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Ranging from 300- 900, the CIBIL score is the 3-digit numeric summary of your CIBIL report that is generated by TransUnion CIBIL.
CIBIL score reflects your creditworthiness to lenders, or how likely you are to repay your loan in time.
A high CIBIL score indicates responsible financial behaviour which lowers the risk for lenders and can lead to lower interest rates.
Generally, a CIBIL score of 750 and above is favoured for personal loan applications, though the limit can differ among lenders.
While there may be options like a co-applicant with a high score, it is recommended to improve your CIBIL score before applying.
Paying credit card dues or EMIs on time and using only up to 30% of your credit card limit are some ways to improve your CIBIL score.
Along with the CIBIL score, interest rates are influenced by several factors including your age, income, and existing debts.
If you meet the eligibility criteria, you can avail of personal loans of up to INR 30 Lakhs* with interest rates as low as 13% p.a.* at SMFG India Credit.
* Please note that this webstory is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us