CIBIL SCORE 

FREQUENTLY ASKED QUESTIONS ABOUT CIBIL SCORE

Published By MintGenie Team | 05 Mar, 2024
A high CIBIL score often results in increased credit limits on credit cards, overdrafts, and other lines of credit, as financial institutions favour individuals with a reliable loan repayment history.
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Here are some FAQs related to CIBIL score:
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What is a CIBIL Score?

A CIBIL score provides a numerical indication of the creditworthiness of a borrower or investor.
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Why is it Named So?

CIBIL, short for Credit Information Bureau India Limited, is among India's credit bureaus responsible for furnishing credit information and managing credit records for individuals and businesses.
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What is the Range of Score?

The CIBIL score falls within the range of 300 to 900, with a higher score indicating superior creditworthiness.
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How is it Important?

An impressive score results in increased credit limits on credit cards, overdraft limits, and other lines of credit. It also expedites loan approvals, secures favourable interest rates, and more.

What Are the Other Benefits?

A positive score can result in more favourable terms on loans and credit products, offering benefits like reduced processing fees, waived annual fees, and flexible repayment options.
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