How much CIBIL score is required to get a car loan? Details here

People often have a question: How much CIBIL score is required to get a car loan? If you are also planning to buy a car and you need a loan, then we got you all information about CIBIL.

New Delhi: Travelling 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 reach the destination quickly by choosing your favourite routes. Apart from this, with the help of a car, you can also travel anywhere 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 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.

These Things Are Considered

The minimum CIBIL score required for a car is decided by keeping in mind many factors like bank policy, income, current loan, job stability, down payment amount, etc.

Customers with a CIBIL score of more than 700 are given priority.

Most car loan financing institutions 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 consideration 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 calculated by TransUnion CIBIL.