a source of emergency finances is to have a greater credit limit. Hence, today, we are answering this question for our ZestMoney users.
How to Increase Your ZestMoney Credit Limit?
It should be noted that giving proof of your monthly salary or any other documentation will not enhance your ZestMoney limit. However, it is wholly based on the volume of transactions you conduct through ZestMoney.
It should be highlighted that each applicant receives a basic limit during the first application procedure, ranging from Rs 10,000 to Rs 12,000, which is increased to Rs 1.5 lakhs to Rs 2 lakhs depending on your transaction and repayment schedule.
However, some people carry multiple credit cards and find it challenging to keep just one for all of their expenses; in that situation, we recommend getting Amazon or Flipkart gift cards for three months with a facility to avail of no-cost EMI.
Using ZestMoney, you may quickly repay the amount within the specified time. Through this, your credit limit can be expected to rise in about six months of using the app.
Depending on your finances’ security, a high credit limit on your credit card can be advantageous or detrimental. Increasing your credit limit on ZestMoney can provide more freedom and improve your credit scores by lowering the credit utilisation ratio if you can pay your credit card bill in full and on time each month.
However, if you have a problem with overspending, a bigger credit limit can make it worse.
Does ZestMoney increase the CIBIL score?
Yes, ZestMoney is a digital lender, and each time you pay using your ZestMoney EMIs, your CIBIL score can be affected depending on your utilisation ratio and your repayment schedule.
Can we transfer ZestMoney to your bank account?
Yes, however, this feature is only available after customers who successfully pay their first EMI.
Is ZestMoney RBI approved?
No, ZestMoney is not approved by the RBI.
How can I increase my Zest limit?
You can increase your Zest Limit by making most of the transactions using ZestMoney.