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Get answers to commonly asked questions related to credit bureaus
HDFC bank has provided a detailed list of requirements that are to be met by the applicants for sanction of a car loan. Among these eligibility criteria, the first point of consideration is the credit score of the applicant.
HDFC Bank usually prefers to review the CIBIL™ score of the applicant before proceeding to other items of eligibility criteria. A CIBIL™ score of 700 and above is considered to be good and acceptable for car loans of HDFC Bank. A credit score lower than this is usually not preferred by the bank and the car loan application may be rejected by the lender.
HDFC Bank may sanction the car loan even if the credit score is lower than 700 if the applicant meets other parameters or at the discretion of the bank. However, a credit score lower than 650 is often considered to be riskier by the lenders and the loan application is usually not approved in such cases.
Having a car was once treated as a luxury but it has since quite a long time became a necessity. Commuting at your own pace and convenience is a boon. For this, finance is a crucial ingredient. But this is where people may have some hurdles. Fortunately, we have banks and other lending institutions that help meet such financial needs. Car loans are one of the main loans that are provided by lenders. These loans are easily available to eligible applicants based on their eligibility.
HDFC is among the top lenders in the country today and the car loans of the bank are among the popular loan product in this segment. The bank has laid specific eligibility criteria that the applicants have to meet for the car loans. One of the main requirements to be met by the applicants is the credit score.
The credit score is the rating of a person issued by competent credit rating agencies. This score is the measure of the creditworthiness of a person which is the first point of reference for lenders while reviewing a loan application. India has four authorised credit rating agencies that provide credit score for applicants. These agencies are,
The credit score is issued in the range of 300 to 900. A CIBIL™ score closer to 300 is considered to be a poor credit score and a credit score closer to 900 is considered to be a good credit score as per lenders.
HDFC Bank refers to the CIBIL™ score of the applicants before proceeding with approval for any loan application. The applicants can also check their CIBIL™ score before applying for a car loan application. An inquiry made by the applicant is considered to be a soft inquiry.
The inquiry does not harm the credit score of the applicant. In fact, many lenders consider such inquiries to be a healthy practice. The CIBIL™ score can be easily checked either free of charge or by making a subscription for the same. Applicants can subscribe to get the credit report at periodic intervals. These reports will tell the applicants about their credit score and creditworthiness of the applicants. The applicants can provide any of the following details as valid identification to proceed with checking the CIBIL™ score.
1. Can a person get the free CIBIL™ score before applying for an HDFC Car loan?
A. Yes. A person can easily get his/her free CIBIL™ score before applying for an HDFC Car loan by clicking on the CIBIL™ website.
2. What are the essential tips needed to maintain the credit score of a person?
A. The credit score of a person can be maintained by ensuring good credit habits. Some ways are mentioned below.
3. What are the benefits of checking the CIBIL™ score of a person?
A. There are many benefits of checking the CIBIL™ score of a person. Some of such benefits are mentioned below,
4. Can a person get an HDFC car loan despite having a low credit score?
A. Yes. HDFC car loan can be sanctioned to a person despite having a low credit score at the discretion of the Bank. The other eligibility criteria set by the bank that has to be met by the applicant for approval of the loan are,
5. Can a person check the CIBIL™ score every year?
A. Yes. RBI in the year 2017 has mandated all the four credit rating agencies to provide a free credit score for any person once a year. You can check your CIBIL™ score online from the website of CIBIL™.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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