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A credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts. Credit bureaus like CIBIL™ , Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you loans or any other form of credit based on your credit score. Lenders like SBI Bank may use any one or more of the bureau scores to approve or reject your car loan.

State Bank of India is one of the largest lenders in India and it provides different types of car loans to potential borrowers. SBI will require you to have a minimum credit score of 750 to avail a car loan. You would have to ensure you have a high credit score or else your loan application will most likely get rejected. Along with a good credit score you will be able to get the best interest rates and high loan amounts. Your high credit score indicates that you have had a good credit history and thus lenders will be able to trust you with a loan.

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