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What is the importance or relevance of credit score in India?

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Credit scores now have a huge relevance within the BFSI context in India

The CIBIL score is the most widely used measure while evaluating new credit applications. Most of the banks in India & other creditors first review your credit score and credit reports whenever you apply for any loan or a credit card. Your CIBIL Score or credit score helps in evaluating your credit worthiness which in turn will lead to the rejection or acceptance of your loan application. Off late people have become much more aware of as to what their credit score is and have started working towards improving it..

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