In today's financial market, your CIBIL Score matters a lot. Whether you are applying for a loan or a job in Banking or Financial sector. It reflects your creditworthiness or trustworthiness.
For first time borrowers CIBIL score will be 0 or -1 (insufficient details to assess a score). For borrowers with very low loan exposure CIBIL score may range from 1 to 5. And for regular borrowers with good repayment track the score may vary from 700 to 800 or above. Delay payments or default will bring down the score to around 450. Though loan settlement and written off are considered worse.
In case of any delay payments of your loan dues your Bank will report it to CIBIL.com and the degree of delay will impact the score.
It is always better to keep lower debt and EMI within affordable range.
With a good CIBIL score you are always eligible to avail a loan, specially when you need it most. Nowadays even some financial institution check candidate's CIBIL score to evaluate his eligibility. So even with small amount it is advisable to start a loan and repayment it within agreed time and as per terms to build a CIBIL SCORE.
For first time borrowers CIBIL score will be 0 or -1 (insufficient details to assess a score). For borrowers with very low loan exposure CIBIL score may range from 1 to 5. And for regular borrowers with good repayment track the score may vary from 700 to 800 or above. Delay payments or default will bring down the score to around 450. Though loan settlement and written off are considered worse.
In case of any delay payments of your loan dues your Bank will report it to CIBIL.com and the degree of delay will impact the score.
It is always better to keep lower debt and EMI within affordable range.
With a good CIBIL score you are always eligible to avail a loan, specially when you need it most. Nowadays even some financial institution check candidate's CIBIL score to evaluate his eligibility. So even with small amount it is advisable to start a loan and repayment it within agreed time and as per terms to build a CIBIL SCORE.
