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Factors that influence the CIBIL score include repayment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries.
This score ranges between 300 & 900 & lenders such as banks assess an individual's creditworthiness while considering loan applications or credit cards.
Each company follows different rules for providing car loans. Most lending institutions consider a CIBIL score above 700 as good.
If the CIBIL score is high, a person can get a loan at a low-interest rate.
However, you can still get a car loan even if your CIBIL score is less than 700, with a higher interest rate.
A low CIBIL score makes it difficult to get a loan. A loan is not provided if the CIBIL score is too low.
Pay the EMI on time. Try to reduce outstanding debts. Improve credit utilisation ratio.