Cibil Score: What does the Sibyl score have to do with bank loans? What is the score required to get a loan?
If you want a credit card .. If you want to get a personal loan or a home loan, the first question you will hear when you go to the bank. What is your CIBIL score? ! If the credit score is good, the loan will be available .. or there is a chance that the loan will be rejected. Any loan like personal loan, car loan, home loan, CIBIL score is just as important if it is to be granted. So what is a CIBIL score? What does it have to do with getting loans? Let's see the details now on how to know the credit score.
What is CIBIL?
Credit Information Bureau India Limited is an organization set up to determine whether a borrower has the ability to repay a loan. It is called CIBIL. The company compiles a report that collects information such as how you have repaid your loans in the past, and credit card payment transactions. Based on this a score is determined for me. This is called the Sibyl score. Banks grant loans based on this score.
Sibyl score is important because
The Sibyl score shows how much they are responsible for repaying loans taken from banks in the past. The Sibyl score is a minimum of 300 and a maximum of 900. The higher the score, the easier it is to get a loan. Failure to repay the loan in a timely manner .. even if the checks given bounce will have an impact on this credit score. If the credit score is low, there is a chance that the loan application will be rejected. So it is imperative to pay the credit card bills and loans within the stipulated time.
What is the CIBIL score required to get a personal loan?
The CIBIL score should be at least between 720 and 750 to get personal from banks. Only then can the loan be easy. If the Sibyl score is lower than that, there is a chance that the loan application will be rejected. Even if a loan is granted, the interest rate will be higher than the normal interest rate.
What is the CIBIL score to get a home loan?
The home purchased on the home loan will have to be mortgaged with the bank. Therefore, banks offer home loans even if the credit score is less than 750. Some finance companies, however, offer home loans even if the credit score is lower than 650. However, low credit scores can lead to high-interest rates.
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