The higher the CIBIL score, the higher the chances of getting a loan. If you have never taken a loan or credit card before, your credit score may be zero or very low. CIBIL score is a number between 300 and 900.
Many times it becomes very important for us to know about our CIBIL Score to take a loan. The higher our CIBIL score, the higher the chances of getting a loan. However, if you have never taken a loan or credit card before, your credit score may be zero or even very low. The CIBIL score is a number between 300 and 900, based on your transactions with financial institutions. If your credit score is more than 750 then it is considered very good and in such a situation you can get loan very easily.
Any lender before granting a loan to the customer wants to satisfy himself in such a way that the borrower will repay the loan within the stipulated time. Credit information bureaus solve this problem of lenders through credit scores.
But many times it comes to our mind that, can a person with no credit history also get a loan? So let us tell you that although you can get a home loan, car loan or other such loan even if you do not have any credit history, but for this you will have to provide more documents. So that any lender can be satisfied about your ability to pay EMIs on time.
Also, having a low credit score, your educational qualification and job profile are very important to the lenders. For example, if you are a profession where you definitely have a regular income, then you will get a lot of help. Similarly, even if someone is doing a high level government job, there is every possibility of getting a home loan or such loan even if he does not have any previous credit history.
Even if this is not the case with you, there is no need to worry. Lenders may ask you for the bank statements of the last few years to know your financial condition. If it receives regular debit information for Systematic Investment Plans (SIP) or other such investments, lenders can give you a loan after being sure about your savings.
Apart from all this, you can also get information about your banking transactions through rent, electricity bill or other such bills. Or someone who has a good CIBIL score can also take your guarantee in the bank.
