Target a score of more than 750 to avail best loans from banks in India
How to calculate Free CIBIL score in India?
Free CIBIL score is provided by CIBIL alongwith detailed Credit Information Report (CIR) on payment of Rs. 500 to CIBIL. However, to simulate your credit score based on your past credit history, use MyLoanCare Free CIBIL Score Calculator
Personal Loan Eligibility and CIBIL Score
A high CIBIL score and a clean CIBIL report are among the most important eligibility criteria for a personal loan from leading banks like HDFC Bank, SBI, Axis Bank, ICICI, Citibank and others.
What is a good CIBIL Score?
There is no good or bad score per se but it is found that lenders tend to avoid or be extra cautious granting credit to borrowers with a score less than 700 with CIBIL for secured loans like home loan.
For unsecured loans like personal loan and consumer loans, banks in India tend to target customers with a score of 750 or above. Estimate the impact of CIBIL Score Scale from 300 to 900 on your credit health.
CIBIL Score Range
What it may mean for your credit health?
750 - 900
Excellent Score reflecting impeccable and consistent past repayment track record
You are likely to get loans at most competitive interest rates from best banks
Subject to eligibility and credit report, you should be able to easily obtain secured loans like home loan and car loan and unsecured loans like personal loan and credit cards
700 - 750
Fairly good score reflecting fair past repayment track record
You are likely to get loans at competitive interest rates from banks
Subject to eligibility and credit report, you should be able to easily obtain secured loans like home loan and car loan. Before sanctioning unsecured loans like personal loan and credit cards, banks are likely to conduct further credit analysis
550 - 700
Lower score reflecting some delays or irregularity of loan repayment in the past
Many lenders may avoid sanctioning you loans except with significant credit check
Banks and finance companies may still consider your loan application subject to high collateral and low LTV
Interest rates offered may be relatively higher
300 - 550
Reflects a history of multiple delinquencies and/ or over leverage
Your credit report is likely to list more than one write-offs/ settlements/ overdue payments
Extremely difficult to obtain loans from organized lenders
Best Offers on Home Loan, Loan Against Property, Personal Loan, Gold Loan
Cashback Upto Rs. 5,000/
News - Oct 2016
05th Oct 16 RBI is ready to set up Acceptance Development Fund (ADF) to boost card use
RBI is ready to set up an ADF to boost the use of electronic means in the areas where banks do not find it viable to use the electronic means for the transactions. ADF established and operated under Indian Bank Association (IBA) will boost the wider adoption of electronic payments and ensure planned expansion of card acceptance infrastructure in the country. The ADF framework will be issued on 31st December, 2016 and the funds will be deployed on sales terminals from 2017.
04th Oct 16 RBI cuts repo rate by 25 bps to 6.25 per cent
RBI cuts repo rate by 25 bps to 6.25 per cent. Reverse repo rate cut to 5.75 per cent. Expect MCLR rates, bank base rates, home loan rate, personal loan rates and FD rates to fall in coming days.
30th Sep 16 Government Cuts Rates On PPF, Other Small Savings Schemes By 0.1 per cent
Government has cut interest rates on small savings schemes by 10 basis points for the October-December quarter. Now, Public Provident Fund Scheme will carry an interest rate of 8 percent in the third quarter of the current fiscal. Kisan Vikas Patra Scheme will fetch an interest of 7.7 percent and will mature in 112 months instead of 110 months. Sukanya Samriddhi Account scheme rates have also reduced to 8.5 percent. Interest rate on five-year recurring deposits, Senior Citizens Savings Scheme, and National Savings Certificate has been cut to 7.3 percent, 8.5 percent, and 8 percent, respectively. The government has kept savings deposit rates unchanged at 4 percent.
09th Sep 16 Banks can accept cash deposit under IDS
RBI has asked banks in its circular to accept cash as tax payments under Income Declaration Scheme (IDS). The scheme provides opportunities to individual to declare their undisclosed wealth on which tax was not paid in previous years. This scheme is effective till 30th September, 2016.
02nd Sep 16 3 small banks to start operation
Capital Local Area Bank, Suryodaya and Equitas has received their final operation license by RBI. These small banks will begin their operation in next few months. These banks have met the final eligibility criteria including lending to priority sector, ticket size and limit of foreign investors. Ten small banks had got principal operation approval for 18 months in September 2015.