What Is The Importance Of Credit Score If I Wish To Avail A Rbl Bank Personal Loan

RBL Bank provides personal loans between Rs.1 Lakh and Rs. 20 Lakhs to salaried individuals who are above the age of 25 years. A good credit score is essential to avail an RBL Bank personal loan at a reasonable interest rate. A good credit score will help you get the required loan amount, flexible loan tenures, and favorable loan terms and conditions. If your credit score is poor, some lenders may give you loans based on other factors such as your monthly income, stable job, etc., you may not get the required credit, an affordable interest rate or favorable loan terms or conditions. This is because a credit score indicates how you have managed your credit in the past. Your credit score helps lenders understand your repayment track record and experience with managing debt. 

What Is The Credit Score Range? 

Generally, the 3 digit numerical number that summarizes your credit history and indicates your creditworthiness, the credit score ranges between 300 to 900. It is provided by the 4 credit bureaus - CRIF Highmark, Equifax, Experian, and TransUnion CIBIL ^TM. The following table indicates the range of credit scores and their respective ratings. 
 

What Is The Importance of Credit Score In Getting An RBL Bank Personal Loan? 

The benefits of having a good credit score are: 

• Improved chances of getting a higher loan amount
• Lower interest rates on loan products
• Best offers on RBL personal loans.