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IN INDIA 79% OF THE LOANS APPROVED ARE FOR INDIVIDUALS WITH A SCORE GREATER THAN 750. Your CIBIL Transunion Score and Credit Information Report (CIR) is an evidence of your credit worthiness. CIBIL Transunion Score ranges between 300 and 900. All lenders check your Credit Score before approving your loan application.

A credit score is generated by credit bureaus and is a three-digit numeric representation of an individual’s creditworthiness, which is the likelihood of a person defaulting on a loan repayment or credit card dues. Typically ranging between 300 and 900, a high credit score indicates that a person is more likely to use credit responsibly and therefore lenders tend to look more favourably at applications for loans or credit cards made by such people.
A CIBIL score is nothing but a credit score generated by CIBIL, which is India’s oldest bureau. In addition, Equifax, Experian and CRIF High Mark are other players. When you consider a CIBIL score, a score of 750 and above is considered to be good. As per data published by CIBIL, over 79 percent of approved loans are for those individuals with a score of 700 and above.
A credit score is important in the loan approval process because it is the first piece of information that a lender refers to, when evaluating an application.Using this filter, it is typically believed that a higher score increases the chances of loan approval, other factors being in place. However, the decision of whether to lend or decline an application rests solely with the concerned lender, and CIBIL plays no role in the process itself.