Understanding Loans for Low CIBIL Score: A Guide by INR Plus
In India, securing a loan has become an essential financial step for many individuals and businesses. However, for those with a low CIBIL score , the journey can be challenging. A low credit score often disqualifies borrowers from receiving favorable financial products, leaving them in a tough spot. At INR Plus, we understand these challenges and aim to provide solutions to those struggling with low credit scores. What is a CIBIL Score? The C redit Information Bureau (India) Limited (CIBIL) score is a three-digit number ranging from 300 to 900, representing an individual’s creditworthiness. A higher score indicates a better credit profile, while a lower score reflects past financial challenges. CIBIL scores are calculated based on factors such as payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries. Importance of a Good CIBIL Score A good CIBIL score is crucial for: Loan Approval: Lenders use your CIBIL score to asse...