What is CIBIL ?Importance of  CIBIL Score if you apply for loan or Credit cards

By looking into persons CIBIL score or Report, Banks can analysis if the person is eligible for loan or credit card that is person is regularly paid previous debts on timely manner.

People plan  for loans or apply credit cards from financial institutions. While approval of credit cards or loans, these banks or institutions checks the CIBIL score of applicant. CIBIL Score plays an important role in credit history.

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What is meant by CIBIL score?

CIBIL score is three digit figure or number ranging in between 300 to 900  and higher the score is good .So score above 750 is basically good and loan approval becomes fast .This is numeric summary of credit history and credit profile of person .Also indicates  borrower's credit behavior and shows if payment failed before on time plus creditworthiness in history.

CIBIL score is also called CIBIL Report contains personal information,employment information,contact  formation tabs.

What is the importance of CIBIL score for Applicants ?

First CIBIL score will be analysed by Banks or financial institutions before approval of loans or Credit card whichever he request for credit  worthiness and  avoid risk.

Mainly credit history is checked whether the person has been paid debts before on timely manner with amount taken and duration of credits previously.For both credit card and loans thus reducing losses  or avoid risk.

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So CIBIL score if high loan approval will fast and one should maintain this score too.