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Does CIBIL score matter in Car Loan
Posted on Tuesday, May 4th, 2021 | By IndusInd Bank
Purchasing a car is adream for many people. But certain complications can avert your dream of buyinga new car. To overcome the complications of getting a car and fulfil your dreamof having a car, banks offer car loans. The bank requires credit information toget a car loan, which creates trust in the bank to give you the loan amountrequired.
If you want to avail a car on loan, you have to strengthen the CIBIL score. If you are searching for a perfect car loan, click here to avail the best options for you.
What is creditworthiness for a car loan?
Credit InformationBureau (India) Limited analyzes accounts of the people to create the creditscore. The range of CIBIL scores varies between 300-900. A score above 700 isgenerally considered good, which is a sign of trust.
What if the score is below 700?
CIBIL score below 700 isimprovable, and there are steps to improve your CIBIL score and make you eligible to have your car loan.
- Make all the loan payments on time.
- While paying for credit cards, make sure to repaythe complete amount on time.
- Ensure to restrict your payments via creditcards, within the approved limit.
- Avoid applying many number of loans at a singleattempt.
Conclusion
With the above steps,you can improve your CIBIL score. By paying your loans within time, you canprove a good CIBIL score on your records. A good CIBIL score will help you getthe car of your dream.
If you need a car loan, IndusInd Bank has the finest options for you to avail it. The vehicle loans provide you with the best interest rates options and manageable repayment plans. Enquire now at IndusInd Bank to clear all your doubts regarding car loan.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
