CIBIL Score - All Need to know why the importance of CIBIL score for Loan.
The CIBIL Score report is the report of your borrowing from all the member institutions. All the banks are members of the CIBIL. Most of the NBFC’s are also members of the CIBIL Score. All the members of the CIBIL are reporting to the agency about all the loans and advances sanctioned to individuals/firms/companies etc. Hence if you avail five loans from different institutions all the five loans sanctioned by the same company/different companies will be reflected in your CIBIL report along with the name of the financing institutions. The report will also give details about the total amount of loans, total number of EMI, amount of EMI and overdue amount of the loan if any. If you stand as guarantor for a loan sanctioned to your friend the same also will be displayed in your CIBIL report. The report will also mention the delay in payment of the instalment. M/S Chintamani Finlease Ltd is helping the customer in improving the CIBIL SCORE for personal loans.
What is meant by CIBIL score
Now a day CIBIL score is life line of almost 99 % of the people seeking opportunities for loans from banks and NBFC’s. The public sector banks and a class private sector banks are accepting loan applications from persons having CIBIL score of around 750 and above. There are some other advantages of good CIBIL score. The more the score the better will be the pricing. Pricing is nothing but the ROI charged by the banks on the loans sanctioned by them. For example the ROI to be charged on a loan availed by a person having 800 + CIBIL score will be less that the ROI charged on a loan availed by a person having CIBIL score of 701. Hence all the persons should be careful about their CIBIL score.