Before we get into the why, what is a CIBIL score?
To put in layman’s language, it is nothing but a 3 digit number between 300 to 900 decided by CIBIL, a Credit Information company based on all your credit-related activity within the financial system. This number acts as the first impression for the lender, the higher the score, the better the chances of the loan/credit card being approved. Hence, a CIBIL score is a clear indication to a bank about your financial history on which your credit-worthiness is decided. Continue reading “Why CIBIL score is important?”