Financial Assistance
Priya SharmaTeacher
Asked: 2023-01-13T12:55:13+05:30
2023-01-13T12:55:13+05:30In: Financial Assistance
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Financial Assistance
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CIBIL Score, also known as Credit Score, is a three-digit numeric summary of a borrower’s credit history. CIBIL or Credit Information Bureau (India) Limited maintains and calculates your credit score. Simply put, it means how well you have managed your finances, like a home loan, personal loan or credit card, in the past.
Value of CIBIL Score
The value of a Credit Score may range between 300 to 900.
1) Excellent CIBIL Score: 750-900.
2) Good CIBIL Score: 650-750
3) Average CIBIL Score: 550-650
4) Poor CIBIL Score: 300-500
How is CIBIL Score calculated?
1) The CIBIL Score is derived using the credit history found in the CIBIL Report.
2) It takes into account borrowers’ credit profiles over the last 36 months.
3) The credit profile includes all kinds of loans such as home loans, credit cards, personal loans, automobile loans, overdraft facilities etc that one has availed and their payment history.
CIBIL Score is necessary for getting a loans from banks.