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Get answers to commonly asked questions related to credit bureaus
If you have a CIBIL™ score of 750 and above, the chances of an easy loan are considered to be high. The CIBIL™ credit score usually ranges between 300 and 900. Lenders consider a higher score as better and it becomes easy to get your loan application approved if you have a high score.
With a good credit score, you can also get a loan at a comparatively lower rate of interest and on reasonable lending terms. Banks will consider you to be a creditworthy borrower who will manage the loan finances well. A high credit score means a lower probability of loan default or lower chances of missing out on an EMI.
A loan is a borrowed sum of money to be repaid in instalments to the lending institution as per agreed timelines. Loan often comprises two components - the principal amount and the interest amount. While CIBIL™ scores mostly do not determine the principal amount that you are eligible to borrow, it will influence the interest rate at which you can get the loan.
If you have a high credit score, banks consider it safe to lend you money. A low CIBIL™ credit score may result in either a loan application being rejected or a high-interest rate charged by the bank. Thus, it makes sense to check your CIBIL™ credit report and work towards a good credit score before applying for a loan.
There are different interest rates charged on different loans. Every bank and financial institution has its own set of calculations to arrive at the right rate of interest. The CIBIL™ score is a key determinant as far as the rate of interest offered to a borrower is concerned. Many other factors such as the existing relationship with the bank may influence the interest rates.
It is advisable to borrow from a bank where you have an existing relationship. For senior citizen or those who have a different income pattern, the rate of interest may vary accordingly. A low rate of interest can be availed by applicants with a credit score of 750 and above. The lowest rate of interest is provided to applicants who have a CIBIL™ score of 850. For those who have a score of 550 or above, banks may apply the highest rate of interest or could reject the loan application. Most banks do not offer a loan to individuals with a credit score of 500 or lower.
A low CIBIL™ credit score can be a hindrance in getting a loan since banks will either reject the loan application or offer loans at a high rate of interest. It is ideal to avoid applying for a loan in case you have a low CIBIL™ score. A loan rejection can result in a downgrade of your CIBIL™ credit score.
A high CIBIL™ credit score means easy accessibility to loans and at favourable terms and conditions such as a lower rate of interest. If you are looking to apply for a fresh credit or loan, make sure that you have a high credit score before making an application. It reflects good credit behaviour and banks would be willing to lend credit easily.
If you don’t have a credit score close to 750, you should first work towards increasing your score before applying for a loan. Paying off all pending debts and clearing unpaid dues can help in improving the credit score. Having a clear credit report without defaults or remarks can result in a good credit score and eventually better interest rates.
Before you get ready to apply for a loan, conduct thorough research and browse for the best interest rate options in the market.
1. How does my CIBIL™ score affect my loan interest?
A higher CIBIL™ score means increased lender's confidence in timely repayments. This will help you to qualify for lower interest rates and fees on loans. A credit score under 620 can result in your loan application being rejected and the interest rates charged may be higher.
2. Can I shift to a lower rate of interest based on my CIBIL™ score?
All banks and lending institutions check the credit score of existing borrowers every year. The loan rates are adjusted accordingly. As per the loan terms and once a rate has been finalised, it remains unchanged for a minimum of one year.
3. Can I avail myself of a loan with a poor credit score?
Yes, you can apply for a loan even with a poor credit score. However, there will be higher chances of it being rejected by the bank. Such applications can result in further lowering the credit score. Also, lower credit scores will attract higher interest rates on loans.
4. What affects the interest rate on a loan?
Many factors such as bank policy, applicant’s profile, credit score, loan tenure, the extent of loan, etc affect the interest rate on a loan.
5. What is a good credit score for a low-interest rate?
A credit score of 700 and above will usually result in a lower interest rate for the borrower. While a borrower can get a loan with a credit score under 680, there could be challenges such as high-interest rates and a lengthy loan process.
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,
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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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