Check Free CIBIL Score & its Benefits

CIBIL score is very important for any person who wants to borrow money from a bank or any other financial institution at some point in his or her life.

Availing Loans is a matter of establishing trust with the financial institution. that can be done only with a good record. A credit report is exactly like CIBIL report. It is a report of your Financial History throughout your life whether you have taken a loan or not. Every lender checks an applicant’s credit score or CIBIL score before approving their application and approving any kind of credit. Higher the credit score, the chances of getting approved for credit including loans and credit cards are higher

Benefits of a Good Cibil Score

Quick Loan Approvals

Any bank or financial institution will first look at your Credit Score or CIBIL Score when a loan application is submitted. For quick Loan approval, CIBIL score is very important. If you have a good credit score, your loan will be approved quickly. However, if your credit score is not good, the lender might not approve your loan and you might have to wait longer to get approval on your loan application.

Low-Interest Rate Offers

When you have a good CIBIL score, you have an edge over people who do not have a good score. This gives you the option of negotiation and comparison. A higher CIBIL score means offers from more lenders and better offers from the same lenders. You can also avail of other benefits like waiver of the processing fee, late fee, and terms of pre-payment if you have an exceptionally good score.

Customised Offers

When someone has a good credit score banks and financial institutions try to retain customers as they are a constant source of income (through interest) and there is negligible risk associated with them. Hence, Banks offer them a customised and additional benefits to them. It can be free credit card, waiving the annual fee for a credit card, providing free top up loan or Customised Loan offers on Rate of Interest, insurance and other things