CIBIL Score: The Minimum Score You Need for Quick Loan Approval

With rising expenses and life goals such as education, home purchase, vehicles, business, or medical emergencies, taking a loan has become common. However, before approving a loan, banks or financial institutions check one crucial thing – your CIBIL Score . If your score is within the ideal range, your loan can get approved within minutes. But if it isn’t, getting a good loan deal becomes difficult. What is a CIBIL Score? CIBIL Score is a three-digit number that reflects your credit history. It ranges between 300 to 900 and is prepared by CIBIL (Credit Information Bureau India Limited) , India’s first credit bureau. This score indicates how well you have repaid your previous loans or credit card bills. How is the CIBIL Score Calculated? Several factors contribute to determining your CIBIL Score: Payment History: Timely EMI and credit card bill payments boost your score. Credit Utilization Ratio: The lower the usage, the better it is for your score. Credit Mix and Te...