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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

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    • ICICI Bank Saving Account
      "Customer friendly bank"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Service of ICICI is great, in term of customer service or online service its excellent. I felt charges for online and cash withdrawal are also nominal. I am holding zero balance account however I am getting salary interest on my balance maintenance.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • Citibank Credit Card
      "Looking for a better feature"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      CITI bank is charging high interest rate of interest on monthly dues, if I pay the minimum amount they adding rate of interest on the out standing. I would request them to reduce the interest on monthly dues. But I am fine with the due date and even the bill generation date is also good.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • HSBC Bank Personal Loan
      "Fabulous"
      HSBC BANK
      0.5 5.0/5 "Blown Away!"
      I have closed the personal loan with the HSBC bank and the interest rate is around 14% and their response is quick one. Customer service and other things are fine one.The loan amount got disbursed to my account within a week of time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 21, 2017
    • HDFC Bank Personal Loan
      "They should be transparent in their process"
      HDFC BANK
      0.5 2.5/5 "Just OK"
      HDFC did not meet my expectation, they told me 12% of interest but charged me 13% for the principle amount of Rs. 4 lakhs for the tenure of four years, whatever they committed they have not provided that, Hence I am not that much happy with their service.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • IndusInd Bank Saving Account
      "Average Service"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      When it comes to the customer service, Indusind bank is not up to the mark like the private banks. For my savings account I am getting moderate service from the bank. But there are no issues from bank side. I did not take any kind of loans from the bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 21, 2017
    • IndusInd Bank Credit Card
      "Moderate Service"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      I hold life time free credit card from Indusind bank. The credit limit is good. On my credit card, I am getting cash back offers but not getting any reward points. It would be more good if they provide reward points on the usage. The bank provides good support.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 21, 2017
    • HDFC Bank Credit Card
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC bank provides me a very good service also I am very comfortable in using HDFC credit card as always hdfc will be my first preference for my financial transactions and I am one of the happiest customer of HDFC bank till now i dont have any issues with HDFC credit till now
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Good financial advisor"
      CITIBANK
      0.5 4.0/5 "Great!"
      Bank Bazaar shows the clear information about the loan products like bank offers, eligibility, Emi, interest rate and tenure in one stop. Its my first experience with Bank Bazaar it was excellent, I am really satisfied with website and service by them.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • HDFC Bank Saving Account
      "Excellent Service"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      Online banking application like net banking and other online facilities are good and user friendly with HDFC bank. I hold savings account with HDFC for more than four years. But I never availed any credit card services but the bank is quite good when it comes to savings account.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Comparitively good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is far better than other financial service providers. I had received much better service from bankbazaar not only that they have good online facility to apply for the loan or other services. Even the web portal is informative and easy to handle . Overall service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 21, 2017
    • HDFC Bank Personal Loan
      "Moderate Service"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      Interest rate is something moderate when compared with other banks. I approached HDFC bank for my personal loan and got the loan from the bank without any issues. All I do have savings account with the same bank and I never faced any issues with the bank till date.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 21, 2017
    • Citibank Personal Loan
      "Interest rate and principal should be better"
      CITIBANK
      0.5 3.0/5 "Satisfactory"
      I expected the amount of Rs. 7 lakhs from CITI as a personal loan. But they ready to sanction the amount around Rs. 3 to 4 lakhs but I am not fine with principal amount. Therefore I didn't take that loan, even they were committed the interest of 12% it would be great if they reduce around 11% on personal loan products.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • ICICI Bank Credit Card
      "Good card to use"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I hold a platinum chip card from ICIC bank I got it very recently. The customer service is good with ICICI bank. The service which is given by ICICI bank is very good. The credit card service is very good from ICICI bank. I would say the ICICI bank gives good response to the customers.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 21, 2017
    • Kotak Personal Loan
      "Its Good"
      KOTAK MAHINDRA BANK
      0.5 4.0/5 "Great!"
      Kotak Mahindra gave me follow up on loan process, and also I am fine with their interest rate and charges it is nominal. But currently I have dropped the plan due to my personal reason, apart from that there was no reason to avail loan from Kotak Mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • ICICI Bank Saving Account
      "Excellent account to use"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I started using savings account from ICICI bank in the year 2009. The way they give response to their customers is very good. I use ICICI net banking which is easy to use and user friendly. I would say ICICI bank has offered me a personal loan based on the savings account I have. I am satisfied using the ICICI bank savings account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      The bank bazaar has offered me a better option in the phone call by recommending me with the best bank partner in regards to my personal loan, the customer service is very good with bank bazaar. Bank bazaar has reached me within 2 hours of time after I am giving my requirement in their bank bazaar website, The website of bank bazaar is easy to use and user friendly, I am satisfied customer of bank bazaar.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 21, 2017
    • ICICI Bank Personal Loan
      "Excellent service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I got the loan from ICICI bank . Because I hold a ICICI bank salaried account . They have disbursed my loan within 10 days time. The customer service was good with ICICI bank . They gave better response in concern to my personal loan application. The interest rate and the charges are high when compared with others,. I am satisfied with the loan amount.
      Was this review helpful? 0
      , lucknow
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Bank bazaar provides me a good services from their end and the representatives of bankbazaar are very helpful in giving the information. It is really easy to get regular followup calls from the executives of bankbazaar which was very helpful for me and it was a good experience with them,
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • SBI Personal Loan
      "Good Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I only use the online services of SBI. I have never spoken with any customer service executives of sbi till now i have never got any chance to talk with them, but the online application of SBI is really good it is really fine and it is an user friendly application which makes my transactions easy also I dont have any issue with the services offered by SBI till date.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      ICICI BANK
      0.5 4.0/5 "Great!"
      Bank Bazaar helped me a lot, they gave opportunity to check the offers. I got couple of calls from chennai and other location to help on loan process. Even Bank Bazaar people also very supportive and gave me lot of information related to the personal loan.
      Was this review helpful? 0
      , pilani
      Reviewed on Aug 21, 2017
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