Is your CIBIL score getting you down?
The first criterion which is used to determine the eligibility for any kind of loan is the credit score prepared by CIBIL Credit Information Bureau, India Limited. CIBIL score is a three-digit numeric summary of your entire credit history, based on monthly information provided by banks and other financial organizations. It is usually in the range from 350-900 where having a score of above 750 makes you a decent and reliable borrower. The higher your CIBIL score, the more are your chances of getting a better deal on your loan.
CIBIL score majorly depends on the following factors:
How to be eligible for a loan despite a low CIBIL score?
But this does not remain the only criteria for a bank loan. The following could be a few criteria which could help to be eligible for a loan despite a low CIBIL score:
In a nutshell
CIBIL score is important and plays a significant role in getting a loan sanctioned but it does not remain the only criteria for the eligibility of loan sanction. It is always better to keep at least a medium CIBIL score by keeping a check on the factors, but one could even be eligible with a low score by keeping above points in your favor.
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