If you are considering applying for any kind of loan from a financial institution in the foreseeable future, your CIBIL Score will have a lot of bearing to determine if you are a worthy applicant. As a matter of fact, approximately 90% of loan applications are sanctioned for applicants with a CIBIL score of 750 or more. Therefore, it is fair to say that the higher the CIBIL score, the greater is your chance of getting your loan application request approved.
However, before we plunge in-depth to understand how to check your CIBIL Score, let’s get the basics out of the way.
The CIBIL full form can be expanded into the Credit Information Bureau (India) Limited which is the authorised credit agency by the Reserve Bank of India (RBI) that can calculate the credit score for an individual. The CIBIL meaning is basically a measurement of your creditworthiness by assigning you with a CIBIL score which is a numeric summary used by financial institutions, be it for a loan, advance or credit card application.
Your CIBIL score is a 3 digit number that appears on your credit report. The usual range is between 300 and 900, where 300 is the lowest and 900 is the highest. Generally, a score between 700 and 749 is considered to be good. Having said that, anything over 750 is deemed to be excellent and increases your chances of getting your loan approved. The score itself is dynamic in nature and keeps changing depending on your financial activity.
The CIBIL score is not limited to banks alone to get an understanding of you as a creditworthy applicant. Credit card companies, mortgage lenders, auto lenders, etc. also use it as a snapshot of your creditworthiness prior to approving any credit request.
For any lender, the CIBIL report is an important document to look into, before approving a loan application. The CIBIL report consists of the borrower’s CIBIL score, credit history, repayment history, personal information, employment details, bank account details, contact information and hard inquiry information.
By analysing the CIBIL report, a lender determines whether the borrower is creditworthy or not and formulates the terms and conditions of the loan.
CIBIL report is generated by the company TransUnion CIBIL, a credit bureau, based on the information provided by various lending institutions from where you have taken a loan, including credit card transactions. The lending institutions provide data to TransUnion CIBIL at a regular interval of every 30-45 days.
Unquestionably, there is a process involved that helps generate your CIBIL score. Follow these steps to initiate your CIBIL score login and registration.
Alternatively, you have the option to download the form, fill in all the required details, and send it to their registered email address or postal address.
The CIBIL score is calculated taking into account the information that is listed in your credit report. These key parameters are as follows:
Must Read: How to Improve your CIBIL Score?
Your CIBIL score is a significant part of your getting a personal loan. There are other factors that also play a key role in the approval of your loan application.
Before you apply for the personal loan online, make sure that you have your CIBIL score handy. A high CIBIL score, for example, 750 or more, makes you an ideal candidate for any type of loan. With a medium to a good score, your personal loan will have a good chance of getting sanctioned. On the other hand, a 550 or less CIBIL score for a personal loan may lead to the cancellation of your loan application as you may be considered a ‘high-risk’ candidate. Even if you are offered a personal loan, the interest rates offered may be higher than usual.
Follow these steps on how to apply for a personal loan online at Fullerton India.
Start the process by using a personal loan eligibility checker on the Fullerton India website to get an assessment of what you need and if can avail of the same at all. To avail of a personal loan, make sure you satisfy the following eligibility criteria:
Log on to the Fullerton India website on www.fullertonindia.com to submit all the necessary personal and financial information on the application form. Click on the ‘Submit’ button. An email notification will be sent to your registered email address instantly. Get your paperwork in order and upload soft copies of the same online. Here is a readymade list for your easy reference:
Upon submission of the application form and the documents, Fullerton India takes some time to verify the information. Meeting all eligibility criteria and a good to high CIBIL score will be the key parameters that will help in Fullerton India’s decision-making process for your personal loan application.
If Fullerton India has sanctioned your personal loan, you will receive a ‘Sanction Letter’ on your registered email address. Subsequently, a loan agreement will be shared that outlines essential information such as the loan amount, interest rates, tenure of repayment, fees, charges, penalties and general terms and conditions of the personal loan.
The personal loan agreement must be signed and emailed back to Fullerton India. This helps to put in motion the disbursal formalities. Generally, it takes around 24 business hours post receipt of the signed agreement for the loan funds to hit the applicant’s bank account.
You must make it a habit to check your CIBIL score periodically. This is to give you an idea of how your profile is being perceived by prospective lenders. Monitoring your CIBIL score regularly helps you to build your credit profile.
Having said that, Fullerton India eligibility criteria requires personal loan applicants to have at least a 750 CIBIL score at the time of making their loan application. However, if you still have questions, feel free to reach out to our friendly customer service department on the toll free number (1800 103 6001 ) or email us at [email protected].