Applying for a credit card or loan? Check your CIBIL rating first
- Your CIBIL TransUnion Score ranges between 300 and 900.
- 79% of the loans approved are for individuals with a score greater than 750.
- The higher your score, higher are your chances of Loan Approval.
You can subscribe to get your score from the The Credit Information Bureau (India) Ltd at www.cibil.com who will provide you a quarterly, bi-annual or one-time report. The closer your score is to 900, the more confidence banks have in your repayment ability.
The score is based on how much credit you utilize, your past performance, how many accounts are past due and by how many days, and does the consumer have a good balance of credit and how you use the line of credit.
The higher your score, the easier it becomes to get a loan. Your CIBIL score plays an important role in loan approval, credit card approval, interest rate, approvals for higher limits etc.
This is why it is very important to pay all your EMIs on time and maintain a good credit history and a healthy credit score. So if you are worried your loan application might get rejected, it is advisable to check your CIBIL score before proceeding. You can also apply for a loan at www.getspini.com