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Is your CIBIL score getting you down? Cibil Score
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Is your CIBIL score getting you down?
The first criterion which is used to determine the eligibility for any kind of loan is the credit score prepared by CIBIL Credit Information Bureau, India Limited. CIBIL score is a three-digit numeric summary of your entire credit history, based on monthly information provided by banks and other financial organizations. It is usually in the range from 350-900 where having a score of above 750 makes you a decent and reliable borrower. The higher your CIBIL score, the more are your chances of getting a better deal on your loan.
CIBIL score majorly depends on the following factors:
- Payment History: Delayed payments, dues or defaulting EMIs could negatively affect the score.
- High utilization of Credit Limit: Increased spending might not directly affect the score but the increasing current balance of your credit card may seem like a repayment burden thereby negatively affecting your score.
- A Higher percentage of Unsecured Loans: Having a higher percentage of unsecured loans such as credit cards,https://www.iifl.com/personal-loans" style="text-decoration:none;" target="_blank"> personal loans etc, than secured loans such as auto loan, https://www.iifl.com/home-loans" style="text-decoration:none;" target="_blank">home loan etc. could negatively affect the credit score. Therefore, it always important to strike the right balance.
- Multiple loans and Credit Cards: Multiple loans and credit cards show an increased debt burden which can lower the score, and should be avoided.
How to be eligible for a loan despite a low CIBIL score?
But this does not remain the only criteria for a bank loan. The following could be a few criteria which could help to be eligible for a loan despite a low CIBIL score:
- Good and stable source of income: A good and stable source of income always counts as a plus point as it depicts your ability to repay the loan, and then even a low CIBIL score would not count much.
- Timely Filing of Taxes: Being a regular tax payer could also work in your favour. Show the tax receipts of the last 3 years to the lenders and it would be an additional point which would show your sincerity to the lender, and thereby assure them of repayment from your end.
- A secured job with better career prospects: A secured government job or a stable job with a reputed MNC would prove that you are gainfully employed with a growth in future prospects. You could show the salary slips of past 6 months to assure the lender of your repayment abilities.
- Good bank balance: A good bank balance could largely prove the seamless repayment ability even in the time of crisis. For this, you could produce the bank statements of last 6 months and it could help you be eligible for a loan despite a low CIBIL score.
In a nutshell
CIBIL score is important and plays a significant role in getting a loan sanctioned but it does not remain the only criteria for the eligibility of loan sanction. It is always better to keep at least a medium CIBIL score by keeping a check on the factors, but one could even be eligible with a low score by keeping above points in your favor.
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.
