Blog #2: Does CIBIL Score Really Matter? A Hidden fact about Loan.
What is a CIBIL Score? A CIBIL score is a three-digit number ranging from 300 to 900 that represents an individual's creditworthiness . It is generated by TransUnion CIBIL , one of India's major credit bureaus , based on an individual’s credit history, repayment behavior, and financial habits . A higher CIBIL score increases the likelihood of obtaining loans and credit cards at good terms . Credit Score Range: Category Score Range Excellent 801-900 Very Good 761-800 Good 701-760 Average 601-700 Needs Help 300-600 Source: Paisabazaar Why is CIBIL Score Important? Loan and Credit Card Approval – Banks and financial institutions use the CIBIL score to assess risk before app...