A credit score (or CIBIL score) is a numerical measure of your creditworthiness. The CIBIL score is a three-digit numerical value that ranges from 300 to 900. CIBIL means the Credit Information Bureau India Limited. CIBIL is one of the institutions authorized to provide credit scores. Before applying for a loan, you should verify your credit score, also known as the CIBIL score.
What is the range of the cibil score?
When you check credit score, it ranges from 300 to 900. It is further classified into numerous categories, such as terrible CIBIL score (550 or lower), poor CIBIL score (between 550 and 649), average CIBIL score (650 to 699), good CIBIL score (between 700 and 749), and exceptional CIBIL score (between 750 and 900). Please keep in mind that these bifurcations are simply estimates and may differ.
Bad CIBIL score of 550 or lower
A low CIBIL or credit score is considered harmful for a borrower looking for a loan. With a negative credit score, your prospects of securing a loan are slim, especially if you need a large amount of money. In such instances, you must maintain exceptionally strict financial habits before contacting us for a loan. Once your credit score has improved, visit the Cibil Score app and select the appropriate loan from the available suite of products.
Poor CIBIL score 550–649
A low cibil score shows that a person has postponed debt repayment. It is extremely dangerous since it represents the inability to repay a loan on time or the possibility of a delay in repayment. To increase your credit score, it is recommended that you repay the prior loan before applying for a new one.
Average CIBIL score 650–699
An average CIBIL score is not regarded as excellent or bad. It is recommended that an individual enhance their credit history by making on-time payments. This promotes faith in your creditworthiness. With an average CIBIL score, you may be approved for a loan, but at a little higher interest rate and with fewer additional perks.
Good CIBIL score between 700 and 749
A good credit score is better than an ordinary credit score, but it does not provide as much comfort as an excellent CIBIL score. With a good CIBIL score, your chances of loan acceptance increase significantly. Improving your credit score further may enable you to obtain a loan from us at a very reasonable interest rate and with hassle-free approval.
Excellent CIBIL scores of 750 to 900
If your cibil score checks, it is between 750 and 900, as this demonstrates that you have made all of your payments on time. Borrowers with high CIBIL ratings are deemed low-risk because they pay their credit card bills and loan EMIs on time. Furthermore, they are entitled to the most favorable interest rates on the accepted loan amount. In general, an individual with a great CIBIL score can obtain a large loan from us at an extraordinarily low interest rate, as well as additional benefits such as minimum paperwork, flexible loan terms, and so on.
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