The relevance of CIBIL score is most when you apply for a loan or credit card. Even though both these facilities can be availed by those having a credit history and those who do not, still the scenario of interest rate and loan amount is treated differently. There are many benefits that a good credit score holders gets.
Especially when it is about taking a loan, you never know when you will need it. So, to be on a safer side, you can maintain a good CIBIL score for loan. By this, you can negotiate or maybe get approval for a lower rate of interest as compared to those who do not have it. How to improve your CIBIL score? To be able to maintain a good credit score, you have to keep the below-mentioned things in mind:
How can you check your existing CIBIL score?
What is the minimum CIBIL score for loan? The minimum score for different loans is also different. For instance, an unsecured loan can be availed even with low score. But, lenders have an criteria wherein they demand a minimum CIBIL score and with this the applicant gets to negotiate for a lower rate of interest. The minimum requirement for a personal loan and home loan is different. Minimum CIBIL Score for Personal Loan For unsecured personal loans, you can get it with a minim score of 750. This means if you have this score or above it, your chances of getting a lower rate of interest and a higher loan amount is higher. You can convince your lender to approve a lower rate of interest because your CIBIL score is the proof that you are good in repayment. Minimum CIBIL score for Home Loan A home loan is a secured loan where the property is treated as collateral. This is the main reason that even a credit score as low as 650 can be accepted for a home loan. There are many reasons behind accepting such low rates. Sometimes customers have a genuine reason and a proof for their lower credit score and most of the lenders accept that. What is a good CIBIL score? A good credit or CIBIL score is names when you have a score of 750 or above. This is the most acceptable credit score as it is accepted for most of the products. All the above information on CIBIL score for loan of all types, you may have got the idea on how can you maintain it. So, follow these measures and make yourself eligible for most of the products and services.
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Anika Sharma
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