Introduction to Banking
Importance Of Maintaining A Good CIBIL Score
The CIBIL score is very important for availing credit from any financial institution. A CIBIL score is the first impression of the lending organization about a borrower.
Maintaining a good CIBIL score is of tremendous importance. Below are the aspects which are influenced by CIBIL scores:
If there is one thing that matters the most while banks take the decision whether to grant a loan to an individual, it is the CIBIL score. A bad CIBIL score reduces the chances of getting financing of any kind. On the other hand, a good CIBIL score may make things a cakewalk.
CIBIL score is a determiner of the interest rate at which the bank will offer a fund to an individual. The better the credit history, the better will be the interest rate.
Organizations outside the financial industry have now started using the CIBIL Score as well. A good CIBIL score might help someone get a better mobile plan or a discount on insurance premiums.