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With the growing incidence of credit card frauds and default on credit card dues in India, banks are now exerting extra caution while approving new credit cards. CIBIL™ score is one of the key criteria considered by SBI bank while approving any new credit card or deciding on the maximum credit limit to be sanctioned. A CIBIL™ score of 750 and above is required to be eligible for availing of SBI credit cards.
CIBIL™ is one of the three authorized credit bureaus in India, the other being Equifax and Experian. The credit report and the CIBIL™ score are critical to the lending framework in India as it helps in evaluating the creditworthiness and loan repaying capacity of the potential borrower, thus protecting lenders from high-risk borrowers.
CIBIL™ score is a 3-digit credit score in the range between 300-900, which forms part of the comprehensive credit report generated by CIBIL™. A CIBIL™ score of 750 and above is considered a good credit score which leads to faster approval of your loan or credit card application.
Any CIBIL™ score between 550-749 is considered a medium score with a certain amount of risk to the lender but still, you could get your credit card approved, provided you fulfil the other credit card eligibility criteria set by the lender. Any score below 550 indicates a high-risk borrower who has not maintained any financial prudence and could continue to default on potential payments. Such a low score will not get your credit card approved by SBI.
Higher the CIBIL™ score, the higher your chances of getting an SBI Credit Card approved in an easy and hassle-free manner with better terms like higher sanction of the credit limit or a lower rate of interest.
A minimum CIBIL ™ score of 750 is necessary to get your SBI credit card approved. So, any CIBIL™ score below 750 would in most cases lead to rejection of your application for an SBI credit card. This shows how important the CIBIL™ score is while availing SBI Credit Card as the bank considers a borrower with a low CIBIL™ score as entailing a high-risk who could default on his/her credit card monthly payments.
This does not mean that a CIBIL™ score below 750 would automatically stand rejected by the bank. SBI would still approve credit card applications of borrowers with low CIBIL ™ score but would mean the borrower would get a card with a higher rate of interest or lower credit limit.
SBI would conduct proper checks on the borrower’s credit history before actually providing him with the credit card to ensure that the borrower will not default on credit card payments and would also work towards improving his CIBIL ™ score.
There have been huge instances of credit cards frauds and risk of default on credit card payments in recent years. This has made the lending community wary of high-risk borrowers. They seek the help of credit bureaus like CIBIL™ for providing them key borrower credit information in the form of CIBIL™ score and credit report. This helps banks like SBI to assess the creditworthiness of potential borrowers before actually approving their credit card application.
Also, in India, credit cards are like an unsecured loan, ie, does not come with collateral and are provided by banks solely on the basis of a borrower’s credit history. So, SBI considers a good CIBIL ™ score as a key criterion for approving credit card applications of borrowers as this entails very low risk for the bank. A borrower with a good CIBIL ™ score is expected to show financial discipline by ensuring payment of credit card dues on a monthly basis.
A good CIBIL™ score gives an SBI credit card applicant various benefit like
Additional Reading: Is A Credit Score Of 800 Good
1. What CIBIL™ score is ideal in getting an SBI credit card?
A CIBIL™ score of 750 and above is required for availing SBI credit cards. But, it may vary depending on various other factors and according to the decision of SBI.
2. Can I get an SBI credit card with 650 as my CIBIL™ score?
Generally, the CIBIL™ score is in the range of 300 to 900. However, to get an SBI credit card, a score of 650 is considered acceptable. It may vary depending on various other factors and depending on the decision of SBI.
3. How can I get an SBI credit card with a low CIBIL™ score?
The bank can issue an SBI credit card even if the CIBIL™ score is less than 750 under certain circumstances. But the credit limit may be low and also a higher interest rate may be charged on the loan. The final decision lies with SBI as there are also various other parameters that determine the credit amount sanctioned and the interest rate offered, such as steady and high monthly income, stable job, etc. Also, it is always good to have a credit score of 750.
4. What is Xpress Credit for SBI?
For those who want to plan a wedding, vacation, or big-ticket purchase, SBI offers the Xpress Credit personal loan scheme. The loan amount is capped at Rs. 20 Lakhs and the interest rate is in the range of 11.50% to 12.00 % per annum. The loan can be taken to meet emergency funds.
5. Being a student, can I get an SBI credit card?
You can get the SBI Student plus Advantage Card (a credit card issued by SBI to you) if you have availed of an educational loan from SBI. You will not be charged any annual or joining fee for obtaining this credit card.
The 4 credit bureaus- CIBIL™, Equifax, Experian, and CRIF Highmark offer credit scores in India. The points mentioned above are true for credit scores from any bureau, not just CIBIL™.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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