How much is your CIBIL score? Will you be able to get a loan? Understand different range here
The CIBIL score ie cibil is an important financial metric that indicates your credit qualification. The CIBIL scores to be represented in three digits are used by banks to assess your credit history and risk profiles. If you regularly examining your CIBIL score can help you maintain a healthy credit profile and make financial decisions. Somebody’s CIBIL score is done between 300 and 900 points. Banks decide to give loans based on this. Let us know what the CIBIL of which range means.
CIBIL score range and their meaning
300-680
If your CIBIL is between 300-680, it is considered to be the lowest range. The score in this range shows the history of credit card bill payment or delay in the monthly installment of loan. In this range, the risk of individuals becoming defaulters is high.
681-730
This range of CIBIL score indicates a struggle in completing the deadline of the outstanding payment on your behalf. According to Bajaj Finance, although it is not as important as the lower range, it reflects the challenge in the repayment on time.
731-770
If your CIBIL score is within 731-770, it indicates good credit behavior. This increases the chances of credit card or loan approval. Despite this, you will not be easy to get loans or other interest rates at the cheapest rate on this score. Its challenge will be in front of you.
771-790
If your CIBIL score is more than 771, then it is considered very good, which is an indicator of continuous and timely payment history. The risk of your default is the lowest in this range.
791-900
The most important thing is that if the CIBIL score is above 791 then it is considered excellent. If you have a CIBIL or credit score in this range, you can get a loan or better credit card at an initial interest rate. Banks easily approve the loan application of individuals with such high credit scores. However, the final decision is that of the bank.
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