News India Live, Digital Desk: Whenever you go to take a loan from a bank or get a credit card, there is one thing that the bank first sees – your CIBIL Score. This score is actually a mirror of your previous loan habits. In simple language, it tells how reliable you are in borrowing and repaying it on time.
Therefore, if you want a loan or credit card easily, it is very important to have a good CIBIL score. If the score is bad, there may be a lot of difficulties in getting a loan, or maybe it is not available. At the same time, if your CIBIL score is good, it can open many doors for you. Typically, the CIBIL score above 700 is considered quite good.
Let us now know in detail that if your CIBIL score is 700 or more, then what are the great benefits you can get:
Benefits of good cibil score:
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Loan and credit cards will be easy to get: This is the biggest advantage. If your CIBIL score is good, then banks trust you more. This increases the chances of your loan or credit card application to be approved early. You do not have to wait long or run.
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Interest will be reduced, there will be savings: Yes! Banks often offer loans at low interest rates to good CIBIL scores. Because the bank feels that you will pay the loan on time, they are ready to give you a better deal. If you want, you can also try to reduce the interest rate and reduce the interest rate.
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More limit will be available on credit card: If you constantly maintain your CIBIL score, banks notice it. As a reward, they often increase your current credit card limit or offer more limits than normal when you take a new card.
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Will get special offers and premium cards from banks: Banks want to make their good customers feel special. Therefore, those who have good CIBIL score are sometimes given special loan offers, processing fees discounts or premium credit cards. These premium cards are often associated with airport lounge access, more reward points, which do not get less scores.
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Insurance premium may also be less: Nowadays some insurance companies are also looking at your CIBIL score while fixing the premium of the policy. He believes that a good CIBIL score reflects financial responsibility. Therefore, they can offer less premium to people with good scores on a car or health insurance, saving your money.
The Post Cibil Score Rule: Your CIBIL score is 700+? So understand, you will get these 5 tremendous benefits! First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
