What is the significance of CIBIL score?
Answer (1)
24th Feb, 2023
CIBIL score plays a crucial role in determining the creditworthiness of an individual or a company. A high score indicates that the borrower has a good credit history and is likely to repay the loan on time, whereas a low score indicates a higher credit risk and may result in loan rejection or higher interest rates. Hence, it is important to maintain a good CIBIL score to avail of credit facilities at competitive rates.
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