Commercial CIBIL vs Consumer CIBIL
In India, CIBIL reports are one of the most preferred documents to assess a person’s creditworthiness. It plays a crucial role when the lender is evaluating the borrower’s loan application. However, it is important to note that not all CIBIL reports are the same. There are two types of CIBIL reports: Consumer CIBIL and Commercial CIBIL. The Consumer CIBIL report is designed for an individual's personal use, while the Commercial CIBIL report is designed for businesses. Read on to understand the difference between the commercial and consumer CIBIL reports.
What is a Commercial CIBIL Report?
The Commercial CIBIL report is a document that provides a summary of the business’s credit history. This report helps the lender assess the business’s creditworthiness before approving a loan. The report assigns a rank between 1 to 10 for companies having credit exposure, based on their credit behaviour, repayment history, liabilities and borrowing patterns.
What is a Consumer CIBIL Report?
The Consumer CIBIL report is a document that provides a summary of an individual’s credit history. This report helps the lender assess the individual’s creditworthiness before approving a loan. The report assigns a CIBIL Score ranging from 300 to 900, representing an individual’s credit profile based on various factors such as credit utilisation ratio, outstanding debt, repayment history, etc.
Difference between Commercial CIBIL and Consumer CIBIL Report:
The below listed are some of the differences between the commercial CIBIL and the consumer CIBIL report:
Parameter | Consumer CIBIL | Commercial CIBIL |
Applicable for | Individuals | Businesses |
Indicator | CIBIL Score between 1 to 100 | CIBIL Rank between 1 to 10 |
Components of the Report | Individual’s personal information, repayment history, outstanding debt, etc. | Business information, outstanding debt, repayment history, etc. |
Issued to | Salaried or self-employed individuals | Public or private companies |
Used for | Loan application for personal use or credit card application | Loan application for business use |
Advantages of having a good CIBIL score or rank:
The below-listed are some of the advantages of having a good CIBIL score:
- Easy Loan Approvals: Having a good CIBIL score or rank shows that you are creditworthy. This helps you get your loans easily approved.
- Better Rate of Interest: Having a good CIBIL score or rank helps you negotiate a better interest rate on loans. Moreover, many banks offer lower interest rates to individuals with a good credit score or businesses with a good rank.
- Favourable Repayment Tenure: Having a better credit score or rank also helps you negotiate your loan repayment tenure.
- Pre-approved Loans: Some of the lenders also offer pre-approved loans to individuals with a good CIBIL score or businesses with a good CIBIL rank.
FAQs
- Can an individual apply for a commercial CIBIL report?
No, an individual cannot apply for a commercial CIBIL report. It is issued only for registered commercial entities or businesses.
- What is the score range for a consumer CIBIL report?
The score range for a consumer CIBIL report is from 300 to 900.
- Is the CIBIL score the same as the CIBIL rank?
No, they are not same. The CIBIL score is assigned for individuals, and the CIBIL rank is assigned for businesses.
- In what range does CIBIL assign a rank to businesses?
The CIBIL assigns a rank between 1 to 10 to businesses.
- Is it possible that there are errors in the CIBIL report?
Yes, it is possible that there are errors in the CIBIL report. That is why it is advisable to check the CIBIL reports periodically, and if you spot any error, get it rectified.
CIBIL Score Requirements for Loans
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