CIBIL score is a 3-digit numeric summary. #IPO #meraipo.com #shorts #viral #latestnews #livenow

CIBIL score is a 3-digit numeric summary. #IPO #meraipo.com #shorts #viral #latestnews #livenow
What is a CIBIL Score?
The CIBIL score is a 3-digit numeric summary of your credit history, ranging from 300 to 900.
Importance of CIBIL Score in Loan Approval:
CIBIL Score Range
750 - 900 Very High
700 - 749 High
650 - 699 Moderate
600 - 649 Low
Below 600 Very Low

How Lenders Use the Score:
1. Loan Eligibility: First filter during loan application processing.
2. Interest Rate Determination: Lower risk (high score) = better rate.
3. Credit Limit: Higher score = higher credit limit (especially for credit cards).
4. Loan Tenure Options: A good score gives flexibility in choosing tenure.
5. Negotiation Power: Strong score gives you more bargaining power.

Tips to Maintain a Good CIBIL Score:
• Pay EMIs and credit card dues on time.
• Avoid taking too many loans/credit cards.
• Keep credit utilization below 30% of the limit.
• Check your CIBIL report regularly for errors.
• Avoid frequent hard inquiries (loan/credit card applications).

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