Effects of CIBIL Score
Effects of CIBIL Score on your Personal Loans – Lender checks the database of all the loan borrowers in the country with the help of CIBIL (Credit Information Bureau of India) in terms of a parameter known as CIBIL Score which is between 100-1000.
If there is a default in your loan history, your loan application is likely to get rejected. Banks usually demand a minimum CIBIL Score of 700.
For instance, if your Credit Score is 100 then your loan application is likely to get rejected. If your credit score is 800, then your loan application will be processed faster, and you will be rewarded with the lowest rates of interest.
One can easily Improve their Credit Score by paying all of the Loan EMI’s on time. All the pending bills and credit card payments also must be paid on time.
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