Are you looking to take a loan and want to make sure it’s approved and processed easily or do you want to take a loan at a low-interest rate? Then, buddy, you should ensure your CIBIL score is great. Let me tell you about the CIBIL score meaning.
What Do You Mean by CIBIL ScoreCIBIL Score is your credit history’s 3-digit numeric summary. It is calculated using the credit history available in the CIBIL Report. This report is your credit payment history across credit institutions and loan types over a period of time. I want to tell you that this report doesn’t include details of your fixed deposits, investments, or savings. I hope now you know what is the meaning of CIBIL report.
Importance of CIBIL ScoreThis 3-digit score plays a important role in the loan application process. Let me explain what is meant by CIBIL score and its importance using an example.
Let’s say you approach a financial institution or a bank for a loan. The lender will first check your CIBIL score and report. In case the CIBIL score is good, the lender will go through your application and check other details to see if you’re credit-worthy. However, in case your CIBIL score is bad, the lender may not even consider the application further.
So, the CIBIL score is like the lender’s first impression of you. The better the score, the higher are your chances of the loan application being reviewed and approved. I want you to know that the decision to lend depends on the financial institution and CIBIL doesn’t decide if the credit card or loan should be sanctioned or not. I hope now you understand what is the meaning of CIBIL score along with its importance.
Generally, a score over 700 is considered good.
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I hope now you know the CIBIL score meaning.
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What is the meaning of CIBIL score?
Sunny
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2021-11-10T17:15:56+00:00 2021-11-10T17:52:27+00:00Comment
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