Improve Your CIBIL Score for a Loan
CIBIL full form:
The CIBIL full form is ‘Credit Information Bureau India Limited’
How do you maintain your account? All this adds to the credit score. And if your credit score is higher, then there is more chance to get the loan. You can call it the CIBIL Score.
This is a credit information company. Who keeps your banking records. The company keeps records of all kind of your bank account information. As soon as you can take any loan (home loan, personal loan, car loan, credit card loan etc.), whether you have returned the loan at the right time. All records are kept here.
There are many such companies in India. The main Companys are listed:
2. Experian Credit Information Co. Of India Pvt. Ltd
3. Equifax Credit Information Services
All these companies keep your full banking records. Whenever you apply for a loan or a credit card in a bank, the bank first takes your record from the company and checks your credit score or civil score. Earlier it was not so. But now banks also value credit score. But it is not necessary that you will not receive a loan if your credit score is low. The bank should only use it to see its potential. The rest of the decision is made by the bank manager and employee tax. Do you have a loan or not? But still, keep good for Cibil score. You do not have any problem.
How CIBIL Scores Affect Your Loan: CIBIL Score for Loan
The credit score is between 300 and 900 or more than this. To give a bank loan, just use Cibil score to test you. The bank also looks at other things besides this. Just how much you earn in a year. Will you find the loan’s EMI return or not.
Maximum and Minimum CIBIL Score for a personal loan:
The minimum CIBIL scores for a personal loan should be equal or more than 750. If it is more than 750 then it would mean that you are eligible for personal loan application without any issue. Normal credit scores range from 300 to 900.