Why CIBIL Score is important for Home Loan?

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Every salaried person takes a loan once in his lifetime for some reasons. Be it the home loan, business loan or personal loan, there are different options of loans to take up. Financial institutes offer loans to people only after checking the CIBIL score that will help to know if the individual will pay back the loan in given tenure. Loan Kumar, one of the leading loan provider in Delhi NCR offer all types of loans upon checking the CIBIL score and other documents. The best thing about credit score is you get loan in lowest interest rate.

What is CIBIL Score?

Credit Information Bureau of India Limited (CIBIL) score is a three digit number calculated on the basis of financial history of the borrower. CIBIL score range from 300 to 900 and borrowers with high CIBIL score carry better chance of getting loans approved. As per the report, individual with CIBIL of 750 get good chance of having loan. It was introduced in the year 2007 and is considered the most important part of loan sanction.

There are different factors determined in credit score. This include- payment history, types of credit and number of loan accounts, guarantors on the loan, credit history, etc. Different banks have different rules of issue loan to applicants.

How to check CIBIL Score?

Company like Loan Kumar offers all the assistance in getting the CIBIL score calculation service. You can seek assistance of the representatives to get all the details about the CIBIL score calculation methods. You need to fill your personal details while creating CIBIL account. You can check My CIBIL website where you can login or create an account. Once you have login access you can get the details on how to get your score.

What are the Advantages of CIBIL Score?

With good CIBIL score, you can have all the advantage on getting the loan. Whether you are seeking business loan, personal loan, Loan against property or any other loan, with good CIBIL score, you will enjoy all the advantages including low interest rate. Some of the advantages CIBIL score have are-

  • Easy credit lending from lenders-

If you have a good score then you will get loans and credit from lenders without any hassle. Lenders when find you have good score and good income limit to pay back the loan, they will offer the loan.

  • Quick Loan Approval-

A good credit score will help in getting the loan easy. If you are seeking loan from banks then you can get it early as possible. People with lower credit score need to furnish number of documents and guarantors which can take process long.

  • Low Interest Rate Credits-

Loans come with high interest rate which can take away your savings. If you have a good credit score, then you can get the loan under low interest rate.

  • Existing Credit Card Offers-

You can get good credit card offers from banks that can further help in getting advantages through it. More privileges, amazing offers, cash backs, higher limits, and other benefits.

Importance of CIBIL Score-

Loan provider companies like Loan Kumar, give more importance to CIBIL score but also offer loan without much hassle. The grievance redress system of CIBIL is customer friendly and offer prompt response. CIBIL Score over the years have earned good reputation among banks and money borrowers.  In front of the lender, CIBIL is the very first thing is to consider. If you are good in managing finance, then you can earn good score.

When you visit the bank for the loan purpose, you need to undergo various processes of documentation and others. Banks are facing a huge loss due to fraudulent borrowers which is affecting genuine loan seekers. Thanks to credit score, loan seekers won’t face any rejection, but only if the score is good and has better financial condition.

If you are looking forward to get home loan, then connect with Loan Kumar, the leading  loan provider in Delhi NCR.

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