Why CIBIL Score & Report is Important
Whenever you apply for a loan, Banks/NBFC check your CIBIL Score and Report.
Records of your payments pertaining to loans and credit cards are submitted to CIBIL by banks /NBFC and other lenders on a monthly basis. This information forms the basis of your CIBIL Score and Report which is provided to lenders in order to help them evaluate and approve your loan applications.The higher your score, the higher are the chances of your loan application getting approved.
Monitoring your CIBIL Score provides you with control over your credit information. This in turn helps ensure that you maintain your score above 750.Most of the banks Accept the loan application with CIBIL score above 650.
The higher your score, the higher are the chances of your loan application getting approved!