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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
ICICI Bank considers the credit score issued by CIBIL™ as the basis to issue any loan application. The bank requires the applicants to have a minimum CIBIL™ score of 750 for the applicant to be considered for loan application. Apart from the requirement of a minimum credit score, the bank also has set many other eligibility parameters that have to be met by the applicants. These eligibility parameters include,
The applicants have to meet all the above eligibility criteria set by the bank or any other condition set by the bank at their discretion. These stringent conditions ensure that the loan sanctioned is viable and the applicant has sufficient repayment capacity for the loan taken.
If the loan instalments cannot be paid on a timely basis by the applicants, then it negatively affects the credit score of the borrower. A negative impact on the credit score is considered to be harmful in the long run. The borrower may find difficulty in getting approval of any loans or credit cards or may even face a reduction in their existing credit limit.
The credit score is one of the main points of reference that is looked at by the lender when reviewing a loan application or a credit card application. The credit score of a person tells the lender about the financial health of the applicant. This helps the bank to make a sound decision of sanctioning the loan application for an applicant.
There are four credit rating agencies that provide credit score for individual and businesses in India. These agencies are,
ICICI bank refers to the credit score issued by CIBIL™ while reviewing the loan application for car loans or any other loan products of the bank. The credit score issued by CIBIL™ ranges from 300 to 900. When the credit score of a person is closer to 300, it is considered to be poor and is grounds for rejection of the loan application. On the other hand, a credit score that is closer to 900 is considered to be good. An applicant having a good credit score can get the sanction of loan application easily.
ICICI Bank car loans are available at quite affordable rates to eligible borrowers. The bank requires the applicants to submit the necessary documents along with a duly filled application form to get the sanction of the loan. The highlights of the ICICI Bank car loans are mentioned below.
Amount of Loan
100% of the vehicle on-road price
Rate of Interest
Starting from Rs.3,500 to Rs.8,500
5% of principal outstanding
ICICI Bank (Industrial Credit and Investment Corporation of India) is among the top four banks in the country. It has a huge domestic presence as well as an international presence with subsidiaries and representative offices in many countries across the globe. ICICI Bank provides many products and services to its customer worldwide like insurance, credit, loans, deposits, savings schemes, NRI banking, internet and mobile banking among others for its retail and corporate customers.
ICICI Bank provides many loan products that are available to the customers at competitive rates of interest and for a flexible tenure. Applicants can get these loans at minimal documentation relatively faster as compared to other loan products.
1. What are the outcomes of a low credit score?
A. The outcomes of lower credit score of a person are,
2. What are some of the common mistakes that negatively impact the credit score of a person?
A. The most common mistakes that negatively impact the credit score of a person are,
3. What is the minimum CIBIL™ score needed for the ICICI bank Car loan?
A. The minimum CIBIL™ score needed for the ICICI bank Car loan is 750.
4. What are the credit rating agencies in India that issue credit score for individuals?
A. There are four credit rating agencies in India that issue the credit score for individuals, namely,
5. Can part payments of prepayments improve the credit score of a person?
A. Yes. Making part payments or prepayments of the loan amount has a positive impact on the credit score of a person.
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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