![]() ![]() Thus, it directly impacts how eligible you are for a loan, what the lender will offer you as a loan amount, and the rate of interest you will be charged. ![]() Your credit score is important because it showcases how dependable or risky you are as a borrower. Similarly, when your credit score is high, it shows that you have borrowed and repaid credit responsibly in the past. If your batting average is above 50, then it means that you have a consistent scoring record of 50, and you are a good player. Think of your credit score as a batting average. Your credit score may be defined as a rating that reflects your creditworthiness. ![]() The below table enlists what a particular CIBIL Score range signifies and, consequently, the probability of approval of loans:Īdditional Read: Credit rating agencies in India What is your credit score? Why is it important? Since CIBIL is one of the most trusted credit information companies in India, its score is referred to as your credit score. This information refers to all financial transactions where you have borrowed or repaid the money.Ī good CIBIL Score is a score between 700 to 900, which means the borrower has a higher chance of getting a higher loan amount at a low-interest rate.ĬIBIL has access to the credit information of around 600 million people and has 2,400 members that include lenders of all varieties. The words ‘CIBIL score’ are often used synonymously with ‘credit score’ and refer to a three-digit score between 300 and 900. CIBIL stands for Credit Information Bureau India Limited, an Indian credit rating bureau that has access to your credit information. ![]()
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