CIBIL score ranges: What do they imply?
What is CIBIL score?
CIBIL is an agency, approved by the RBI that keeps an eye on the financial discipline that we maintain. CIBIL reports are the reports formed by the feedback of the banks and/ or financial institutions on how we payback the loans that we had taken and our credit card payments. Our good financial discipline tells us that we are in the good books of the CIBIL and that our scores are higher. If our credit card bills are not paid on time and if we have not paid the interests of the loans that we had taken, our CIBIL score goes down. A low CIBIL score indicates that we have financial burdens and that we cannot pay back the loans taken from the banks and/ or other financial institutions, on time. This affects us when we want to take loans. A person with a good CIBIL score can get any type of loan but someone with a bad CIBIL score doesn’t get the loan they want and even if they get, they get it for higher interest rates.
Following are the CIBIL score ranges and what do they indicate about you:
CIBIL Score Range between 750 to 900:
If your CIBIL score range is anything between 750 to 900 then your chances of getting any kind of loan is easy and you are already in the good books of the banks and financial institutions. If your score is between this range that indicates that you have paid your loan with interest on time and you have no credit card debt on you, you get financial assistance from the bank whenever you want. This shows your credit score is good.
CIBIL Score range between 650 – 749:
CIBIL score range between 650 to 749 is considered to be good. It means that you have financial discipline and that you have paid your payments on loans and credit cards on time. You will get loans from various banks and financial institutions provided you fulfill their conditions of payment.
CIBIL Score range between 550 – 649:
A CIBIL score range between 550 to 649 is considered to be average. If your CIBIL score is between this, chances are banks or financial institutions may not lend you loans easily. Even if they do, they will charge a high rate of interest. The score range between 550 to 649 indicated that you have not paid your loans and credit card payments on time.
CIBIL Score range between 350 – 549:
If your CIBIL score has dropped down to between 350 ro 549 that means your scores are very poor and you are in the bad books of the CIBIL reports. It means that you have not paid your loans on time, you have not paid your interests and delayed your credit card bills. All this is now hurting your CIBIL scores.
In a nutshell, CIBIL score range anything between 750 to 900 hundred is excellent. Anything between 650 to 749 means it’s good and you can get loans easily on some terms and conditions. CIBIL report between 550 to 649 is average and you may get loans but at a higher interest rate. CIBIL score range between 350 to 549 is really low and a poor CIBIL report. In the score range you may not get your bank loans as you have not paid your dues on time and you lack financial discipline. Check your CIBIL score range at Finserv MARKETS.