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India has four credit bureaus – CIBIL, Experian, Equifax, and CRIF High Mark. They collect your financial data from credit providers to prepare your credit report. When you apply for credit, the finance provider checks this score to determine your eligibility.
When applying for a new credit product, you must be wondering what is a good CIBIL score to qualify. Here is an overview.
CIBIL score is a 3-digit number ranging from 300 to 900. The credit bureau determines your score according to your past credit behaviour. Lending institutions use this figure to evaluate your creditworthiness.
Here is a look at the CIBIL score ranges:
Range | Meaning | Implication |
NA/NH | Not Applicable or No History | Indicates no history of using a loan or credit card. |
300-599 | Poor | Indicates an inconsistent repayment history and unpaid credit dues. |
550-649 | Fair | Indicates that you may qualify for credit but at a higher interest rate. |
650-749 | Good | Indicates good credit behaviour, attracting quick loan approvals. |
CIBIL considers various factors to generate credit reports. These include the following:
CIBIL score is vital during the borrowing process. It reflects your creditworthiness as per your past financial behaviour. Here’s how it impacts your loan application:
A good CIBIL score streamlines the loan borrowing experience by unlocking better options. A low interest rate saves money in the long run. So, achieve a good CIBIL score and simplify your loan process focused on your goals.
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