CIBIL Score: 400, 600 or 800 How much CIBIL score is required to get a loan from a bank..

CIBIL Score: The CIBIL score is not only important for getting a loan. People also make relationships based on it. When applying for a loan, the CIBIL score is checked first. If the CIBIL score is good, then the loan is easily available at a low interest rate. On the other hand, if the CIBIL score is low, then there may be a problem in getting a loan.

Let us tell you that CIBIL score is a three-digit number which (cibil score range) ranges from 300 to 900, but it is important to note at what CIBIL score you will get a loan. If you need to take a loan to fulfill your financial needs, then before that, you must know what the CIBIL score should be to get a loan.

The minimum CIBIL score is 300 and the maximum is 900. The closer the CIBIL score (good cibil score for a loan) is to 900, the better it is considered. It is decided based on a consumer's bill payment, EMI payment, and credit card usage. The CIBIL score remains good if you keep the right transactions and pay EMI on time. On the other hand, if you do not pay the loan installment on time, then it can also be low i.e. bad.

Know who decides the CIBIL score -

If your CIBIL score is good, then you will get a loan easily and you will not have to pay much interest. On the other hand, it becomes difficult to get a loan if the CIBIL score is low. The CIBIL score (Cibil Score News) is decided by a private company with the consent of the Reserve Bank of India and the government. It is decided based on the history of bills and EMIs paid by a customer by taking a loan or credit card.

The CIBIL score should be at least this much to get a loan -

Let us tell you that the better your CIBIL score, the easier it will be to get a loan. Usually, a credit score of 750 is counted as a good CIBIL score. With this CIBIL score, you can easily get a loan (loan with a low credit score). With a lower CIBIL score than this, it can be difficult to get a loan. With a CIBIL score above 800, the bank can give many offers, due to which a large loan amount can be passed even with zero down payment.

What will happen if the CIBIL score is bad-

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If your CIBIL score is low or bad, then any bank can refuse to give you a loan. Even if you get a loan, you may have to pay more interest. In such a situation, you can consider taking a secured loan. A secured loan (loan with low cibil score) can be taken by mortgaging valuables or property etc. in the bank. If you are unable to take a secured loan, then you can take a Secured Credit Card on FD.

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