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You might have heard CIBIL Score many times while visiting a banking website or while applying for a personal loan or while trying to get your second credit card. The most common situation we experience, when an executive from a financial institution calls you to convince you to take a credit card and if you say yes then the first question she asks \'Sir may I know your CIBIL Score\'?
So What does this CIBIL stand For? CIBIL (Credit Information Bureau India Limited) is a Credit Bureau or Credit Information Company. This company is engaged in maintaining the records of all the credit-related activities of companies as well as individuals including credit cards and loans. This company awards a specific three-digit score to all the borrowers based on their profile and this score ranges from 600 to 900 and commonly called CIBIL Score. In a technical way, we can say: A CIBIL score is a consumer\'s credit score. It is a 3-digit numeric summary of a consumer\'s credit history and a reflection of the person\'s credit profile.
Whenever we apply for a personal loan though we own all the documents, a handsome salary slip, an intent to pay back the loan amount as soon as we overcome the financial challenges yet our requests remain unattended by a financial institution. This might happen because we don\'t fulfil the minimum CIBIL Score which we are unaware of many times and that\'s why banks choose to remain passive to our numerous attempts of availing a personal loan.
A CIBIL Score is directly proportional to your strong credit records, higher is the CIBIL Score higher are the chances to get a personal loan from a financial institution. Suppose someone has a CIBIL Score of 600 then most probably he will not be eligible to get a personal loan as most financial institutions follow a 750 plus CIBIL Score for disbursement of a loan amount. So before you apply for a personal loan keep in mind to have a high CIBIL Score.
The CIBIL Score remains higher if you repay the loan amount in subscribed tenure when you pay your EMI (equated monthly instalment) without failing the due date if you are using a credit card then paying the monthly bill before any penalty is levied but if you default any borrowing from a financial institution in any form then it shares the bad credit history with CIBIL ( Credit Information Bureau India Limited) which in turns Downgrade your CIBIL Score reflecting your inability to pay the Credit and it ultimately deters the chance of getting a personal loan easily. Taking personal loan many times also impacts our CIBIL Score.
Being a customer and seeking for a personal loan if you have a CIBIL score of 750 and above then many financial institutions welcome you with open-armed for granting you a desired and eligible loan amount.
In the same series, we have brought some features and eligibility criteria for qualifying for Manappuram Personal Loan:
Age23-60 yrs (at loan maturity)
CIBIL: 750 and above
Interest Rate: 9.99%
Lowest EMI per lakh: NIL
Tenure12 to 60 months
Processing Fee: Up to 2%+GST
Prepayment Charges: 4% of the sum
Part Payment Charges: NIL
Minimum Loan Amount :Rs. 50,000
Maximum Loan Amount: Rs 5 lakh
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