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What is a CIBIL Score?

The Credit Information Bureau (India) Ltd, popularly known as CIBIL is a Reserve Bank of India (RBI) authorised credit agency. It offers CIBIL scores and CIBIL reports for individuals. A CIBIL score is generated by the bureau after considering an individual’s detailed credit information. The agency also offers credit report services to the banks and other NBFC (Non-banking financial companies). A CIBIL score is a three-digit number between 300-900, 300 being the lowest, that represents an individual’s credit worthiness. A higher CIBIL score suggests good credit history and responsible repayment behavior. CIBIL scores are calculated on the basis of at least 6 months of historical financial data of an individual. The data is fed into an algorithm with 258 different variables; each with a different weightage.

    Why a Good CIBIL Score is Important for Loans

    A CIBIL score is considered as good if it lies between 700 and 900. This will be taken into account by banks and NBFCs when considering a loan application for most retail loans, whether it is a home loan or a vehicle loan.
    A high CIBIL score, also called a credit score, has many benefits during the loan application process such as:

  1. Quicker and faster loan application process
  2. Easier loan documentation process.
  3. Lower interest rates on the loan
  4. A higher quantum of loan
  5. Longer or more flexible repayment tenure
  6. Choice between multiple lenders so that you can select the loan that's best for you In addition, such a score will lead to a quicker and easier documentation process. When it comes to a home loan, you can expect up to 80% of the total cost of the property if you have a CIBIL score between 700 and 900.

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