Improves your credit score: Repayment history accounts up to 35% of your credit score. Your credit score benefits the most when you consistently make timely repayments.
Avoid penalty charges: Generally, lenders charge a late fee as a penalty for not paying the dues on time. You can avoid the penalty charges by paying on time.
Avoid extra charges on interest: You can be charged additional interest on the outstanding amount.
Get lower insurance rates: Insurance companies use your credit score to determine insurance rates. Enjoy lowest insurance rates and save money by repaying on time.
Enjoy lowest interest rates: Your lender can give you rebate on interest rates on your upcoming orders.