When checking eligibility for any loan application, Syndicate Bank checks the applicant’s complete credit report. With a credit report, the bank gets an insight into all past loans and the borrower’s repayment track record on loans and credit cards. A higher credit score improves the applicant’s chances of the loan application to Syndicate Bank being approved. A low credit score could decrease one’s eligibility to get a loan.
Syndicate Bank requires a minimum credit score of 650 for a borrower to be eligible for loans such as personal or home loans.
What is a credit score?
A credit score is a reflection of an individual’s ability to repay a borrowed amount such as loans. It is a numerical representation of an individual’s creditworthiness. This 3-digit number usually falls in the range of 300-900, 900 being the highest score.
Credit scores are estimated by various credit bureaus across the country by taking into consideration many factors such as the length of credit history, repayment track records, credit inquiries, etc.
When an applicant applies for a credit card or a loan from Syndicate bank, a higher credit score may entitle him/her to get further benefits such as a higher loan amount, competitive interest rates and flexible repayment tenure.
Why Should I check my Credit Score?
An applicant must check the credit score before making a loan application with Syndicate bank. This helps in gauging one’s chances to easily get a line of credit from the bank. It is also important to track credit scores to identify any errors by credit agencies while calculating the credit score. This can help in making timely remediations and improving the chances of loan disbursal by banks.