Is 742 credit score bad?

No, a 742 credit score is not bad. It falls in the good range, indicating sound credit behaviour. However, there is room for improvement. By increasing your score above 750, you can access better financial benefits, including lower interest rates and more favourable loan terms from lenders.

Can I get a credit card with 742?

Yes, with a 742 credit score, you can easily qualify for a credit card. Lenders consider this score good, so you should be eligible for various credit card options. However, the best rewards and benefits might be reserved for those with scores above 750. Improving your score further could give you access to premium credit card offers.

Is 742 credit score needed for a loan?

While a 742 credit score is considered good and increases your chances of loan approval, it's not a strict requirement. Lenders consider various factors like income, debt, and credit history. A score above 700 generally improves your eligibility for better interest rates and loan terms. Check your offer in just 2 steps and apply online to get our loan.

What is the lowest CIBIL score for a personal loan?

The minimum CIBIL score required for a personal loan varies across lenders. However, a score above 700 is generally preferred for better loan terms. Some lenders may consider applications with lower scores, but the interest rates and eligibility criteria may be stricter

How much can you finance with a 742 credit score?

The loan amount you can finance with a 742 credit score depends on factors like your income, existing debt, and the lender's policies. Generally, a good credit score allows you to borrow larger amounts at favourable interest rates.

Is a CIBIL 742 Score Good? What it Means to You?

Q: Is 742 CIBIL Score good?

Yes, a 742 CIBIL Score is considered good. It demonstrates responsible credit management and makes you eligible for loan approvals and decent interest rates. However, improving your score above 750 could unlock even better financial offers and lower interest rates, making borrowing more affordable and accessible.

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742 CIBIL Score - Is it good or bad?

A 742 CIBIL Score is considered good for Indian borrowers. It reflects responsible credit management and makes you eligible for most financial products. While a score above 750 is ideal for the best interest rates, a 742 score still positions you for loan approvals and decent interest rates. However, improving your score slightly can help you access even more favourable terms.

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How to improve your 742 CIBIL Score?

To improve your 742 CIBIL Score, ensure timely repayment of all credit card bills and loans. Avoid overutilisation of your credit limit by keeping your credit utilisation below 30%. Limit new credit applications to prevent multiple hard inquiries. Regularly monitor your credit report for discrepancies. Following these habits will help raise your score above 750, providing better financial opportunities.

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How does a 742 CIBIL Score impact interest rates?

A 742 CIBIL Score allows you to access loans and credit cards with competitive interest rates, though not the absolute lowest available. Lenders consider this score good but may charge slightly higher interest rates than they would for someone with a score above 750. Improving your score further can help you secure even better rates, reducing your borrowing costs.

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Conclusion

A 742 CIBIL Score is considered good and reflects responsible credit behaviour. It allows you to access most loans and credit cards with competitive interest rates, though slightly higher than the best rates available. By continuing timely repayments, keeping credit utilisation low, limiting new credit applications, and monitoring your credit report regularly, you can further improve your score above 750. A higher score not only lowers borrowing costs but also enhances your eligibility for better financial products and favourable loan terms.

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Type of fee	Applicable charges
Rate of interest per annum	10% to 30% p.a.
Processing fees	Up to 3.93% of the loan amount (inclusive of applicable taxes).
Flexi Facility Charge	Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) Will be deducted upfront from loan amount.
Bounce charges	Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.
Part-prepayment charges	Full Pre-payment: Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment. Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment. Part Pre-payment Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment. Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.
Penal charge	Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
Stamp duty (as per respective state)	Payable as per state laws and deducted upfront from loan amount.
Annual maintenance charges	Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Term Loan: Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

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742 CIBIL Score

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Rs. 40000 - Rs. 55 lakh

742 CIBIL Score - Is it good or bad?

How to improve your 742 CIBIL Score?

How does a 742 CIBIL Score impact interest rates?

Conclusion

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Personal loan interest rate and applicable charges

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742 CIBIL Score

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Rs. 40000 - Rs. 55 lakh

742 CIBIL Score - Is it good or bad?

How to improve your 742 CIBIL Score?

How does a 742 CIBIL Score impact interest rates?

Conclusion

Key offerings: 3 loan types

Personal loan interest rate and applicable charges

Not your nearest branch?

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