Hi, I am planning to buy a house property and looking forward to getting a bank loan. How can avail bank loan? How can I get my CIBIL score report or rating? I am a salaried person. Does can I get a loan at a low-interest rate by having a high CIBIL score? What are the steps to be followed to get a bank loan? Someone, please clarify my doubt. Thank you.
What is the importance of CIBIL score in availing bank loan?
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CIBIL score is pretty much important when you are availing the bank loan because this is the number which indicates your performance of previous credits which you have taken from the other banks. Whether you have paid the dues within the time and how is your credit repair stability can be determined through the CIBIL score.
CIBIL score is organised and maintained by CIBIL transunion, the CIBIL score ranges from 300 to 900. Anything which is closer to minimum value of 300 will be considered as low performance ( getting a new bank loan is very much difficult) anything if you have 700 + CIBIL score ( the chances of getting a new bank loan would be easy).
Thus maintaining a good CIBIL score is pretty much important if you are planning to take bank loans. See how you can fix the credit score fast and quickly, if you have a low credit score.