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Get answers to commonly asked questions related to credit bureaus
Yes, education Loans like any other loans impact the CIBIL™ score of a person. It increases the overall loan liability of a person, which in turn, reduces the credit score. Non-repayment of education loans or delay in repayment of education loans is a prime factor in the reduction of credit score.
As mentioned above, the CIBIL™ score of a person is a very crucial factor in determining the sanction of a loan. Education loans, like any other loans, also place huge importance on the credit score of a person or a student for sanction of loan.
For education loans, the banks also consider the credit score of the parents or guardians provided they act as co-applicants in such loans. The credit score required by banks and financial institutions for education loans varies from one provider to another. The public sector banks usually require the applicants to have a minimum credit score of 650 and above. In the case of private banks and NBFCs, a credit score of 700 and above is required to be met by the applicants to be eligible for education loans.
A credit score of 750 and above is considered to be good by all categories of lenders. Applicants in such case can get immediate and hassle-free finance for pursuing higher education.
Additional Reading: Will A Parents Bad Credit Score Affect The Students Eligibility For Student Loans
Education loan is one of the topmost loan products that are availed by applicants. Statistics have shown that there is a significant increase in the number of loan applications particularly in the third and fourth quarter of the year. There are many lenders that provide such education loans to pursue higher education in any certified or partner university within the country or abroad. While certain lenders have some restrictions in this regard i.e., universities only within the country may be eligible for sanction of loan.
The applicants or students have to meet various eligibility criteria set by the bank for such loans.
CIBIL™ is one of the four credit rating agencies in India that provides credit score to individuals and business entities. The other credit rating agencies are,
The credit scores issued by all four credit rating agencies helps to evaluate the creditworthiness of the applicants. The credit score is the first point of reference by the lenders while considering any loan application. The applicants have to therefore ensure that they maintain a healthy credit score so they can get immediate financial assistance from banks without any hassles or difficulties.
The credit score issued by CIBIL™ is a three-digit number. This number is in the range of 300 to 900 and is essential for furthering the loan application process. If the CIBIL™ score is higher, then the chances of getting an education loan are also higher.
The financial data of the applicants are reviewed to arrive at the credit score of a person. This financial data is collected and analysed by CIBIL™ right from the time of getting a PAN card or a savings bank account with any bank. The credit score of a person is also based on t4he online activity of such person, i.e., the credit card transactions or the online transactions made by such person.
The credit score of a person who does not hold a credit card or has no transaction history on a card held by him/her is shown as a negative figure or ‘zero’. Such credit score can also be considered good or favourable by the lenders while reviewing a loan application.
Additional Reading: How is the CIBIL™ Score calculated?
1. What is the minimum credit score required by applicants for education loans?
A. The minimum credit score required by applicants for education loans is 700 and above.
2. Can a person apply for an education loan even if they have no credit score?
A. Yes a person can apply for an education loan even if they have no credit score by making a joint application with parents or legal guardians.
3. Does delay in repaying education loan affect the credit score of a person?
A. Yes. Delay in repaying education loan will impact the credit score of a person negatively.
4. What are the reasons for the rejection of an education loan?
A. There are many reasons that an application for an education loan of a person can be rejected. Some of such reasons can be mentioned below.
5. What is the maximum loan amount that can be sanctioned to any person?
a. The maximum loan amount that can be sanctioned to any person is based on the guidelines of the bank and the eligibility parameters met by the applicant.
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
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It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
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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
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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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