If you have a good CIBIL score, it is beneficial for you in many ways. If this score is more than 750 then it is considered good. In this article we are telling you about the benefits of having a good CIBIL score-
You get these benefits if you have a good CIBIL score
Ease of taking a loan
With the help of the CIBIL score, the lender gets information about the creditworthiness of the borrower. CIBIL score is the first thing that matters for taking a loan.
If the CIBIL score of the person taking the loan is not good, it means that the credit history of the person is bad. In such a situation, even banks hesitate in giving loans. Taking this loan creates a belief that the loan will be repaid.
No delay in getting a loan
If you have a good CIBIL score then the process of taking a loan does not take long. A person does not have to wait for long to take a loan.
Having a good CIBIL score means getting approval to take a loan faster.
Loan at a low interest rate
The biggest advantage of a good CIBIL score is that the person taking the loan can easily get the loan at a low-interest rate.
A good score helps a person get offered lower interest rates for everything from personal loans to home loans.
What is CIBIL?
TransUnion CIBIL Limited is a private credit information company operating in India.
It is one of the four credit bureaus (TransUnion CIBIL, Experian, Equifax, and CRIF) operating in India. The company is part of TransUnion, an American multinational conglomerate.
What is the CIBIL score?
CIBIL TransUnion Score is a 3-digit number. This number ranges between 300 to 900. Where a score closer to 300 is considered a bad score and a score closer to 900 is considered a good score.
This score is based on the credit history of any person. The score is decided on the basis of the credit report.
CIBIL score plays an important role in the process of applying for loans and credit cards. This is the first screening criteria applied by banks and other financial institutions for loans or credit cards.
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