5 Benefits of Having a High CIBIL Score in India
What is a CIBIL score?
A CIBIL or credit score is a three-digit score given to borrowers based on their credit history. A score of 750 and above is considered good.
Why Do Lenders Check
Your CIBIL Score?
Financial institutions check your CIBIL score to gauge your creditworthiness and grant the loan amount accordingly.
What are the Benefits of Having a Good Credit Score?
Easy Loan Approval
A high CIBIL score implies that you are a responsible borrower. This will help you get easy approval.
Low Interest Rates
If you have a high credit score, you can get better interest rates.
Bigger Loan Amount Approval
A high credit score marks you as a low-risk borrower. The risk of default is, therefore, lower, so you may get a bigger loan amount approved.
Longer Loan Tenure
Longer loan tenure translates into smaller EMIs, which makes budgeting easier. You may demand a longer tenure if you have a high CIBIL score.
Financial institutions check CIBIL scores and extend the best pre-approved loan offers to customers.
Check your CIBIL Score Now