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CIBIL™ is one of the four authorized credit bureaus in India which provide a credit score, the others being Equifax, Experian and CRIF High Mark.

It is possible to get a loan even if you have a credit score of less than 750, but the approval process takes a longer time and is more difficult as your score decreases. Moreover, you might be given unattractive terms and conditions on your loan offer as you are viewed as a potentially risky customer. In addition to a longer loan approval process and more documentation, a low credit score translates to a higher interest rate on your loan, smaller loan amount and shorter repayment period. It is advisable, therefore, to ensure that you have a credit score of 750 before you apply for a loan in order to avoid the possibility of loan rejection or severe repayment terms.

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