New delhi: Traveling by car is considered convenient as compared to public transport. Due to this, Several People Have a Private Car. With the help of this, you can bring the destination Quickly by Choosing your favorite routes. Apart from this, with the help of a car, you can also travel anyware with your family. However, today the price of a car in the market has become very expensive.
Car loans are not an easy thing
For this reason, many times people fall short of savings while buying a car. In such a situation, people have to do Resort to a Car Loan to Buy It. However, taking a car loan is also not an easy task. In this, Things Ranging from Your Credit History to Your Cibil Score, how much your salary is, etc., are looked at. If your cibil score is bad, then in this situation your car loan application is rejected.
In such a situation, many people often have a question: What is the cibil score required to get a car loan? If you also want to know about this topic, then this news is especially for you. Today we are going to tell you about this.
Good cibil score is required to get loan (Source: Internet)
These things are considered
The minimum cibil score required for a car is decided by keeping in money many factors like bank policy, income, current loan, current loan, Job Stability, DOWN PAYMENT AMONT, Etc.
Customers with a cibil score of more than 700 are given priority.
Most Car Loan Financing Institutes Give Priority to Customers with a Cibil Score of More Than 700 for GIVING CAR LOANS. You should know that having a good cibil score is not necessary to get a car loan.
People with a cibil score less than 700 can also get a car loan.
Many other factors are also taken into consider in this. Apart from this, if your cibil score is less than 700, even in this situation you can take a car loan. However, in such a situation you will have to pay higher interest rates for the car loan.
What is cibil score?
Cibil score is a three-digit numerical representation of an individual’s creditworthiness. It ranges from 300 to 900 and it is called by transunion cibil.
