Longer or more flexible repayment tenure.Quicker and faster loan application process.This will be taken into account by banks and NBFCs when considering a loan application for most retail loans, whether it is a home loan or a vehicle loan.Ī high CIBIL score, also called a credit score, has many benefits during the loan application process such as: Why a Good CIBIL Score is Important for LoansĪ CIBIL score is considered as good if it lies between 700 and 900. The data is fed into an algorithm with 258 different variables each with a different weightage. CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. A higher CIBIL score suggests good credit history and responsible repayment behavior. A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit worthiness. The agency also offers credit report services to the banks and other NBFC (Non-banking financial companies). A CIBIL score is generated by the bureau after considering an individual’s detailed credit information. It offers CIBIL scores and CIBIL reports for individuals. The Credit Information Bureau (India) Ltd, popularly known as CIBIL is a Reserve Bank of India (RBI) authorised credit agency.
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