Traveling by car is very convenient as compared to public transport. Due to this, many people have a private car. With its help, you can reach the destination quickly by choosing your favorite routes. Apart from this, with the help of a car, you can also travel anywhere with your family. However, today the price of a car in the market has become very expensive.
For this reason, many times people fall short of savings while buying a car. In such a situation, people have to resort to car loans to buy it. However, taking a car loan is also not an easy task. In this, things ranging from your credit history to your CIBIL score, how much is your salary, etc. are looked at. On the other hand, if your CIBIL score is bad, then in this situation your car loan application is canceled.
In such a situation, many people often have a question how much CIBIL score is required to take a car loan? If you also want to know about this subject, then this news is especially for you. Today we are going to tell you about this.
These things are taken into consideration.
The minimum CIBIL score required for a car is decided by keeping in mind many factors like bank policy, income, current loan, job stability, downpayment amount, etc.
Customers with CIBIL scores of more than 700 are given priority
Most car loan financing institutions give priority to customers with CIBIL scores of more than 700 for giving car loans. You should know that having a good CIBIL score is not necessary to take a car loan.
People with CIBIL score less than 700 can also take a car loan
Many other factors are also taken into consideration in this. Apart from this, if your CIBIL score is less than 700, in this situation also you can take a car loan. However, in such a situation you will have to pay higher interest rates for the car loan.
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