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  • What does your CIBIL Score signify?

    There may come a point in a person’s lifetime when taking out a big money loan becomes something of a priority in order to acquire certain things of necessity, such as a house or a car. Before doing so, however, it is imperative to understand the huge role your CIBIL score plays in proving your credit eligibility.

    A CIBIL score is a three-digit numerical representation or summary of a person’s entire credit history and is generated from the information in your credit report. These scores range between 300-900 points and take into account any information relating to the person’s creditworthiness. While most banks have their own cut-off values, a score of 750 or above is generally deemed good enough to obtain a loan, while anything less than that could make the process a bit more difficult.

    To truly understand what your CIBIL score really entails, it is necessary to delve into your credit report. Remember, the more impressive your credit report is, the higher your CIBIL score will be and vice versa.

    Probably the biggest component in determining your credit score is your past record when it comes to making your payments. In a nutshell, if you have a history of making timely payments and have shown sound financial management on a consistent basis, then this will be reflected by a high CIBIL score. On the flipside, a credit history littered with late payments, collections, financial negligence or insolvency will most certainly be reflected by a low CIBIL score.

    Banks and lenders also place huge importance on how much you owe before they decide to grant you a loan. CIBIL scores can be negatively impacted by the amount of unserviced debt you have acquired and could prove to be a major stumbling block when applying for a loan. This could be in the form of amounts that you owe on credit cards, mortgages or any other loans you have taken in the past. Regular payments of loan installments as well as maintaining a low credit card balance can show you in a positive light in the eyes of the lenders and keep your CIBIL score up.

    Credit scores also take into consideration the duration of your credit history. It is always to your benefit to have built up a long history of credit usage and as long as it isn’t dotted with account mismanagement. While it takes a while to build up a substantial credit history, it can certainly contribute to raising your CIBIL score to more-than-satisfactory levels.

    Although not as large a factor as some of the others mentioned previously, the number of new accounts you have opened can affect your CIBIL score as well. Opening new accounts while already under financial strain makes you a credit risk, which may put off banks and lenders when the time comes to approach them for loans. It is important to keep in mind that any new account you open creates a credit inquiry on your credit report. Too many of these in a short period of time will inevitably bring down your CIBIL score.

    Alternatively, your credit score also reflects whether you have a good mix of various categories of credit. While it may not make a massive difference to your CIBIL score, it can be beneficial to have multiple accounts under different classifications such as mortgages, credit cards etc, as long as they are managed with a good degree of stability and competence.

    While there certainly are more factors that go into formulating a credit score, a good CIBIL score usually ticks all the boxes above.

    Read More on CIBIL

    CIBIL Reviews

  • Page 1 of 50 1 2 3 4 5
    • Kotak Personal Loan
      "Good service"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      The personal loan service was prompt from Kotak Mahindra, but within the time they process my personal loan application. I have arranged the required loan amount so that was the reason I haven't got the loan with kotak. The rate of interest is nominal with Kotak mahindra.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 23, 2017
    • Punjab National Bank Home Loan
      "Be consistent in the details"
      PNB HOUSING FINANCE LIMITED
      0.5 1.0/5 "Really Bad"
      PNB housing finance was not a good one for me, though they were okay in the process. They have charged me 100% of the processing fees when I was supposed t be charged only 50%. I had to pay more than 11k. They need to be consistent in the whole process.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 23, 2017
    • LIC Life Insurance
      "Jeevan key saat be or Jeevan key baath be"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 4.0/5 "Great!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Its a term insurance of 10 years. The annual premium is 25000 which i used to pay through cheque. After the completion of my maturity period i will get 4 lakhs. And in every 2 years i will get 30000.
      Was this review helpful? 0
      , allahabad
      Reviewed on Sep 23, 2017
    • Bank Bazaar Personal Loan
      "Good service"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      Bank bazaar gives a simplified data to the customers, It is easy to compare and choose the product with the help of bank bazaar website. The website of bank bazaar is easy to use and user friendly. The bank bazaar customer service has reached me within a hour time after I gave my requirement bank bazaar website,
      Was this review helpful? 0
      , srinagar
      Reviewed on Sep 23, 2017
    • ICICI Bank Personal Loan
      "Average service"
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      In concern to my perosnal loan, I got a quote in the beginning from ICICI bank but after that few changes were made in the rate of interest so that was the reason I haven't got the loan with ICICI bank. The Customer service is not up to the mark and they haven't fulfill my requirement . The rate of interest was nominal when compared with others, The follow up need to focused with ICICI executives.
      Was this review helpful? 0
      , srinagar
      Reviewed on Sep 23, 2017
    • SBI Saving Account
      "Not satisfied"
      STATE BANK OF INDIA
      0.5 2.5/5 "Just OK"
      I am not happy with State Bank of India. It is a salary account and there are no benefits as such. When ever I have applied for a loan they have not processed the same. The online banking is also not good and overall the bank is not recommendable from my end.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "Satisfactory"
      PNB HOUSING FINANCE LIMITED
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been good and the experience is satisfactory. I faced no issues or inconvenience faced. The website is also good and it is very much informative and very easy to browse through and choose the best bank in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Punjab National Bank Home Loan
      "Overall good"
      PNB HOUSING FINANCE LIMITED
      0.5 4.5/5 "Excellent!"
      PNB housing finance was very much cooperative and they collected my documents and processed my papers. The disbursement also happened as earlier as possible. The interest rate and processing charges is normal and the overall experience is perfect.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • review Consumer Durable Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I got the refrigerator and laptop with the help of Bajaj Finserv Consumer durable loan. There is no rate of interest with the Bajaj consumer durable loan but the late fee and the charges are high with BAJAJ. I have closed the loan within 9months of time after getting the fridge and laptops. I payback the loan amount through ECS mode.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Universal Sompo Health Insurance
      "Good policy"
      UNIVERSAL SOMPO GENERAL INSURANCE
      0.5 3.0/5 "Satisfactory"
      I can say it is an average policy to use and I got the Universal sompo health insurance policy from past 2years. I pay Rs.4000 to renew the policy. This policy covers only 3 members which is myself, my spouse and my son. I never had any claim experience yet. The medical coverage is good with this policy it covers Upto 2lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • LIC Life Insurance
      "Good policy"
      LIFE INSURANCE CORPORATION OF INDIA
      0.5 4.0/5 "Great!"
      I got the life insurance policy with LIC around 5years. This policy has the tenure of 10years. I pay the premium of Rs.1200 in every 3months once. I pay the premium using LIC website. The policy coverage and the plan benefits are good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • SBI Saving Account
      "Good banking service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I use the State bank of India savings account for more than 3years. I don't use their net banking and their mobile application . The customer service is average with SBI, The rate of interest is nominal with SBI. I am satisfied banking with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • HDFC Bank Credit Card
      "Good "
      HDFC BANK
      0.5 4.0/5 "Great!"
      The good thing about HDFC Bank is they use their own servers for the transactions and payments on the card. But I guess they have too many customers that the servers are slow. I hold a credit card and the offers are good and the services are also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • Kotak Saving Account
      "Good account to use"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      I have started using Kotak mahindra salaried account for past 10months. I use the net banking and the mobile application which is easy to use and user friendly. The customer service is good with Kotak mahindra. They have offered me a personal loan and a credit card but I have got only personal loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • ICICI Bank Credit Card
      "Average "
      ICICI BANK
      0.5 3.0/5 "Satisfactory"
      ICICI Bank is also not up to the mark in the credit card. The one thing I do not like is the bank uses the third party servers for payments and that is not safe. The transaction needs to be more secured. There are charges for the card and in all not that happy to use it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • Bank Bazaar Personal Loan
      "Good service"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      For more than a year I am with bank bazaar. The bank bazaar customer service has reached me within 2hours of time. The response was very quick and fast from bank bazaar.The website of bank bazaar is easy to use and user friendly. I would say bank bazaar rendered very good service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • SBI Cards Credit Card
      "Need more offers and features"
      SBI CARDS
      0.5 3.0/5 "Satisfactory"
      SBI is average on the credit card services. The bank could work on their service and the overall offers and also on the credit limit. When compared to the other banks they could not be recommendable. They could be more proactive and friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • Kotak Credit Card
      "Excellent services"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank is also good in the credit card services. The offers are good and the credit limit is also excellent. They use their own servers to make a payment and that is very secured. It also works fast. The services and response at the customer care is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Good service"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      The Kotak mahindra executives took around 3week time to disburse my loan amount. The rate of interest which they have offered was high when compared with others banks. The required loan amount was not disbursed and I am not satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • HDFC Bank Saving Account
      "Average"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      HDFC Bank is also average in the savings account. I hold a savings account and they could be more professional and the bank will not be recommendable. They are not up to the mark when compared to Kotak Mahindra bank. There are charges involved as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
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