What is a good CIBIL score?
A credit score of 750 or above is viewed by lenders as a good score. A credit score is a three digit number ranging from 300 to 900. Most lenders look for a minimum score of 750 before deciding whether to proceed with the loan application. While it is not impossible to get a loan with a credit score of less than 750, data shows that an overwhelming majority of sanctioned loans are to customers with a score of 750 or above.
What are the advantages of applying for a loan with a good CIBIL score?
With a CIBIL score of 750 or above, lenders will see you as a customer with a low probability of defaulting. In addition having a good chance of being approved for a credit, lenders will be willing to offer you several attractive features on your loan offer including a lower interest rate on your loan, larger loan amount and longer tenure. Moreover, the entire loan approval process will be quicker and simpler and require less documentation.