Whenever we talk about loans CIBIL is the first concern anyone puts up in front of us. But what exactly is CIBIL? Why is it of so much importance? If you have these concerns let me tell you CIBIL is a credit information company which gives bank updates on your credit worthiness to determine whether or not you are eligible for a loan. Now that you know what CIBIL Score is and its importance let us understand how much CIBIL Score required for car loan.
How much CIBIL score is required for car loan?The three digit number that we call CIBIL score is a determining factor of how much car loan will be given to you. Banks and financial institutions work on a rule of thumb which states that a CIBIL score above 750 is likely to get credit easily. A CIBIL score which is less than 650 is less likely to get a car loan as it shows low credit worthiness.
Here is a guide for you to understand better about CIBIL score criteria:
| Score | Criteria |
300-599 |
Low |
600-749 |
Average |
750 and above |
Good - excellent |
Now that you know
how much CIBIL score required for car loan, let us see how you can improve this score for better loan eligibility.
Consolidate loans and reduce EMIs
Pay off credit card bill
Clear small debts and loans
Go for loans of longer tenure
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How much CIBIL score required for car loan?
Reshma
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2 Year
2021-10-06T13:21:45+00:00 2021-10-06T16:38:03+00:00Comment
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