What is CIBIL Score? Good CIBIL Score means Cheaper Loan.

 

What is CIBIL Score?

CIBIL Score is just a 3 digit Numbers which decides that you can get Loan or Not. CIBIL Score Range is Between 300 to 900. If a Person Have CIBIL Score more than  750 in Credit Report then he is Ideal for Loans or Credit Cards

 

How CIBIL Score is calculated?

CIBIL Score is Calculated by your some financial Data like Your Loan Accounts and Credit Cards and their Payment  Status. If a Person Pays all installments of loan on time then it helps to create good CIBIL Score

 

How to check? How much Loan can be approved?

Finance Companies also check, Whenever you go to Bank to take Loan or Credit Cards then Banks or Financial Institutes first check Your CIBIL Score.

How much Loan will be Available on What Interest from the Bank  or Financial Company. It Depends  on How good your CIBIL Score is. Higher CIBIL Score is Higher Loan amount.

In case of low CIBIL Score, It is difficult to get  a loan and if available so you have to pay Higher Interest for that loan.

For applying for a Loan you have to give all your Personal details Like Salary, Income, Previous Loan details etc.

There are some type of CIBIL score which can decide you will get loan easily or not? And How much interest you have to pay.

CIBIL Score starts with 0 and ends at 900 max

0 to 550 considered too bad

550 to 650 bad

650 to 750 Average

750 to 900 Ideal for Loan

CIBIL Score Between 1 to 10 for Business entities 1 is considered best while a score of 10.

If till yet You don’t have any debt history or you didn’t take Loan from any Bank/Financial Institutes then your CIBIL Score  can be 0 also.