What goes into the loan approval process?
Getting your loan approved can be complicated process. Just go through the loan evaluation process to understand the critical role the CIBIL TransUnion score plays in getting your loan sanctioned.
Did you know 90% of new loans sanctioned are to individuals with a credit score of 700 and higher?
Your CIBIL CIR is provided to you along with your score, because it is the basis on which your Credit Score is generated. It's a record of your credit history. i.e past loans or credit cards availed from various loan providers.
Why CIBIL credit report is important?
A CIBIL credit report contains all the details pertaining to your borrowing history and its repayment discipline.
CIBIL credit report is very important nowadays because:
It contains your past and present credit history.
Banks and FI’s allow loan to a borrower on the basis of CIBIL credit report. A good credit score helps borrowers to get loans easily from banks.
You can inculcate financial discipline by analyzing the credit report.
It helps borrowers to avoid the debt trap.
You can stay away from extreme financial leverage by analyzing the credit report properly.
How to analyse Credit Score?
CIBIL’s credit score ranges from 300 to 900 points. A higher score close to 900 reflects good credit history i.e. lesser defaults in payment, no over leverage and disciplined repayment. A lower score close to 300 reflects bad credit history. Banks prefer lending to borrowers with high scores and 750 to 800+ points is considered as a good score.
A CIBIL credit report contains all the details pertaining to your borrowing history and its repayment discipline.
CIBIL credit report is very important nowadays because:
It contains your past and present credit history.
Banks and FI’s allow loan to a borrower on the basis of CIBIL credit report. A good credit score helps borrowers to get loans easily from banks.
You can inculcate financial discipline by analyzing the credit report.
It helps borrowers to avoid the debt trap.
You can stay away from extreme financial leverage by analyzing the credit report properly.
How to analyse Credit Score?
CIBIL’s credit score ranges from 300 to 900 points. A higher score close to 900 reflects good credit history i.e. lesser defaults in payment, no over leverage and disciplined repayment. A lower score close to 300 reflects bad credit history. Banks prefer lending to borrowers with high scores and 750 to 800+ points is considered as a good score.
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