Your Personal Loan eligibility and CIBIL score go hand-in-hand. The reason behind this lies in the fact that a CIBIL score of 850 is considered to be excellent by lenders. It increases your chances of easily getting a loan and provides a plethora of benefits.
Some of the biggest benefits that someone applying for a Personal Loan with a high CIBIL score of 850 can enjoy are:
- Faster Loan Approval and Better Offers – Firstly, it is easier to avail of loans and related offers. Financial institutions, such as banks and Non-Banking Financial Companies (NBFCs), are more likely to approve loan applications from individuals with a CIBIL score of 850. This is because a high score indicates that the person is creditworthy and is likely to make timely loan repayments.
- High Loan Amount at Low-interest Rates – Additionally, individuals with a CIBIL score of 850 are eligible for higher loan amounts. Lenders usually offer higher loan amounts to individuals with good credit scores as they are confident in their loan repayment capability. Moreover, individuals with a CIBIL score of 850 are likely to get lower interest rates on loans. This can help them save money in the long run.
- Higher Credit Limit – Individuals with a CIBIL score of 850 are more likely to get a higher credit limit on their credit cards. This can be beneficial for those who require a higher credit limit for making large purchases. They are also more likely to get approved for rental agreements and other loans.
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Individuals with a CIBIL score of 850 can avail of lots of benefits, such as higher loan amounts, lower interest rates, and higher credit limits. Furthermore, they have better chances of getting approved for various other loans. Achieving and maintaining such a high Credit Score for Personal Loan requires the utmost discipline in your financial habits.