About CIBIL Score
About CIBIL Score :
CIBIL is the credit rating provider organization in India. Its full name is ‘Credit Information Bureau India Limited’. It was founded in August 2000 by the RBI, ICICI Bank and the banking association of India. So far it has played very critical role in Indian financial market.
It is basically designed for banking sector providing a unique three digit rating systems which ranges from 300 to 900. Generally CIBIL collect the complete transaction related information from all the banks and other financial companies on monthly basis and maintain the critical data of each customer who have applied for any of loan products from any public or private sector banks in India.
CIBIL is the greatest revolution for the banking sector in India. Because of the CIBIL, banks and financial companies are able to do the perfect underwriting in credit terms and help to identify the consumer’s credit history. This prevents all the banks from fraud transactions at loan application stage itself. Check Loan providers banks.
About CIBIL Score – How CIBIL affect the Loan Approval?
In case of loan approval, whole banking sector depends on CIBIL’s rating. Almost 70% cases of loan approval depends on the bureau score & TransUnion score of the consumers. TransUnion score is the specially designed program from CIBIL. It plays very crucial role in the process of any kind of loan application. In general, all the banks and financial institutions are processing the loans for the CIBIL score of 600 and above in India but it also consider the transaction history.
If customer has a bureau score of less than 600 due to some technical issue or for other minor reasons and at the same time, some other loans are going slandered, banks and NBFC’s credit team can take its own call as per their individual loan policy program.
At the same time, if the customer’s credit score is 600+ but some other critical issues are showing in to the credit history or large DPD’s are showing in the strings then banks credit managers are denied for approving the loan.
Thus in every situation, credit score does matter. If applicant’s CIBIL score is good then the loan approval will be easier and the process will be faster.
About CIBIL Score – Can I Avail Loan? I have low CIBIL Score.
Yes. Anyone can avail any kind of loan services even if you have a bad credit score. All you have to do is, to provide proper justification of the past dispute with the previous bank.
What we do:
We help people who are facing the problem with the loan approval due to their bad credit history. We support all borrowers who are in the list of bad credit of CIBIL provided that the applicant is not an intentional defaulter.
Help me to improve my CIBIL score:
We also provide all kinds of finance like personal loan, Housing loan & Loan against property for all customers who are having the bad bureau score. All you have to do is, produce all the necessary documents related to the previous defaulted account of the loan from the bank.