CIBIL: The Credit Information Bureau (India) Limited is one of the most well-known credit information companies licensed by the Reserve Bank of India. It plays a vital role in your day-to-day financial life. So, it’s good to beware of the CIBIL score and its impact. Well, it’s a three-digit numeric number that indicates an individual's creditworthiness based on their credit score. An individual's CIBIL report displays their credit history, which is considered a key factor when they apply for a home loan or credit card. How? Let’s discuss this below.
What is good CIBIL score?
Well, it’s what gets you easy access to credit products such as home loans or credit cards. Your credit score is the prime factor that decides your interest rate or credit limit.
How to get CBIL score?
You can check your CIBIL score by going to the CIBIL website at www.cibil.com. Then, to obtain your score, click on the "know your score" tab. You will be given an online form that requires personal information such as your name, date of birth, identity proof, PAN card number, and so on. You must pay a fee to gain access to your credit score.
Different ranges of a CIBIL score and their impact
It ranges from 300 to 900. The higher the score, the better the creditworthiness. The ranges are as follows:
How does a good CIBIL score benefit you?
A CIBIL score above 700 is considered good, which gets you several advantages, listed below:
Factors that affect your CIBIL score:
What is the minimum CBIL score for home loan?
With the rising real estate market, the demand for home loan India is also increasing. Thus, you must beware that your eligible credit score differs from lender to lender. Most banks prefer a minimum CBIL score for home loans ranging between 700 and 750. If your score is above 750, you have a high chance of getting your loan application approved. Therefore, don’t just focus on how to get CIBIL score but ensure you have a minimum score to get your loan approved.
In a nutshell, above we have detailed what is good CBIL score is and how it impacts an individual’s day-to-day financial flow. The higher the CIBIL score, the better the chances for maximum creditworthiness.
So, we suggest you always try to maintain a high CIBIL score, and for more information on the housing sector in India and real estate analysis, please visit IndexTap.
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