Tips on how to Examine CIBIL Rating for Private Mortgage

Printed on : August 04, 2023

Since private loans are unsecured loans, lenders search for different methods to scale back the danger of the borrower defaulting. One metric that the majority lenders observe very carefully is the borrower’s CIBIL rating. It offers them a transparent chicken’s-eye view of the extent of danger concerned in lending cash to the borrower. On this article, we are going to present you the way to examine your CIBIL rating earlier than you apply for a private mortgage. It is extremely vital that you simply do that, as a result of a great CIBIL rating may help you get a private mortgage at cheap phrases.

What’s CIBIL Rating?

The CIBIL rating is a 3-digit quantity between 300 and 900. It’s the predominant metric that’s used to evaluate your creditworthiness. The CIBIL rating neatly summarises your credit standing and credit score historical past.

In India, there are 4 credit standing companies (or bureaus) which have been authorised by the Reserve Financial institution of India (RBI) to subject credit score scores. These are the next:

  • Credit score Info Bureau (India) Restricted (CIBIL)
  • CRIF Highmark
  • Equifax
  • Experian

A typical false impression is that the CIBIL rating and credit score rating are the identical. CIBIL Rating is the credit standing issued particularly by CIBIL. Whereas any of the 4 bureaus talked about above can subject credit score scores, and all of them are equally legitimate, the CIBIL rating is by far the preferred one that’s tracked all through India. For the aim of this text, we will probably be utilizing the phrases ‘CIBIL Rating’ and ‘Credit score Rating’ interchangeably.

What’s a Good CIBIL Rating?

CIBIL Rating Creditworthiness
550 and under Unhealthy
550-649 Poor
650-699 Common
700-749 Good
750-900 Wonderful

Why is CIBIL Rating Necessary

CIBIL rating is vital because of the following causes


Your CIBIL rating displays your creditworthiness, which signifies how probably you might be to repay your loans or credit score obligations. The next rating suggests a great credit score historical past, making you extra reliable to lenders.

Mortgage or Credit score Approval

Lenders typically contemplate the CIBIL rating as an important issue when evaluating mortgage or credit score purposes. The next rating will increase the possibilities of mortgage approval because it offers lenders confidence in your means to repay the borrowed quantity.

Engaging Curiosity Charges

You might be able to get loans or credit score with a low-interest fee you probably have a excessive CIBIL rating. Since debtors with higher scores are seen as much less dangerous, lenders usually tend to give them decrease charges of curiosity.  

Greater Credit score Card Restrict

The next CIBIL rating could lead to the next bank card restrict. Bank card issuers are extra probably to supply elevated credit score limits to people with good credit score scores as they display accountable credit score behaviour.

How To Examine CIBIL Rating For LoanTap private mortgage

To examine your CIBIL Rating for LoanTap private mortgage, observe the under steps.

  • Go to the official web site of LoanTap or obtain the app from the App Retailer or Play Retailer.
  • Join or log in to your account utilizing the credentials
  • Navigate to the product part and click on on ‘Examine CIBIL rating’
  • Enter the required info, which can immediate your CIBIL rating to seem on the display.


Checking your CIBIL rating earlier than making use of for a private mortgage is an important step in direction of a profitable mortgage utility course of. It permits you to assess your creditworthiness, perceive your eligibility and negotiate beneficial mortgage phrases. By checking the CIBIL rating repeatedly, you’ll be able to acquire priceless insights into your credit score historical past and take proactive measures to enhance your rating if wanted. Being conscious of your CIBIL rating empowers you to make an knowledgeable monetary resolution and will increase your possibilities of acquiring a private mortgage that meets your wants.

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