A good CIBIL score indicates a high level of creditworthiness & financial responsibility. Thus, one must ensure that they maintain good CIBIL scores at all times
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TransUnion CIBIL, one of India’s most reputed credit bureaus analyses every individual’s and entity’s credit behaviour through data obtained from financial institutions and assigns them a 3 digit score between 300 to 900, also known as CIBIL score
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Most lending institutions insist on a strong credit score so that they can be assured of the loan amount being repaid without default
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A high CIBIL score indicates a very high level of financial responsibility, repayment capacity & history, and very low credit utilisation, thereby indicating a high probability of the applicant repaying the loan as per the agreed upon schedule.
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With a high CIBIL score, one may be able to negotiate better terms on personal loans, such as lower interest rates, higher amounts, etc
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A Personal Loan application from one with a high CIBIL score often gets approved quickly, especially if they provide the required documents and meet the other eligibility criteria
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Many lenders provide pre-approved loan offers to those with CIBIL scores higher than 750, at excellent terms and quick disbursals
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Providing they meet the other required criteria, applicants with high CIBIL scores may be able to borrow higher amounts