What Is A Good CIBIL Score?
People often found wondering that What Is A Good CIBIL Score while applying for a Loan or Credit Card. But with the discussion about the CIBIL Score, it’s also important to know How Does Good CIBIL Score Matters. So, let’s begin with the topic. Well, a Good CIBIL Credit score is the three-digit number viewed by the lenders about the loan or debts of the borrower. Consequently of the Past 3 year’s credit history of Credit Information Bureau of India Limited (CIBIL), score of 750 or above is identified as Good CIBIL Score.
Apart from the credit history there are other factors such as credit utilization limit, number of loan applications, loan servicing term and percentage of unsecured loans in the portfolio. A Good CIBIL Score is one of the best factors to measure the credit worth of the borrower by the lenders. It can affect your financial journey depending on how good or bad it is. It is still possible to avail credit without a CIBIL score but this will result in borrowing from unreliable lenders with high interest rates. Scroll Down this page for more details of What Is A Good CIBIL Score!!!
What Is A Good CIBIL Score?
A calculated credit score of 750 or above by the lenders is known as Good CIBIL Score. A Good CIBIL Score is three digit numbers in range from 300 to 900. As a consequence of the report of Credit Information Bureau of India Limited, score of 750 is preferred by the lenders to proceed the loan application. While it is not impossible to get a loan with a credit score of less than 750, data shows that a devastating majority of authoritative loans are to customers with a score of 750 or above.
Do you Know? Why CIBIL Score Is Important?
Credit Score of 750 = Easy approval on Loans/Credit Card!
How Does My CIBIL Score Matter?
Appliers having CIBIL Score of 750 or above are informed that lenders will see you as a customer with a low probability of defaulting. If you will be able to satisfy the lenders through your good CIBIL Score, lenders will be willing to offer you several attractive features on your loan offer including a lower interest rate on your loan, larger loan amount and longer possession. Moreover, the approval process of the loan will be earlier and simplest along with the less documentation. Listed below are the aspects influenced by your CIBIL score.
#1. Faster Loan Sanctioning
- Bank or any financial institutions approve your credit or loan on the basis of your CIBIL Score.
- CIBIL Score help the Bank or Financial Institutions to obtain the details of your credit worth.
- A good CIBIL score is a must to avail a credit card, home loan, mortgage loan, personal loan, car loan or any other types of loan.
Look Out: How To Check CIBIL Score Using Pan Card
#2. Rate of Interest
- To get best interest rates and terms will be possible with the help of good CIBIL Score.
- Higher the credit score, better the interest rate.
- A good CIBIL score will help you save money.
#3. House Loan Approval
- Appliers for new housing loan or rent can easily get with the help of a good CIBIL Score.
- Good CIBIL Score plays role as a deciding factor as well as its important to have a good credit score.
Check Out: Factors That Can Affect Your CIBIL Score
#4. Additional Factors
Apart from the approval of the loan or credit, good CIBIL Score can help you to approve for a new cell phone plan or help you get lesser insurance premiums.
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