741 CIBIL Score - Is it good or bad?
A 741 CIBIL score is generally considered very good in India. This score demonstrates a positive credit history and responsible financial behaviour, making it easier to qualify for loans and credit cards with favourable terms. Though a score above 750 is excellent, a 741 score typically meets most lenders’ requirements for competitive interest rates, making it advantageous for borrowers.
How to improve your 741 CIBIL Score?
To improve a 741 CIBIL score, ensure timely payments on EMIs and credit card bills. Reducing outstanding credit balances and maintaining a low credit utilisation ratio are also helpful steps. Regularly monitoring your CIBIL report for inaccuracies helps maintain accuracy and can boost your score over time, enabling access to even better credit offers in the future.
How does a 741 CIBIL Score impact interest rates?
A 741 CIBIL score usually qualifies borrowers for competitive interest rates. While not in the "excellent" range, it’s high enough to attract favourable terms from lenders. Borrowers with this score can generally secure credit products at moderate to low interest rates. Achieving a score above 750 may yield slightly better rates, but a 741 score still provides solid financial benefits.
