A CIBIL or credit score is a three-digit score given to borrowers based on their credit history. A score of 750 and above is considered good.
Financial institutions check your CIBIL score to gauge your creditworthiness and grant the loan amount accordingly.
A high CIBIL score implies that you are a responsible borrower. This will help you get easy approval.
If you have a high credit score, you can get better interest rates.
A high credit score marks you as a low-risk borrower. The risk of default is, therefore, lower, so you may get a bigger loan amount approved.
Longer loan tenure translates into smaller EMIs, which makes budgeting easier. You may demand a longer tenure if you have a high CIBIL score.
Financial institutions check CIBIL scores and extend the best pre-approved loan offers to customers.